CSI Closes First Half of Fiscal Year with Record-Setting 14 Core Deals

Distributed by Business Wire
2nd September 2020

PADUCAH, Ky.–(BUSINESS WIRE)–Despite navigating the COVID-19 pandemic, Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end fintech and regtech solutions, signed 14 new banks from across the country to its integrated, cloud-based core banking platform in the first half of its fiscal year, which began March 1. This represents the highest number of new sales for that timeframe in the company’s history.

While each of the institutions—with asset sizes up to $970 million—has its own strategic focus and unique expectations, bank executives cited streamlining back office operations, upgrading digital banking solutions and the appeal of forming a long-term technology partnership as some of the driving forces behind their decision to switch core providers.

“We needed more of a partner rather than just a vendor,” said Seth Conner, chief operating officer and chief information officer of InFirst Bank in Indiana, Pa. ($420 million in assets). “Products, service and price were closely analyzed. Our conclusion was that CSI would be the partner we can count on for the next decade and beyond.”

Conner also expects that migrating to a fully integrated core platform will streamline processes and increase efficiencies, leading to a boost in growth.

“With a more robust digital platform and a better process for interacting with customers, both at the front line and at the new accounts desk, we anticipate being able to continue to grow the bank with the same amount of resources than would have been possible with our current core,” Conner said.

In addition to technology enhancements and an improved user experience, many of the banks cited CSI’s service-oriented culture as an important reason for converting their core.

“We liked CSI’s philosophies on both service and pricing. Once you’re a CSI customer, you’re a customer,” said Andrew Mozena, president of Premier Bank in Dubuque, Iowa ($390 million in assets). “That means as software changes and enhancements are made, they flow through to the bank. That was certainly not the case with our previous provider, where every single thing was an opportunity to charge us more.”

In addition to core services, these new customers will depend on CSI for a number of innovative solutions that will help them increase market share and meet evolving consumer demands, including digital banking, debit card management, bill pay tools, P2P payments and much more.

“We regard the relationships we have with every one of our outstanding financial institution customers as a top priority, and that hasn’t changed since we opened our doors in 1965,” said David Culbertson, CSI’s president and chief operations officer. “CSI is thrilled to form partnerships with these new banks, and we are excited to help them provide innovative solutions that will allow them to better serve their communities for years to come.”

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI’s expertise and commitment to authentic partnerships has resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, American Banker’s Best Fintechs to Work For and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.