Fiserv, Inc. have been chosen by Carter Bank & Trust of Martinsville, Virginia, to modernise their operations. 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 $4.1 billion 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.
“The technology solutions we’re getting from Fiserv are truly transformational for us,” said Litz Van Dyke, CEO, Carter Bank & Trust. “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.
“Digital channels and real-time capabilities are critical for our bank,” said Matt Speare, Chief Information Officer, Carter Bank & Trust. “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.”
“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,” Van Dyke adds. “All of this is being driven and supported by our new technology platform from Fiserv.”
“Carter Bank is leveraging technology to transform their infrastructure and extend personal relationships well beyond the branch,” said Todd Horvath, president, Bank Solutions, Fiserv. “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.”