ABOUT THE BANK
First Internet Bank Selects Open Solutions’ Enterprise-Wide Enabling Technology
GLASTONBURY, Conn., June 15, 2006 – Open Solutions Inc.® (NASDAQ: OPEN), a provider of integrated enabling technologies for financial service providers across the United States and Canada, announced that Indianapolis.-based First Internet Bank has selected The Complete Banking Solution® to address its enterprise-wide data processing needs. The $430 million Internet-based bank has approximately 40,000 accounts and serves customers throughout the U.S.
“We wanted to create a bank based solely on the Internet – one without branches that could fully serve customers’ needs nationwide almost entirely online,” said Nicole Lorch, vice president of Marketing and Technology at First Internet Bank. “An Internet-only bank has lower overhead, and as a result we can pass the savings on to our customers in the form of extremely competitive rates and fees.
“For strategic reasons, we chose to migrate from our existing RDS system, which Open Solutions had acquired in 2004, to Open Solutions’ relational core data processing platform. Open Solutions offered us a clear migration path to this new technology which we believe will allow us to better meet our long term goals. Choosing Open Solutions’ relational platform will enable us to offer a variety of competitive products and services to our customers. In order to grow our business and best serve our customers and investors, it was important to select a platform that was open, flexible and able to support our unique needs.”
The Complete Banking Solution is built on a single, centralized Oracle® relational database and is designed to be an open architecture application. Open Solutions provides financial institutions with a fully-featured strategic product platform, integrating core data processing and strategic applications such as Internet banking, business intelligence, financial accounting applications, electronic imaging, payment and interactive voice response solutions. The Complete Banking Solution offers the flexibility necessary for running a service-oriented institution by offering efficiencies to streamline both front and back office processes and creates a centralized view of customers.
In addition to The Complete Banking Solution, First Internet Bank will implement numerous complementary products from Open Solutions to serve its customers. According to Lorch, “The Open Solutions suite of products will make it easier to offer more relevant, effectively priced products to business as well as retail customers. Open Solutions also works well with third party vendors, and it was important for us to select vendors offering the best products and services. We believe The Complete Banking Solution and associated products will afford us the flexibility to meet the needs of our customers today as well as in the years to come.”
“We developed our open relational platform to run all types of institutions – whether they are branch- or Internet-based: large or small,” said Louis Hernandez, Jr., chairman and CEO of Open Solutions. “Open Solutions designed and built its open architecture technology based on the principle that our clients must provide advanced products and services to stay competitive in the marketplace and answer customer needs. We are looking forward to helping First Internet Bank meet and exceed its business goals as well as build a strong foundation for success.”
About First Internet Bank
With $430 million in assets, First Internet Bank of Indiana is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Services include interest-bearing checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs, IRAs, credit cards, and check cards that can be used instead of cash or checks. First IB also offers personal lines of credit, installment loans, unique real-time transfers between accounts, and the ability to display checking, savings and loan information on a single screen. First IB is a wholly owned subsidiary of First Internet Bancorp, a single-bank holding company, privately capitalized with over 300 private and corporate investors. The Bancorp became effective March 21, 2006 and is listed on the OTC Bulletin Board (www.otcbb.com) under the symbol of "FIBP".
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, digital documents, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial service providers in the United States and Canada to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
Open Solutions Inc. and The Complete Banking Solution are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2006 Open Solutions Inc. All rights reserved.
Safe Harbor Statement
Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, if we fail to adapt our products and services to changes in technology or in the marketplace, we could lose existing clients and be unable to attract new business. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended March 31, 2006, as filed with the Securities and Exchange Commission.