Fiserv Experiences Record Sales for ConvergeIVR Telephone Banking Platform

13 January 2009

Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, and the largest provider of business-driven technology solutions for credit unions, announced today that it has experienced record demand for its ConvergeIVR telephone banking system, with 72 new contracts in 2008, bringing its total number of credit union clients to 131. The sales reflect the performance and value of the system, as well as the continuing role of the telephone in the expanding mobile banking landscape.

“The sales momentum for ConvergeIVR confirms Fiserv’s success in delivering the value-added technology that credit unions need and members value,” said Sara Brooks, senior vice president of strategy for the Fiserv Credit Union Division. “ConvergeIVR was recently made available to a broader set of Fiserv credit union clients and is a great example of how our collaborative strategy creates new opportunities for us to deliver Fiserv’s broad portfolio of solutions that increase efficiency, reduce costs and enable credit unions to provide superior member services.”

ConvergeIVR audio response systems provide automated up-to-date account information to credit union members quickly and easily over the telephone without having to speak directly to a customer service representative. With ConvergeIVR, members can conveniently access their accounts 24 hours a day, 7 days a week via a touchtone interface that allows them to retrieve account balances and current rates, review transaction history and search for specific drafts, request literature on current products and services, transfer funds, reorder checks, place a stop payment and report a lost or stolen credit card. The administrative reporting feature of ConvergeIVR tracks usage by transaction type, enabling the credit union to see which features their members value most.

IVR systems have been around for decades, but the popularity of cell phones makes telephone banking even more relevant than when the technology was first introduced. A 2007 survey by Callahan and Associates showed that self-service channels, including telephone banking systems, were in the top six areas of technology spending.

Fiserv first installed its ConvergeIVR solution at Lehigh Valley Educators Credit Union, a $223 million institution with branches in Allentown and Schnecksville, Pa., in October 2005. Since then, the credit union has used the ConvergeIVR product to expand remote services delivery to its growing membership and remain competitive in a concentrated market.

“Since we made the change to ConvergeIVR, we have been able to offer our members 24/7 electronic service with little concern about downtime and maintenance,” says Rosemarie Krantz, chief executive officer for Lehigh Valley Educators. “The system is easy to use and very intuitive for our members. About two percent of our transactions go through ConvergeIVR. That adds up to between 18,000 and 19,000 automated transactions a month, which frees our staff to concentrate on other member-service tasks.”

ConvergeIVR offers multi-lingual capabilities, supporting various vocabulary options all on the same hardware platform. Credit unions can build in access to audio response from the current telephone system menu or maintain a separate telephone number for access. Fiserv leverages AltiGen technology as the foundation for its ConvergeIVR solution and related telephony services, such as Voice over Internet Protocol (VoIP).

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