CAMBRIDGE, Mass., April 23, 2012– Open Solutions Inc.®, the leading provider of collaborative enterprise technology to community-based financial institutions worldwide, announced today that Cambridge Savings Bank has selected Open Solutions’ DNA™ relational core banking platform for its enterprise-wide, core processing needs.
Cambridge Savings Bank, based in Cambridge, MA, is a leading community bank serving consumers, businesses and non-profit organizations. It is the tenth largest community bank in Massachusetts, with more than $2.3 billion in assets and over 126,000 accounts served by 16 branches in the greater Boston area. Although it is one of the oldest banks in Massachusetts, Cambridge Savings Bank is also one of the most innovative and progressive banks in the industry and is an active supporter of all of the communities the bank serves.
Cambridge Savings Bank will migrate to DNA from another Open Solutions core product, TotalPlus. The bank will implement DNA On-Demand through Open Solutions’ Global Operations Center. The Bank has also selected a full suite of Channel Optimization and Business Intelligence Solutions designed to extend the power of DNA, as well as pre-conversion and ongoing Professional Services to implement and maintain best practices.
“Cambridge Savings Bank has always been ambitious and diligent in our plans. We reviewed a variety of core options for their current functionality and their ability to meet our future requirements. In the end, we decided that Open Solutions’ DNA was best positioned to deliver the features and scalability we needed. As a long-time Open Solutions client, we were also familiar with the high level of support that Open Solutions provides,” said Mark Tracy, Senior Vice President at Cambridge Savings Bank.
Open Solutions’ DNA™ is the first major platform created around the person, not the transaction, enabling community-based financial institutions to know more about their customer relationships so they can anticipate and serve customer needs. It is also the first platform designed to serve financial institutions globally with a single code line, while providing the flexibility to be tailored to the diverse market needs of banks, credit unions and other financial services organizations operating anywhere in the world. And DNA is designed to easily integrate new capabilities, making it the only platform that allows its user community to collaborate and share technology – using Open Solutions’ DNAcreator™ toolset and the DNAappstore™ – to reduce costs and deploy innovative solutions more quickly.
“Our friends at Cambridge Savings Bank have recognized that DNA is a radically different platform that represents the future of enterprise core technology,” said Open Solutions Chairman and CEO Louis Hernandez, Jr. “Cambridge Savings is a strong and forward-looking bank, and I am proud they have chosen Open Solutions and DNA over the competition to grow their retail and commercial customer relationships. What makes DNA so powerful is the global network of financial institutions in the US and around the world sharing ideas and innovations for the benefit the entire community.”
About Cambridge Savings Bank:
Cambridge Savings Bank is a full-service financial institution with $2.3 billion in assets. As one of the oldest and largest community banks in Massachusetts, the Bank offers a full line of individual and business banking services and has 16 banking centers located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton and Watertown. For more information on Cambridge Savings Bank, please visit www.cambridgesavings.com. Like them on Facebook at www.facebook.com/cambridgesavings or follow Cambridge Savings Bank on Twitter at www.twitter.com/csbinspired.