During the conferenceâs CEO Welcome Address, Chairman and CEO Louis Hernandez, Jr. declared 2009 as a year for growth and optimization for the company. In 2007, Open Solutions began a four-part transformation to position the company for the next 10 to 15 years. During the past two years, the company invested more than $40 million in its systems, technology, people and infrastructure. The company also functionalized the major business units to provide stability and consistency for its growing client base. This year marks the start of Open Solutionâs final transformation phase since going private and Hernandez anticipates exponential growth for the company during 2009 and beyond. Hernandez went on to explain the company has seen an upsurge in the number of clients upgrading to the new state-of-the-art core platform DNA, as well as an increase in new sales. More than 60 percent of Open Solutionsâ U.S. TCBS/TCCUS client base is now running DNA. And the remaining 40 percent are scheduled to upgrade by November.
âThe last several years have been a time of rapid expansion for Open Solutions,â said Hernandez. âWe also did something that is relatively unheard of in our industry â we completely re-wrote our core platform to take advantage of the latest technology. The result was we launched the next generation of our core platform, TCBS/TCCUS: DNA, providing financial institutions with a more competitive core platform. During the same time, we functionalized our major business units, optimized our data centers and introduced new leadership who would help us take the company to the next phase in our growth. As a result of these investments, weâre seeing higher quality and better service across all product lines. Weâre also seeing the momentum continue from 2008 into 2009 in the number of clients â both new deals and existing - adopting DNA. By the end of the year all of our U.S. TCBS/TCCUS core clients will be running on the DNA platform.â
Hernandez continued, âAnd DNA isnât our only focus. Weâve recently spent $10M on our TotalPlusÂ® product and have commitments to that product through 2015. Thatâs a product weâre committed to for the long-term. The same is true with TCCUS-sme; we have contract signings through 2016. In the last two years, weâve signed 43 new TCCUS-sme clients to our roster. Weâre excited to work with those institutions.â
During the course of the four days, Open Solutionsâ clients participated in informative workshops on the companyâs market-leading technology. Specific technologies discussed included the latest release of Open Solutionsâ relational core data processing platforms, DNA, TotalPlus and TCCUS-sme, as well as complementary products including Internet banking, interactive voice response/telephony, teller capture, remote deposit capture, imaging, loan origination, financial accounting, CRM/business intelligence and digital document solutions. Presentations were given by industry thought leaders, peer groups and Open Solutionsâ executives on current trends and issues. Client-specific sessions offered interactive dialogue with Open Solutionsâ development and client service teams to discuss ideas and develop technology-based strategies for growth and efficiency. Open Solutionsâ team members took this opportunity to discuss future endeavors including testing automation and a new extension framework that is in development. Attendees also met the newest members of the Open Solutions senior management team, including Steve Cameron, who was named president in November of 2008, and Sam Boggs, who recently joined the company as executive vice president of group operations.
âThe current economy has presented challenges as well as opportunities for financial institutions, and our mission remains steadfast to support our clients so that they not only survive, but thrive during these hard economic times,â said David Mitchell, Open Solutions senior vice president and chief marketing officer. âThis yearâs conference focused on maximizing existing technology to create a competitive advantage during the marketâs downtime. Through education sessions and workshops, attendees were able to openly collaborate with our senior team, address challenges and discuss how best to leverage technology to assist in their strategic efforts. Weâre pleased with this yearâs conference and look forward to next yearâs in Dallas, Texas.â
In conjunction with the client conference, Open Solutions also hosted its annual Senior Executive Forum (SEF), led by Open Solutions Chairman and CEO Louis Hernandez, Jr. Designed specifically for C-level executives, the SEF featured high-level briefings and executive updates about business strategy, technology and Open Solutionsâ products and services. The SEF keynote speaker was Terry Jones, the founder and former CEO of Travelocity.com who now shares his unique insights on the future of business through Essential Ideas, a consulting firm he co-founded to help companies in their transition to a digital economy. More than 160 senior executives from institutions around the globe participated in the day-long event.
âThe yearâs conference theme was âPartnership and Innovation,â and thatâs exactly what we will continue to do at Open Solutions,â continued Hernandez. âWe are committed to our clients, and our annual conference provides an open forum for feedback that our team turns into actionable strategies to enhance existing solutions and design new product offerings.â