Republic Bank Selects DNA From Fiserv to Drive Digital Transformation

Rhea-AI Summary

Fiserv (NYSE: FI) announced that Republic Bank & Trust Company has selected its DNA® platform to enhance banking capabilities and drive operational efficiencies. Republic Bank, with over $6 billion in assets and 47 banking centers across Kentucky, Tennessee, Indiana, Ohio and Florida, chose DNA for its advanced technology and real-time continuous processing capabilities.

The DNA platform, which earned the xCelent Advanced Technology Award from Celent, aims to streamline processes, reduce manual workloads, and enhance productivity. According to a 2024 customer survey, Fiserv achieved a 97% customer satisfaction rate in its level-one client care organization. The partnership represents a significant step in Republic Bank's digital transformation strategy.

Positive

• Selection of DNA platform by a significant client with $6B in assets
• 97% customer satisfaction rate in level-one client care
• Recognition through xCelent Advanced Technology Award
• Expansion of Fiserv's market presence in community banking segment

Negative

• None.

Insights

Financial Technology Analyst

This announcement represents a tangible win for Fiserv in the competitive core banking platform space. Republic Bank, with $6 billion in assets and 47 banking centers across 5 states, represents a mid-sized regional implementation that aligns with Fiserv's stated community banking focus.

The selection of DNA over competing platforms demonstrates Fiserv's ability to effectively position its technology against rivals like Jack Henry, Finastra, and FIS. Core banking conversions are complex, multi-year implementations that typically generate recurring revenue streams for vendors through licensing, maintenance, and value-added services.

The industry recognition (xCelent Advanced Technology Award) for the DNA platform validates Fiserv's ongoing R&D investments in this solution. The 97% customer satisfaction rate cited for Fiserv's client care is particularly significant in the banking technology sector, where implementation challenges and service quality are key competitive differentiators.

While a single implementation won't materially impact Fiserv's $128B market cap, the win demonstrates continued momentum in their core business. The banking technology market remains highly competitive, with financial institutions increasingly demanding modern, flexible platforms to support digital transformation initiatives.

Banking Operations Specialist

Republic Bank's selection of Fiserv's DNA represents a strategic technology investment focused on operational efficiency and digital transformation. For a bank of Republic's size ($6 billion in assets), a core banking conversion is a major undertaking with significant operational implications.

The stated goals of enhancing capabilities and driving operational efficiencies indicate this is part of a broader digital transformation strategy. Core banking platforms serve as the technological foundation for nearly all banking operations, from account management to transaction processing, making this decision particularly consequential.

DNA's real-time continuous processing capability addresses a critical need for modern banks by eliminating traditional batch processing delays. This enables more responsive customer service, faster transaction processing, and improved risk management capabilities.

The reduction in manual workloads mentioned suggests Republic is seeking automation benefits to improve efficiency ratios and potentially reduce operational costs. Community banks like Republic typically operate with higher efficiency ratios than larger institutions, making technology investments that reduce operational overhead particularly valuable.

For Republic Bank, this implementation represents a significant commitment in terms of time, resources, and organizational change management, but positions them to better compete with larger institutions and fintech challengers in their regional markets.

Core Banking Solution Delivers Enhanced User Experience and Customer Loyalty to Power Growth

MILWAUKEE--(BUSINESS WIRE)-- Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, today announced that Republic Bank & Trust Company (Republic Bank) has chosen the Fiserv award-winning DNA^® platform to enhance the company’s banking system capabilities and drive operational efficiencies to realize their digital transformation goals.

With over $6 billion in assets and 47 banking centers, Republic Bank, a community bank headquartered in Louisville, Kentucky, selected DNA due to the platform's advanced technology, real-time continuous processing and comprehensive functionality that streamline processes, reduce manual workloads and enhance overall productivity. Republic Bank operates in Kentucky, Tennessee, Indiana, Ohio and Florida.

“By partnering with Fiserv and choosing the DNA platform, we are taking a significant step forward in our digital transformation journey to help our clients, company and the communities we serve to thrive,” said Logan Pichel, Chief Executive Officer, Republic Bank.

DNA Blends High-Tech Solutions with High-Touch Service

Fiserv's commitment to the community banking segment is evident through its continuous investments in tailored technology solutions and customer service, including core banking, digital banking, small business solutions, payments and embedded fintech. Based on a 2024 customer survey, Fiserv achieved a 97% customer satisfaction rate in its level-one client care organization. DNA earned the xCelent Advanced Technology Award for best-in-class technology architecture from research and advisory firm Celent.

"We are proud to support Republic Bank in achieving its digital transformation and growth goals," said John Gibbons, Head of the Financial Institutions Group at Fiserv. "Our DNA platform is designed to help banks achieve sustainable growth by providing a robust, scalable and flexible core banking solution. We continually invest in our technology and client service organization to strengthen our collaboration and responsiveness."

About Fiserv, Inc.

Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20250327842621/en/

Media Relations:

Mark Jelfs

Senior Manager, Communications

Fiserv, Inc.

+1.262.737.8244

mark.jelfs@fiserv.com

Additional Contact:

Melissa Moritz

VP, External Communications

Fiserv, Inc.

+1.516.410.1188

Melissa.moritz@fiserv.com

Source: Fiserv, Inc.

FAQ

What is the significance of Republic Bank selecting Fiserv's DNA platform?

Republic Bank ($6B in assets) chose DNA to enhance banking capabilities, drive operational efficiencies, and advance their digital transformation goals through real-time processing and streamlined operations.

How many banking centers does Republic Bank operate and where?

Republic Bank operates 47 banking centers across five states: Kentucky, Tennessee, Indiana, Ohio and Florida.

What customer satisfaction rate did Fiserv (FI) achieve in 2024?

Fiserv achieved a 97% customer satisfaction rate in its level-one client care organization according to a 2024 customer survey.

What recent award did Fiserv's DNA platform receive?

Fiserv's DNA platform received the xCelent Advanced Technology Award from research and advisory firm Celent for best-in-class technology architecture.