For First Penn Bank, which has a long history and has grown through acquisitions and mergers, commercial banking relationships are vital to its continued growth. Yet its old transaction system couldn't provide the real-time processing and CRM capabilities the bank needed for future growth.
In response, Philadelphia-based First Penn has tapped Open Solutions to handle transactions, integration processes and Internet banking. Once installation is completed by the end of November, First Penn Bank will join Open Solutions' client base of more than 1,500 institutions.
Prior to the selection, a data processing committee reviewed new processing systems. "We looked at four potential vendors, and OSI's The Complete Banking Solution best fit our needs," said Cordy Taylor, vice president of information technology at $490 million First Penn.
The product's Oracle database is flexible, making it easy to extract information, he said. "With TCBS, we can retrieve all the information we need and get a clear, concise picture of each customer's account relationships."
First Penn Bank, which has 12 branches and plans to open three more next year, serves the Delaware Valley, an area rich in national banks. First Penn therefore needs to be a service-oriented bank as well as a trusted financial advisor to its customers. "Banking in the Delaware Valley is very competitive," according to Anthony DiSandro, president and CEO of First Penn. OSI, he added, will aid the bank's reputation for providing quality service. "With the installation of the Open Solutions system, we will be able to enhance and expand our capabilities. It positions us for the future."
Relational core processing, Internet banking, CRM capabilities, flexibility and ease-of-use are some of the features of Open Solutions' TCBS. All will help push First Penn to the next level in customer service.
"TCBS is a sound, and using it will enable us to better control our customers' information," said Taylor. "Selling and cross-selling products are important."
"Not every financial institution conducts its business in the same manner," said Gary Daniel, senior vice president of sales and marketing at Glastonbury, Conn.-based Open Solutions. "We recognize the need to have a sophisticated and robust system, yet have it flexible so it can work the way the financial institution wants it to. "
The Complete Banking Solution was built from inception to be a flexible and open system, said Louis Hernandez, Jr., chairman and CEO at Open Solutions. "We help clients provide better products and superior service to their customers-everything they need to be responsive to their customers."
The OSI team has been highly responsive, noted Taylor. "The individuals go the extra mile to help us, and we appreciate that. Their associates are very similar to ours in that they provide highly personalized service."