“Our customers rely on us to provide the advanced tools and software that drive revenue, efficiency and cost savings,” CSI CEO and President David Culbertson said in a Wednesday (Sept. 18) news release. “Velocity’s data-driven approach to deposit management and its intelligent overdraft decisioning engine are each designed to deepen relationships with account holders while minimizing risk exposure for financial institutions.”
Terms of the deal were not disclosed.
“Velocity’s deposit growth engine helps institutions create a complete picture of the account holder’s experience, using data analytics and segmentation to drive engagement and sustainable revenue,” the release said.
The company’s overdraft management solution allows bankers to establish controls according to account behavior, giving them access to a real-time dashboard that tracks the health of their overdraft program, according to the release.
“The CSI and Velocity teams are united by the same mission to empower community and regional financial institutions to compete and win against the largest banks in the country,” Velocity Solutions CEO Christopher Leonard said in the release. “Our customers are facing increasing pressure to grow in a challenging rate and deposit environment and require innovative ways to acquire and serve their account holders.”
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The acquisition comes weeks after CSI launched a developer portal for community banks, offering lenders new documentation methods, resources and standardizations designed to simplify the implementation process and accelerate time to value.
Banks can consider more APIs across account opening, payments, document services and other applications to onboard solutions to open new lines of revenue, streamline back-office operations and enhance their engagement with account holders.”
Meanwhile, CSI Chief Financial Officer Ken Gayron told PYMNTS in June that the CFO’s role is changing. The job isn’t confined to traditional accounting and financial reporting tasks; it’s centered around strategic partnerships, data-driven decision-making and ongoing innovation.
“Being a modern CFO is about using your analytical and financial skills to partner with the business, ensuring it makes the best decisions with the right financial lens,” he said. “At the same time, you have to drive efficiency through automation and process improvement so that you can scale profitably and maintain a competitive advantage.”
