Pinnacle Bank outsources processing to Fiserv
Georgia USA-based Pinnacle Bank has outsourced its processing to Fiserv
US based Pinnacle Bank has chosen to outsource its processing to Fiserv as part of its Precision bank platform, in a move the bank says will help it to scale and roll out new products including mobile banking, bill payment and checking.
Based in the town of Elberton in the US state of Georgia, Pinnacle Bank was set up in 1934 and operates 13 full-services branches in the northeast of the state. The bank has $578 million in assets, and says the decision was based on a recognition that self-service tools can counter the decline of branch traffic. Mobile banking, remote image capture and bill payment solutions are part of the bank’s strategy – and the deal with Fiserv.
Under the agreement, the bank will use Fiserv’s mobile source capture tools to help customers deposit cheques from any location using a smartphone camera. Fiserv’s account create tool will make it possible for customers to open an account online. The bank also chose Fiserv’s accel payments network and card services debit processing, mobility tool for mobile banking, branch source capture and merchant source capture for cheques, checkfree service for bill payment and wire exchange for wire transfers.
The bank has said that it expects to improve back office operations and efficiency using Fiserv’s teller source capture, which enables real time balancing of deposits at the teller line. The bank’s day to day operations will be simplified by standardised reporting, integrated systems and a single sign in for users. The whole deal involves the bank moving from in-house to outsourced processing of its core system.
“Pinnacle Bank has grown significantly in the last five years, and Precision provides a solid, scalable foundation for continued growth and innovation,” said Teri Carstensen, division president, bank solutions at Fiserv. “Pinnacle Bank joins the more than one-third of all US financial institutions that look to Fiserv to remain competitive, while navigating increasingly complex regulatory demands and changing consumer preferences.”
Outsourcing is gradually becoming more common for financial institutions across a number of areas that were once seen as core. In November, Norwegian broker Christiania outsourced its own execution, in a deal the firm said would enable it to focus on its core competency, research.
