FIS Offers Virtual Banking Portfolio to Nation’s 7,000 Community Banks; Relationship with Modern Woodmen Bank Illustrates Support for Outsourcing Trend
- FIS offers the nation’s 7,000 community banks a broad portfolio of virtual back-office and other outsourcing services.
- New offering streamlines the bank’s mortgage loan origination experience while delivering operational efficiencies and reducing costs
- FIS’ expanding relationship with Modern Woodmen Bank of Rock Island, Ill., illustrates support for outsourcing trend among community banks to create operational efficiencies and enhance competitive positioning with top-tier institutions.
JACKSONVILLE, Fla., Jan. 9, 2013 − Illustrating its growing back-office support to the nation’s 7,000 community banks, FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, today announced an expanded relationship with Modern Woodmen Bank, a wholly owned subsidiary of Modern Woodmen of America, a fraternal financial services organization. Through the deployment of several new offerings – including FIS Virtual Back-Office™, Loan Origination Studio and Internet Direct – Modern Woodmen Bank enhances online access and flexibility to its mortgage loan customers.
To help further expand its mortgage processing, Modern Woodmen Bank required a suite of services to provide mortgage products and services to their customers. By deploying FIS Virtual Back-Office, it effectively increases efficiencies and improves customer satisfaction more cost-effectively. FIS Virtual Back-Office is a fully customizable outsourcing solution that leverages FIS’ top-tier technology assets, services and banking expertise. In addition, Modern Woodmen Bank will deploy FIS Loan Origination Studio, which provides fully automated origination, processing and closing functions for residential mortgage originations. The bank will also expand its online channels with FIS Internet Direct, an intuitive Web site that more efficiently obtains customers’ product eligibility and pricing, and then submits electronic home equity and mortgage applications securely.
“Community bankers want to retain their reputation for providing superior and personalized customer service while being more efficient in managing the technologies that enable them to deliver on that promise,” said Anthony Jabbour, executive vice president, FIS North American Financial Institutions. “Outsourcing back-office operations and technology components is gaining ground among community banks as they look for new ways to gain operational efficiencies while remaining relevant with their customers and competitive with top-tier institutions. FIS is unique in its ability to leverage its global technology assets and banking expertise to solve the challenges facing community bank.”
Modern Woodmen Bank is one of about 50 direct, or virtual, financial institutions in the U.S. meeting its disparate customers' banking needs without geographic limitations.
“As a direct bank, we need flexible solutions to deliver stronger online products and services to our customers,” said Mark Sperfslage, executive vice president, Modern Woodmen Bank. “FIS has the critical systems such as virtual mortgage processing that we require to grow and enhance our services. And as we expand, so does our relationship with FIS, because its portfolio of banking and payments technology serves as the core of the engine driving our success.”
FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
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