Magazine article American Banker

GreenChoice's IT Decisions Fit with A Smaller Space

Magazine article American Banker

GreenChoice's IT Decisions Fit with A Smaller Space

Article excerpt

Byline: John Adams

As it prepares for an early 2010 debut, the de novo GreenChoice Bank is running a little light on office space. But the bank's founders aren't worried; using environmentally focused information technology to reduce the need for office space is part of the plan.

"We're running a full-service community bank, and we have no back room," says Harold Sherman, the bank's president and CEO. "I've been around a long time, and I can remember when we would have had a huge back room to store checks, and a processing room."

One of the first "green" banks in the Midwest, GreenChoice will initially be a community bank focused on the Chicago area, though it is getting a federal charter and aims to expand. It will offer environmentally focused financial products such as rate and financing perks for clients who make green choices like opting out of paper statements, but its information technology and infrastructure focus are also a large part of building a green brand.

"We're investing back into green," says Steve Sherman, the bank's chief operating officer, "so consumers and businesses who deposit with us will know that deposits are being leveraged more positively. If you're not building green, you're building obsolete."

The bank has chosen a multiproduct suite from Fiserv covering processing, channel and customer management, business intelligence and optimization, risk, compliance and payments.

It is to share processing on an outsourced basis with other banks, enabling a reduction in back-office waste, check imaging, remote deposit capture, online banking, electronic signatures and paperless statements.

This affects "the amount of paper that gets pushed around the bank. Just think about the amount of paper that a bank generates in a given [period when producing paper] statements," says Mike Young, president of the bank and credit union solutions group at Fiserv. …

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