CSI Closes Fiscal Year With Record Growth in Core Wins and New Technology Integrations
CSI’s latest fiscal year saw the company extend its footprint across the U.S. community banking market, reaching almost 500 active core customers in February 2024
PADUCAH, Ky.–(BUSINESS WIRE)–CSI, a leading provider of end-to-end financial software and technology, announced the close of its 2024 fiscal year—March 1, 2023, to Feb. 29, 2024—in which the company secured 44 core banking deals across the U.S., a 33% increase year over year. Across all lines of business, CSI increased sales by a record-breaking 30% year over year.
“CSI is committed to delivering exceptional technology with an unparalleled customer experience to drive success for our community bank partners,” said David Culbertson, president and CEO of CSI. “Over the last year, we evolved our technology suite through strategic partnerships, acquisition and internal product development to offer our banks the competitive features their account holders need. Looking ahead, we will continue to shape the future of financial services through our commitment to innovation and by helping to fuel the success of community banks everywhere.”
In February, CSI released the ninth iteration of its Banking Priorities Executive Report, which highlighted community bankers’ pressing concerns and technology strategies in 2024. Among their top projected technology investments were numerous digital banking features, including online account opening, automation or artificial intelligence, and financial wellness. For High Country Bank in Salida, Colorado, those digital tools were a central driver behind its recent selection of CSI’s NuPoint® platform, which was awarded “Best Core Banking System” in 2023 by the Banking Tech Awards USA.
“As we went through the process of searching for a new core, the things that stood out to us the most were how much CSI values relationships and how invested the CSI team is in creating the most advanced core and digital banking products on the market,” said Niki Stotler, president and CEO of High Country Bank. “CSI’s digital offerings for our customer base give us a strong competitive advantage. We are so excited to work with a company that will grow with us, prioritizes relationships like we do and is committed to supporting the community banking model.”
In December, CSI acquired St. Louis-based software provider Hawthorn River, which offers a modern, single-platform loan origination system purpose-built for community banks. Since the acquisition, Hawthorn River has grown its customer base by nearly 13%, released a beta integration with Freddie Mac and entered into a reseller agreement with Salesforce to further accelerate the company’s growth.
In addition to the acquisition and CSI’s record-breaking core deals, the company also launched its instant payments offering through the Federal Reserve’s FedNowSM Service. Since its launch, CSI has onboarded about 70% of its core customers to the service, enabling banks to provide their account holders with instant access to deliver and receive transactions year-round, including holidays. CSI also expanded its comprehensive financial services platform to include strategic partnerships with Dragonfly Financial Technologies for deeper business banking and cash management capabilities, as well as Hawk AI to launch WatchDOG® AML. WatchDOG® AML detects the latest money laundering methods and tactics, minimizing the risk of regulatory penalty and criminal exposure.
“We are on a mission to deliver financial technology that accomplishes community banks’ distinct goals,” said Troy Bradley, CTO of CSI. “The evolution of our comprehensive financial services platform over our last fiscal year exemplifies our specific dedication to community banks and our ability to help them compete against the largest institutions through the latest digital and open banking solutions. I look forward to advancing our product roadmap even further in the next year and welcoming more customers into our technology ecosystem.”
For more information on CSI, NuPoint and the company’s extended suite of financial and regulatory software solutions, visit csiweb.com.
About CSI
As a forward-thinking software provider, Computer Services, Inc. (CSI) helps community and regional banks, as well as organizations worldwide, solve their customers’ needs through open and agile technologies. In addition to its nearly 60-year reputation for personalized service, CSI is shaping the future of banking by swiftly deploying advanced solutions that help its customers rival their competition.
Contacts
Callie Neatherlin
Red Fan Communications
media@csiweb.com
512-439-9720