Bank of Queensland Limited (BOQ) and its global services provider, EDS, today announced that Fiserv Australia had been selected to provide the Bank's new core banking system.
The multi-million dollar agreement was reached within the framework of Bank of Queensland's 10-year AUD$480m services outsourcing arrangement with EDS which includes transforming the Bank's IT systems.
The decision follows an extensive assessment process, which included a review of the Bank's operations and testing of the Fiserv solution by a combined Bank of Queensland-EDS-Fiserv team.
"For Bank of Queensland, Fiserv provides everything an Australian bank could want - a solid, proven product in Australia, a worldwide blue-chip client list, a highly professional team of people and a track record of implementing on time," said Bank of Queensland Managing Director, David Liddy.
"Through our assessments, we know that Fiserv and their solutions are a great fit for Bank of Queensland and will work extremely well within our outsourcing model with EDS," he said.
"Under our current program we plan to replace our core banking system in the first quarter of 2004."
As the Bank's service provider, EDS played a key role, conducting all aspects of the selection process for the new core banking and teller system, and providing specialised input on operational issues as part of the assessment team.
Under its broad contract with Bank of Queensland, EDS manages all IT services, back-office processes and internet banking for the Bank.
"EDS is focused on delivering excellent customer service and supporting Bank of Queensland's business priorities which include increasing its channels, broadening its product offering and growing market share, said EDS Client Executive for Bank of Queensland, Bjoern Petersen.
"The Fiserv solution is a key part of the overall upgrade and enhancement of the Bank's IT infrastructure and processes, that will underpin future growth and expansion."
The Fiserv solution for Bank of Queensland includes ICBS (International Comprehensive Banking System) for core retail banking and Alliant Branch Teller for teller and branch functions. Fiserv has been operational in Australia since 1998 and currently has 13 Australian and over 200 worldwide clients.
"Fiserv is pleased to be involved with a leading financial institution such as Bank of Queensland," said Fiserv Asia Pacific Managing Director, Peter Hill.
"As a high-quality, customer service focused organisation, we believe our solutions will add value to BOQ and most importantly to the Bank's customer experience," he said.
The implementation of the new solution starts immediately across the entire Bank branch network and head office, including 120 branches, scheduled to go live by early 2004.
About Bank of Queensland
With total assets under management of $6.6 billion Bank of Queensland is one of Australia's fastest growing retail banks. By the end of 2002, BOQ will have a network of 108 branches throughout Queensland, with a continuing aggressive growth program. The Bank posted a record after-tax profit for 2001/02 of $28.7 million - a 19 per cent increase on the previous year. New loan approvals increased by 31% to $3.7 billion. Bank of Queensland currently has approximately 27,000 registered institutional and individual shareholders.
EDS, the leading global services company, provides strategy, implementation and hosting for clients managing the business and technology complexities of the digital economy. EDS brings together the world's best technologies to address critical client business imperatives. It helps clients eliminate boundaries, collaborate in new ways, establish their customers' trust and continuously seek improvement. EDS, with its management consulting subsidiary, A.T. Kearney, serves the world's leading companies and governments in 60 countries. EDS reported revenues of $21.5 billion in 2001. The company's stock is traded on the New York Stock Exchange (NYSE: EDS) and the London Stock Exchange. Learn more at www.eds.com.
About Fiserv CBS Worldwide
Fiserv CBS Worldwide is a division of Fiserv, Inc. that delivers end-to-end business and technology solutions for financial institutions. Through its offices in London, Singapore, Bogot and Orlando, Florida, Fiserv CBS Worldwide enables more than 200 financial institutions to deliver core processing and personalised customer relationship management solutions and servicing through multiple channels.
Fiserv, Inc. (Nasdaq: FISV) is an independent, full-service provider of integrated data processing and information management systems to the financial industry. As a leading technology resource, Fiserv serves more than 13,000 financial service providers worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, mortgage banks and savings institutions. Headquartered in Brookfield, Wisconsin.
Fiserv Australia is a subsidiary of the US company Fiserv, Inc., which trades on the Nasdaq stock exchange under the symbol (FISV) and reported 2001 revenues of US$1.89 billion and net income of $205 million. Part of the Fiserv CBS Worldwide business unit, Fiserv Australia is responsible for the sales, implementation and support of Fiserv's banking technology solutions in Australasia, Papua New Guinea and the Pacific Islands.
Fiserv CBS provides technology solutions designed to assist financial institutions to build closer customer relationships and improve customer satisfaction. Key products include a retail banking application called International Comprehensive Banking System (ICBS) and a delivery channel family of Alliant products that provide functionality for front office activities such as call centres, loan origination and branch operations.
More than 200 customers use Fiserv CBS solutions in 52 countries across the globe. In Australia, 40% of the credit union movement is committed to the ICBS solution with eleven credit unions live on the system today.
Fiserv Australia was established in 1997 in Sydney in a two-person startup operation as part of the Fiserv Asia-Pacific region. During the past three years the Australian operations have grown to over 40 employees, providing a more direct presence in the Australian market.
With regional headquarters in Singapore, Fiserv Asia Pacific has a staff of 100 banking and technology professionals and over 40 clients in the region.
Fiserv Asia Pacific is part of the Fiserv, Inc. group of companies that serves more than 13,000 financial service providers worldwide, including banks, broker-dealers, credit unions, financial planners / investment advisers, insurance companies and agents, mortgage banks and savings institutions.
Fiserv, Inc. is listed on Nasdaq (FISV).
Revenue (2001): $1.89 billion (Fiserv, Inc.)
Australian office: North Sydney
Managing Director: Mr Peter Hill
Contact telephone: (02) 9409 2000
For more information, please contact:
Head of Corporate Affairs
Bank of Queensland
Tel: (07) 3212 3522
Mob: 0439 730 547
Tel: (08) 8464 2300
Mob:0402 900 891
Marketing & Communications Manager
Tel: +61 2 9409 2088
Mob: 0408 460 711