Customers Bank Software Purchases and Digital Transformation Initiatives

Discover the latest software purchases and digital transformation initiatives being undertaken by Customers Bank and its business and technology executives. Each quarter our research team identifies on-prem and cloud applications that are being used by the 822 Customers Bank employees from the public (Press Releases, Customer References, Testimonials, Case Studies and Success Stories) and proprietary sources.

During our research, we have identified that Customers Bank has purchased the following applications: FIS Core Banking for Core Banking in 2018, Intuit Quickbooks Enterprise for ERP Financial in 2011 and the related IT decision-makers and key stakeholders.

Our database provides customer insight and contextual information on which enterprise applications and software systems Customers Bank is running and its propensity to invest more and deepen its relationship with FIS Global, Intuit or identify new suppliers as part of their overall Digital and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

We have been analyzing Customers Bank revenues, which have grown to $445.0 millions in 2019, plus its IT budget and roadmap, cloud software purchases, aggregating massive amounts of data points that form the basis of our forecast assumptions for Customers Bank intention to invest in emerging technologies such as AI, Machine Learning, IoT, Blockchain, Autonomous Database or in cloud-based ERP, HCM, CRM, EPM, Procurement or Treasury applications.

About the Customer

Customers Bank, a subsidiary of Customers Bancorp, Inc., is an equal opportunity lender and a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation. Customers Bancorp, Inc. voting common shares are listed on the New York Stock Exchange.

Scope and Challenges

In recent years, Customers Bank’s assets have increased from $250 million to nearly $10 billion through significant organic growth. The bank, known for its use of leading-edge financial technology sought a solution that will help the management operate with the growing business.

Outcome and Implications

Enhanced capabilities provided by the new FIS core banking platform included a more intuitive and easy-to-navigate user interface, integrated digital and mobile banking tools, enhanced security controls, and anytime access to statements and forms. 

The FIS platform will also help the bank manage complex regulatory requirements and streamline back-end processes. The project is expected to go live somewhere in 2019.

Quotes

“High-tech, high-touch service is our differentiator and calling card at Customers Bank. By moving to a new online and mobile banking platform from FIS, we are able to provide our customers with the advanced services and convenience they are looking for while giving us the flexibility to support our continued growth.” - said Jay Sidhu, Chairman, and CEO of Customers Bank.