Citizens Savings Bank and Trust, the oldest African-American-owned bank in the US, has selected Kentucky-based Computer Services (CSI) to overhaul its core banking.
The Nashville, Tennessee-based bank is implementing CSI’s NuPoint, a fully integrated core banking solution.
The bank says the digital investment is part of its wider effort to promote the economic advancement of minorities and consumers still largely underserved in the US.
Citizens Bank launched back in 1904, founded by three African American citizens – R.H. Boyd, Preston Taylor, and J.C. Napier.
Back in December, Citizens Bank became one of a handful of Black-owned US banks to sign a landmark deal with basketball franchise Atlanta Hawks.
The $35 million loan will refinance the construction of Emory Sports Medicine Complex, where Atlanta Hawks players train.
Next step for Citizens Bank
Sergio Ora, Citizens Bank’s president and CEO, says it’s time for the firm to embrace “the future”. Whilst still maintaining its “history and legacy”.
“In order for us to help people develop financial independence and wealth equality, we must have the resources and technology,” adds Ora.
As well as implementing CSI’s NuPoint, the bank suggests it chose the technology partner for its “agility in quickly adding solutions to the core”.
This suggests the partnership could see more products added into the relationship over time.
Currently, NuPoint’s base offering includes a transaction manager, and financial management system. Alongside automated teller tools and online account opening services.
It will also supply Citizens Bank with a deposit creation platform and voice response capabilities. As well as services covering risk mitigation, loan and reporting.