First Women’s Bank Will Launch with Fiserv Technology to Help Bridge the Gender Gap in Access to Capital
Fiserv, Inc. (NASDAQ: FISV) has partnered with the newly organized First Women’s Bank, set to launch in early 2021, focusing on the women’s economy through small business lending and digital financial services. Based in Chicago, the bank aims to serve a diverse clientele and is part of Fiserv's Back2Business initiative, supporting minority-owned businesses affected by COVID-19. Fiserv will provide core processing and digital engagement solutions to deliver innovative banking experiences, contributing to gender equality and community empowerment.
- Partnership with First Women’s Bank enhances Fiserv's market presence in the women's economy.
- Fiserv's technology solutions will support unique customer experiences and operational efficiency for the bank.
- Involvement in the Back2Business initiative may increase Fiserv's visibility and reputation in community engagement.
- Dependence on a single client, First Women’s Bank, could pose risks to Fiserv's revenue if the bank does not achieve its business objectives.
BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced First Women’s Bank, a de novo institution in organization with a strategic focus on the women’s economy through small business lending and other financial services, has selected Fiserv to enable the bank’s launch in early 2021. The bank will leverage core processing and a full range of digital engagement technology from Fiserv to bring its unique mission and values to market.
From a single, flagship location in Chicago, First Women’s Bank plans to leverage technology to serve a diverse national deposit and lending market. While the bank will have a strategic focus on the women’s economy, it will compete across traditional banking verticals for all banking clients.
First Women’s Bank has also been selected to join the Fiserv Back2Business initiative to help small, minority-owned businesses that have been disproportionately impacted by the effects of the Covid-19 pandemic. Back2Business strengthens small businesses in designated communities through financial support, business expertise, leading technology solutions, strategic partnerships and community engagement, and will come to Chicago in early 2021.
“The mission of First Women’s Bank made them an ideal choice for a Back2Business partner,” said Todd Horvath, head of Account Processing Services at Fiserv. “We look forward to working with them to bring the program to Chicago.”
“First Women’s Bank will be an innovative commercial bank and the only bank in the country with a strategic focus on the women’s economy,” said Marianne Markowitz, president and CEO at First Women’s Bank. “And we’ll be more than a bank. We are building a first-of-its-kind platform to connect small businesses with innovative capital solutions, provide opportunities to promote gender equality, and cultivate a community that fosters strategic partnerships and inclusion.”
“One of the key strategies for achieving our mission is to leverage technology to drive growth and deliver an exceptional customer experience,” said Maria Tabrizi, chief risk officer at First Women’s Bank.
Tabrizi noted how the Fiserv team listened and provided guidance on technology solutions to match the bank’s strategy in order to deliver the desired customer and employee experience. She said a number of newer, integrated digital solutions brought to the table by Fiserv differentiated the company from its competitors.
The bank chose solutions that will allow them to create a unique connection with its customers, operate efficiently and scale nationally, including process management tools, solutions that allow customers to aggregate their financial information, and an analytics engine to help the bank gain insight from data to drive relevant communication with customers.
“First Women’s Bank is a pioneer, and it is a privilege to be their partner as they build a bank to serve the growing women’s economy,” said Danelle Hawig, vice president of segment strategy for Bank Solutions at Fiserv. “We’re committed to enabling the bank to create an intuitive and secure digital experience that reflects their brand and vision.”
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
About First Women's Bank
First Women's Bank will be an innovative, women-led commercial bank on a mission to grow the small business economy and advance the role of women within it. The Bank will serve a diverse national deposit and lending market from one flagship location in Chicago. For more information please visit www.firstwomensbank.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) 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 solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among the FORTUNE Magazine 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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