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Silvergate Bank Transforms Its Technology, Launches New Core from FIS
March 02, 2017
- Silvergate Bank has implemented a more modern technology environment, using FIS technology solutions, including a new core banking system.
- Silvergate Bank wanted to improve integration among products, lower operation costs and better compete with larger financial institutions.
- FIS’ core processing solution allows financial institutions to shorten the time to market of new products and improve an institution’s ability to compete in an environment of lowered revenue expectations and increased regulatory oversight.
JACKSONVILLE, Fla., Mar. 2, 2017 – Efficiency, improved integration and the opportunity for growth led Silvergate Bank to select FIS™ (NYSE: FIS), a global leader in financial technology, for a technology transformation – from a new core banking relationship to branch, digital and mobile banking, compliance, risk and back-office systems.
Focused on providing the highest level of personal service to customers, Silvergate implemented the new solutions from FIS to better equip the bank and its staff to meet the growing needs of customers. The FIS core banking suite allowed the bank to streamline many of its third-party systems, such as account opening and loan servicing, resulting in improved operational efficiency and cost effectiveness.
“FIS’ breadth of solutions make it a strong choice for growing banks that want to offer new services while creating greater efficiency,” said Anthony Jabbour, chief operating officer, Banking & Payments, FIS. “Silvergate Bank’s hallmark has been its ability to deepen relationships with customers and focus its culture on meeting their needs. FIS is pleased we could support Silvergate in making such a strong, strategic move, which has positioned it for a bright future.”
“At Silvergate Bank, we’re committed to providing customized banking solutions to our customers that satisfy their needs today and over the long-term,” said Alan Lane, CEO, Silvergate Bank. “FIS was an exemplary partner throughout this conversion, advocating for our needs and making this the smoothest core conversion anyone here had ever experienced.”
By consolidating a wide-range of third-party relationships into FIS solutions that work together and require less oversight, the bank has realized significant efficiency gains. Combined with the quality of FIS’ support teams, that gave bank leaders the confidence that FIS could best position them for a strong future.
Privately held and headquartered in La Jolla, Calif., Silvergate Bank is a business-focused bank with nearly $1 billion in assets. It has operated in the San Diego area since 1988.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500. For more information about FIS, visit www.fisglobal.com.
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