BROOKFIELD, Wis.–Fiserv, Inc. announced year-end 2006 achievements for its Credit Union Group, which includes AFTECH, CUSA Technologies, GalaxyPlus, IntegraSys®, Summit Information Systems, USERS Inc. and XP Systems. The group continued to sign new clients at a healthy pace, while launching the new technologies today’s credit unions depend on to succeed in a competitive and complex environment.
In 2006, the Fiserv credit union companies converted 33 new credit union clients to their core systems, representing $2.8 billion in assets and more than 460,000 members. During the same period, the Fiserv credit union businesses signed core processing agreements with 49 credit unions, representing more than $6 billion in assets and more than 660,000 members. The group now provides core processing for 2,715 credit unions nationally.
Equally important, the Fiserv Credit Union Group maintained long-standing relationships with current clients by renewing contracts with 973 credit unions in 2006. Those contract renewals represent credit unions with combined assets of more than $37.5 billion, serving more than 5.7 million member accounts.
“Fiserv’s ability to attract new credit unions and retain the business of our current clients is a direct result of our focus on client satisfaction and product innovation,” said Tom Neill, Fiserv’s Group President of Depository Institution Processing.
Fiserv now provides core processing services to more than one-third of all credit unions with $1 billion or more in assets. “Partnering with many of the industry’s largest credit unions and leading technology innovators enables Fiserv to stay ahead of our competition on new product development and services. Our mission is to help our clients gain market leadership by better serving their members. Our Fiserv 2.0 companywide strategy is to continue to provide value, opportunity and growth for our clients,” Neill said.
In 2006, the Fiserv credit union companies delivered numerous new technology solutions that help credit unions meet member expectations and respond to timely issues. Key product launches included solutions in the areas of fraud monitoring and detection, member ID verification, multifactor authentication (MFA), online bill payment, data warehousing, online account enrollment, call center and audio response integration, member relationship management (MRM), health savings accounts and financial management. “The Fiserv Wisdom™ Financial Management Suite is a prime example of our approach to rolling out common products across our core processors,” Neill said, noting that Wisdom is now used by more than 500 credit unions.
In keeping with their philosophy of nurturing strong client relationships, the Fiserv credit union companies together hosted nearly 4,000 credit union representatives and vendors at their client conferences. “Events such as these enable the Fiserv companies to develop more intimate client relationships, gain a better understanding of our clients’ business and technology needs, and stay in sync with the credit union market,” Neill said.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.5 billion in total revenue for 2006. For more information, please visit www.fiserv.com.