The bank will introduce a range of digital solutions and automate multiple manual processes as part of a strategic transformation.
For nearly 45 years, Carter Bank & Trust’s business has relied primarily on spread income from time deposits and commercial real estate lending.
As the needs of its customers and the financial services marketplace evolve, the bank – with $4.1bn in assets – is working to transform its business model with modern technology and digital services to diversify its deposit base, increase efficiency, enhance risk management and play a more active role in areas such as commercial and industrial lending.
Carter Bank & Trust CEO Litz Van Dyke said: “The technology solutions we’re getting from Fiserv are truly transformational for us.
“They enable us to bring the customer-facing piece of our business into the digital era, create a streamlined backroom operation with automated processes to become more efficient, and put in place the control environment needed to meet regulatory requirements. This sets the foundation for our business model moving forward.”
Carter Bank & Trust will add the Digital Edge suite from Fiserv, including the real-time DNA account processing platform and Architect mobile and online banking solution, along with digital solutions for electronic bill payments, person-to-person (P2P) payments and mobile check deposits.
To simplify and automate back office operations, the bank is adding insightful, integrated solutions from Fiserv for financials, enterprise content management, document imaging, card services, business analytics, financial crime and risk management, and more.
Carter Bank & Trust chief information officer Matt Speare said: “Digital channels and real-time capabilities are critical for our bank.
“It’s all about convenience. Some people never go inside the branch or interact with a teller, they do everything on their phones or online. And if a customer makes a deposit at 11:59 p.m., they want to see real-time posting of that transaction.”
Van Dyke said: “Three years from now the products, the funding mix and the efficiency of Carter Bank will be much different than today, and our ability to provide personalized service will be even better.
“All of this is being driven and supported by our new technology platform from Fiserv.”
Fiserv bank solutions president Todd Horvath said: “Carter Bank is leveraging technology to transform their infrastructure and extend personal relationships well beyond the branch.
“We look forward to working closely with the bank to further their success as they deliver new experiences aligned to the way people move and manage money today.”
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
Source: Company Press Release
