As a de novo bank in one of the most competitive markets in the world - New York City - Signature Bank set out in mid-2001 to provide a comprehensive array of banking, brokerage and insurance services to consumers and businesses that require highly personalized services. Signature Bank’s parent company, Bank Hapoalim of Tel Aviv, Israel - one of the world’s largest banks - initially backed Signature Bank with a more than $60 million investment. Having achieved a highly successful launch, Signature Bank received an additional $55 million investment from Bank Hapoalim.
Signature Bank, with nine locations in and around New York City, had client assets in excess of $980 million, as of May 31, 2002. Signature Bank offers a full complement of banking, lending, brokerage and insurance services. Its target market is people with substantial assets who feel underserved by large financial organizations that typically cater to a mass market, as well as by traditional private banks designed to serve only the ultrarich.
In addition, Bank Hapoalim is the largest bank in Israel and one of the top 150 banks in the world, with 330 branches in Israel and an additional 28 branches, subsidiaries and representative offices in 14 countries. Bank Hapoalim has been a client of Fidelity Information Services (Fidelity), a division of Fidelity National Financial, since 1984.
The Challenge
Signature Bank set a three-year goal of obtaining $2 billion in customer assets and more than 4,000 customers. The bank needed an information technology partner that could not only keep up with the bank’s rapid growth, but one that could also provide it with an integrated, end-to-end banking application. Fidelity became that trusted, reliable and nimble information technology partner.
The Solution
In just seven months, Fidelity and Signature Bank had the bank’s information technology systems in full operation. Fidelity now provides the bank with integrated software that powers the bank’s lending, deposit and retail delivery offerings. Fidelity’s solutions also seamlessly interface with Signature Bank’s automated teller machine and brokerage services, as well as the bank’s other third-party vendors, which was a key reason why Signature Bank chose Fidelity as its technology partner.
Fidelity, a worldwide leader in deposit servicing, provides Signature Bank with a core deposit processing system that offers an integrated, multicurrency package to efficiently process large volumes of transactions. Signature Bank provides customer service based on the total relationship it has with its customers by utilizing Fidelity’s Customer Information System. This key component provides the capability to manage the entire relationship by presenting a composite view of customers and their financial needs. It is a crucial element in being able to meet and exceed the expectations of Signature Bank’s high-end customers.
Fidelity’s Service Delivery suite of software products provides Signature Bank with an information network that sends current customer data in real time through a multichannel enterprise using Fidelity’s Teller, Platform and Internet Banking applications. From fulfillment account maintenance to front-office delivery of customer services, consistently accurate information travels a vertically integrated path across a common infrastructure. Fidelity’s Service Delivery infrastructure provides Signature Bank with a complete customer relationship management package that allows the bank to retrieve a common view of customer information and an integrated customer contact history - leading to increased customer satisfaction and a competitive advantage for Signature Bank.
“We are capitalizing on the opportunity to fill an underserved niche in the financial marketplace - successful individuals and businesses who require more personalized service than the huge commercial banks and brokerage firms can provide, but fall below the threshold of traditional private banks and investment houses that focus on the super rich,” said John Tamberlane, vice chairman of Signature Bank. “Our early success in building a bank to cater to this market has exceeded even our own expectations.”
The Results
By partnering with Fidelity, Signature Bank has an integrated, end-to-end banking software system that allows it to exceed customers’ expectations. With this system in place, Signature Bank is able to focus on its business and customer needs while Fidelity handles the bank’s information technology needs.
“Fidelity’s ability to quickly deliver products to handle the bank’s high-end private customers was a key reason we selected Fidelity,” said Joe DePaolo, president and chief executive officer of Signature Bank. “By partnering with Fidelity, we were able to provide our customers with the level of services they need and deserve.”
June 2002
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