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Lake City Bank – Client Story
HOW INTEGRATED SOLUTIONS POWER DIGITAL TRANSFORMATION AND GROWTH
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Lake City Bank
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lake city bank case study
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Key FIS Solutions
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Expanded Capabilities
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Smarter Growth
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Immediate Efficiencies
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Kickstarting a “Big Bang” Digital Transformation
Lake city bank
Lake City Bank is recognized as a regional banking leader, providing highly personalized and client-driven services. They are a community-focused, community-driven and community-led bank that provides retail and commercial products along with wealth management. Lake City Bank offers the sophisticated products and services provided by large banks, while staying true to their long-term commitment to client relationships of every size and scope.
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Lake City Bank has been a valued FIS® partner since 2009
Founded in
53 locations
in Northern & Central Indiana
in assets
$6.4B
FIS products or services
138
Uses
Lake City Bank learned that their existing core banking system was being sunset in 2011, and the search for a replacement began. Coming from an older core connected to a variety of disparate third-party tools, the bank developed a modernization plan to streamline its systems and decided to use the core conversion as an opportunity for extensive digital transformation. In addition to the core, the bank would upgrade their card systems and improve their online banking interface. The project team also used this moment to bring in sales management operations by creating custom scripts to migrate the work that was accepted on the frontlines to the back office for processing, reducing the use of emails and manual forms and increasing efficiencies and cost savings.
After extensive analysis, Lake City Bank selected the FIS Integrated Banking System to achieve the project team’s digital transformation goals to:
Reduce levels of third-party vendor engagement by moving to a highly integrated, adaptable system with a wide range of built-in tools, optimizing efficiency and operational ease
Eliminate manual tasks and cumbersome workarounds to increase productivity and reduce the risk of manual error
Improve the user experience for the full range of their client base, from the sophisticated, complex commercial clients all the way through to their standard personal account customers
Partner with a technology provider who can help them stay on the forefront of product development and scale with their growth
The Lake City Bank team saw immediate efficiencies after conversion. The bank experienced a big operational lift due to the wide variety of tools integrated into the flexible, user-friendly core platform.
Personal accounts onboarding tools are easy to use. The new customer experience has been enhanced by the Global Know Your Customer (KYC) features. Debit cards and checks can be ordered readily without the need for employees to visit separate third-party sites. Automated monitoring and notifications help the bank stay current with fast-changing regulations. Built-in risk management ensures the bank stays in front of fraud.
On the lending side, Lake City Bank has unique, complicated credits. The IBS core has eliminated former manual workarounds to substantially increase efficiency. Item processing capabilities, including an integrated image center and document archiving, provide vital efficiencies for employees and clients. Images are easy to search, access and retrieve. IBS also provides the ability to import images from external sources. Integration with third-party vendors is simple to do via API. Other tools that have enhanced performance include remittance processing for lockbox, remote deposit capture for corporate clients, retail mobile deposit and bill pay.
At the onset of the core conversion, Lake City Bank had just over $2B in assets. As of 2023, the bank is managing over three times as much, at $6.4B. Due to the efficiencies provided by the platform, the bank has seen little need to add operations staff to support its growth.
Since the conversion in 2011, the bank has tripled in size and IBS has been with us through that whole journey. When we were looking for a new core, we were looking for that long-term partnership. Somebody who was going to continue to develop products, to remain relevant.
$2B in 2011
Lake City Bank grew from
$6.4B in 2023
– Lisa Fulton, Chief Operations Officer at Lake City Bank
Lake City Bank has introduced several new products and services since its digital transformation. These additional offerings strengthen the bank’s competitive edge and provide customers with the continual evolution of services they expect. Five new products have been created around the FIS Relationship Value Management (RVM) solution, which provides customer relationship insights for the bank’s rewards and benefits program. The extended account analysis (XAA) with multi-tier cash management sweeps for commercial treasury management has been especially impactful. The XAA makes it easier to really understand their clients’ needs and goals. The team can forecast, predict and intelligently share complex insights with clients, and the XAA has given the bank an edge in bringing in new business.
We have some complicated treasury management relationships, and IBS could honestly handle everything we threw at it.
Today, Lake City Bank uses approximately 138 FIS solutions or services and they’re in the early stages of bringing on numerated real-time payments as a tool for their small business originator under business banking.
Not only have they [FIS] partnered with us from a technical side, but the relationship, the interaction with our strategic account manager and our client success manager is really key.
Integrated Banking Solution
Securlock
Commercial Lending
Prime Compliance Suite
EMV
Item Processing
Lockbox & Remittance Services
Content Management
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