The First Women’s Bank is set to open its doors in the first half of 2021 – beginning with its flagship location in 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.

Markowitz went on to explain that the bank will also use technology to connect small businesses capital that they need. Beyond that, their mission and resources will also provide opportunities to promote gender equality and inclusion.

Although First Women’s Bank has a primary focus on lending and financial services to support women, it will also seek business and opportunity from a wide range of clients.

This wide range includes those clients sought under Fiserv’s Back2Business initiative. This program is designed to provide assistance and backing to small, minority-owned businesses. Especially those small business that have been disproportionately impacted by the effects of COVID-19.

In addition to financial support, the Back2Business program provides business expertise, technology solutions, and helps to build and leverage strategic partnerships.

“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.”

Fiserv is providing guidance on technology solutions which will align with First Women’s Bank overall strategy and goals. Many of these solutions, they believe will improve the customer and employee experience, and set the bank apart from its competition.

“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.

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Federal Bank has just over 1200 branch locations across India, with close to 2000 ATMs for its customers.

The bank is making this move as part of a strategy to help grow its overall credit card business. Federal already has a strong presence in the retail sector in its home country.

To make this new offering secure for customers and a success for the bank, Federal Bank will be relying on Fiserv for the back-end support and implementation of the credit card offering.

“At Federal Bank, we have a track record of deploying the best digital infrastructure to cater to our customers.” says Shalini Warrier, Executive Director and Business Head – Retail at Federal Bank.

“Fiserv supports our digital priorities and expansion plans. Their world-class technology platform and extensive local experience position us to offer an enhanced digital experience to our customers.”

Fiserv provides the technology solutions behind a large number of financial entities across the globe. Their systems are as the core of these institutions for payment and financial services processing.

Federal believes that, in addition to a successful roll-out of their credit card offering, selecting Fiserv will help to reduce the managing expense of the offering.

Fiserv will be utilizing its FirstVision platform for Federal Bank which will provide an end-to-end managed services solution for the bank.  

“The feature-rich card processing platform and operational tools provided by Fiserv help reduce the need for extensive up-front investments,” said Nilufer Mullanfiroze, Country Head – Deposits, Cards & Personal Loans, Retail Banking at Federal Bank.

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