Fiserv selected by First Women’s Bank for 2021 launch; Bank joins Fiserv’s Back2Business initiative

By Edil Corneille

First Women’s Bank has selected global provider of financial services technology solutions, Fiserv, to enable the bank’s launch in early 2021. The bank is a de novo institution with a strategic focus on the women’s economy through small business lending and other financial services. First Women’s Bank will leverage core processing and a full range of digital engagement technology from Fiserv.

From a single, flagship location in Chicago, First Women’s Bank plans to leverage technology to serve a diverse national deposit and lending market. While the bank will have a strategic focus on the women’s economy, it will compete across traditional banking verticals for all banking clients.

First Women’s Bank has also been selected to join the Fiserv Back2Business initiative to help small, minority-owned businesses that have been disproportionately impacted by the effects of the COVID-19 pandemic. Back2Business strengthens small businesses in designated communities through financial support, business expertise, technology solutions, strategic partnerships and community engagement, and will come to Chicago in early 2021.

“The mission of First Women’s Bank made them an ideal choice for a Back2Business partner,” said Todd Horvath, head of Account Processing Services at Fiserv. “We look forward to working with them to bring the program to Chicago.”

“First Women’s Bank will be an innovative commercial bank and the only bank in the country with a strategic focus on the women’s economy,” said Marianne Markowitz, president and CEO at First Women’s Bank. “And we’ll be more than a bank. We are building a first-of-its-kind platform to connect small businesses with innovative capital solutions, provide opportunities to promote gender equality, and cultivate a community that fosters strategic partnerships and inclusion.”

“One of the key strategies for achieving our mission is to leverage technology to drive growth and deliver an exceptional customer experience,” said Maria Tabrizi, chief risk officer at First Women’s Bank.

The bank chose solutions that will allow it to create a unique connection with its customers, operate efficiently and scale nationally, including process management tools, solutions that allow customers to aggregate their financial information, and an analytics engine to help the bank gain insight from data to drive relevant communication with customers.

“First Women’s Bank is a pioneer, and it is a privilege to be their partner as they build a bank to serve the growing women’s economy,” said Danelle Hawig, vice president of segment strategy for Bank Solutions at Fiserv. “We’re committed to enabling the bank to create an intuitive and secure digital experience that reflects their brand and vision.”