First Women’s Bank picks Fiserv to underpin 2021 launch
US neobank First Women’s Bank has selected Fiserv to power its planned 2021 launch.
First Women’s Bank focuses on the women’s economy through small business lending. The bank plans to utilise core banking and front office digital engagement software from Fiserv.
“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,” says Marianne Markowitz, president and CEO at First Women’s Bank.
“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.”
According to the National Institute of Women Business Owners (Nawbo), female business owners employ more than nine million people in the US. They also generate $1.7 trillion in sales.
Despite this, one third of women say access to funding is the biggest barrier to starting a business, compared to 20% of men.
First Women’s Bank also plans to compete across most verticals of traditional banking. It has joined Fiserv’s technology initiative Back2Business, which supplies small businesses with new technology during the COVID-19 pandemic.
“One of the key strategies for achieving our mission is to leverage technology to drive growth and deliver an exceptional customer experience,” says Maria Tabrizi, chief risk officer at the bank.
Danelle Hawig, vice president of segment strategy at Fiserv, calls the bank “a pioneer”.
She adds: “It is a privilege to be their partner as they build a bank to serve the growing women’s economy.
“We’re committed to enabling the bank to create an intuitive and secure digital experience that reflects their brand and vision.”