First Command
Bank Successfully Implements Fincentric’s Banking Solutions
One of the Few U.S. Banks to Deliver
Real-Time Banking Services
Vancouver, BC, January 19,
2005 – U.S. based First Command Bank (FCB) in partnership
with Fincentric, has successfully implemented Fincentric’s
real-time solutions to deliver comprehensive retail and online banking
services for its growing international and U.S. client base.
Said David White, First Command Bank’s president
and chief executive officer, “We’re one of the few banks
in the United States that can offer powerful real-time transactional
capabilities and we’re ecstatic we can leverage this advantage
for our banking consumers. The response at go-live from our customers
and staff was overwhelmingly positive.”
TowerGroup, an independent research firm established
in Needham, M.A., says U.S. banks are transitioning to customer-centric,
real-time capable core banking systems. “Early adopters of
this technology such as First Command Bank can gain competitive
advantage by re-engineering their business processes to provide
improved customer service while reducing operational costs,”
said Robert Hunt, senior analyst at TowerGroup’s Retail Banking
research service.
The conversion to Fincentric’s technology
solution is the first step in FCB’s strategic plan to improving
sales and differentiating their services. The bank is utilizing
the open architecture of its new banking system to transition away
from inflexible disparate legacy systems to consolidate data onto
one single, integrated platform.
The system provides more control in customizing
products and provides FCB's employees plus 1,000 of First Command
Financial Planning independent agents, working directly with clients
around the world, with the unprecedented ability to see complete
customer financial information. "With instant information available
at our fingertips and a clear view of our entire relationship with
our customers, we now have the ability to provide better services,"
added White. "We respond faster and with more relevant advice
to help our clients pursue their financial goals."
Fincentric provided IT professional services for
FCB’s implementation and conversion onto the new system and
continues to provide ongoing enhancement services and customer support.
“Fincentric was instrumental in customizing a solution that
fits our needs. We could not have accomplished this complex conversion
on schedule without the dedication and experience of Fincentric’s
team,” said Sherry Sitton, senior vice president of Operations.
“Fincentric’s intimate knowledge of the U.S. banking
environment and regulations and track record in well-managed implementations
significantly contributed to our success.”
FCB’s new system delivers comprehensive core
banking, deposit, lending and Internet banking capabilities integrated
across multiple delivery channels to provide a single consolidated
view of the customer. Transactions are instantaneous and consistent
across the Internet, teller branch platforms, ATMs and IVR (interactive
voice response).
“Successfully managing this conversion with
First Command Bank is evidence of high quality preparation and teamwork
by all involved,” said Alice Laberge, Fincentric’s president
and chief executive officer. “This is a significant milestone
for our company and demonstrates the kind of execution and responsiveness
that continues to build our positive reputation in the retail banking
market.”
About First Command Bank
First Command Bank is a wholly owned subsidiary of First Command
Financial Services, Inc., an affiliate of First Command Financial
Planning, Inc. Founded in Fort Worth, Texas, in 1958, First Command
Financial Planning serves active duty and retired military members
and their dependents. Recommending a three-part, tailored program
of carefully selected insurance, adequate savings and consistent
investment, the company’s registered representatives encourage
more than 297,000 active duty and former military client families
to take a long-term disciplined approach to reducing debt and building
wealth and transferring it in an orderly way to heirs. First Command
Bank was established in 1997. It has grown to $450 million in assets
with an annual growth rate of 35 percent. The bank offers its 60,000
client families an array of financial products including loans,
deposits, trusts, credit cards, ATM and online banking.
About Fincentric Corporation
Celebrating its 20th anniversary this year, Fincentric is a leading
provider of core retail banking and customer value management software
to the global financial services industry. Fincentric’s WealthviewTM
family of integrated, customizable solutions provides a single consolidated
view of the customer—enabling financial institutions to leverage
customer knowledge to deliver personalized service and product offers,
and develop profitable customer relationships. Fincentric has strategic
alliances with Microsoft, Intel, HP, and other international partners
and supports financial institutions in over 25 countries. For more
information, call 604.278.6470.
Media Contacts:
Shella Evangelista
Tel: (604) 214-5710
Fincentric
Mark Leach
Tel: (817) 569-2419
First Command Bank
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