With a focus on business banking, Silvergate Bank, a $958 million, San Diego, Calif.-based institution, regularly competes with much larger regional and global banks. Increasingly, its customers were demanding the digital capabilities that larger banks offered, namely, the ability to manage their routine and complex business transactions at any time, from any device.
The Conversion Dilemma
“Our plan was to extricate ourselves from the online banking portion of our contract with our current core provider, but to avoid a disruptive core conversion,” said Michelle Sabins, SVP of Deposit Operations & Regulatory Compliance. “We viewed a demo of the FIS™ Business eBanking solution. It stood out as the best online banking offering out there.”
In time, Sabins and Silvergate came to realize they were overpaying for core processing and began weighing a complete switch to FIS. The decision was sealed after the bank’s executives attended FIS’ InfoShare conference and spoke with several banks that went through core conversions with FIS. “The feedback was invaluable,” said Sabins, “and we could not find a dissatisfied customer.”
The bank decided to convert to FIS’ HORIZON Banking System with Business eBanking as an ancillary solution.
As expected, challenges cropped up during the conversion process. But FIS, in partnership with the Silvergate operations team, addressed them as they arose – even after the conversion was complete.
“Our previous provider made us feel as though we were the only bank doing things ‘our way,’” said Chris Lane, the bank’s operations and eBanking systems manager. “FIS, on the other hand, never made us feel outside the norm and never told us ‘no.’ We felt supported from start to finish.”
Now Ready for Growth
The reaction from customers to the bank’s new digital capabilities has been overwhelmingly positive. And, in terms of operations, Silvergate’s switch to FIS has allowed it to process information faster and eliminate time-consuming manual interventions.
“But it’s about more than just efficiencies and cost savings,” said Sabins. “It’s about opportunities gained as we prepare to cross the $1 billion mark. FIS, HORIZON and Business eBanking have helped us get ahead of the growth curve and find ways to better serve our customers.”