CSI Ends 2023 Fiscal Year With Record Core Deals and Wins Across Technology Portfolio
Company showcases strong momentum following its acquisition with 33 core banking deals and expanded contracts with major Fortune 500 companies
PADUCAH, Ky.–(BUSINESS WIRE)–CSI, a leading provider of end-to-end fintech and regtech solutions, announced a record-setting 2023 fiscal year. The company signed core banking agreements with 33 new banks, a more than 30% increase over the company’s previous record in 2021. CSI’s successful year also expands beyond its work with financial institutions (FIs) to include major wins with Fortune 500 companies, evidenced by a newly expanded partnership with a Silicon Valley giant.
Successes during the company’s 2023 fiscal year—spanning March 2022 through February 2023—were accompanied by CSI’s $1.6 billion acquisition by Centerbridge Partners, L.P. and Bridgeport Partners in November 2022. Since the announcement, the company has signed more than a dozen new core deals with FIs. Across the course of its fiscal year, CSI has experienced record revenues, advanced its cybersecurity, regulatory and IT services, partnered with Microsoft to offer public cloud solutions and expanded its diverse suite of products.
“Following the acquisition, it was important for us to capture greater market share and accelerate our company’s growth and expertise across traditional solutions like core banking and compliance as well as new innovations like cloud technologies and Banking as a Service,” said David Culbertson, CEO and president of CSI. “Just as importantly, CSI continues to be recognized for its best-in-class customer service, which has translated into a record-breaking year that we’ll carry into our 2024 fiscal year and beyond.”
CSI’s core bank processing solution is a holistic, end-to-end integrated system that provides the foundation for everything FIs need to be competitive. A national leader in core banking solutions, CSI’s latest wins have extended its presence to 467 banks throughout the U.S., bringing its market share to 10 percent.
“Our previous core system was getting the job done,” said Kevin Fraser, senior vice president and CFO at 1st State Bank in Saginaw, Michigan. “However, enhancements seemed to take longer to roll out than originally promised and the quality of the upgrades was declining. As we began to learn about the quality of support and system architecture provided by CSI, our decision to switch became clearer. The professionalism, expertise and ease of communicating with the CSI team helped build a strong connection.”
In addition to its record-breaking number of core banking wins, CSI has also accelerated its go-to-market strategy for other products and services, including digital banking, open banking, payments, IT, cybersecurity and regulatory compliance.
“The main differentiator for us switching to CSI was the company’s mobile app capabilities and their commitment to customer service,” said Clint Shoemaker, vice president, Guaranty State Bank & Trust Company in Beloit, Kansas. “We believe our partnership will deploy technology and products that keep the next generation banking with us instead of larger regional banks.”
For more information on CSI, visit csiweb.com.
As a forward-thinking technology partner, Computer Services, Inc. (CSI) delivers fintech, regtech and cybersecurity solutions to financial institutions and corporate customers, both foreign and domestic. In addition to its reputation for providing expert service, CSI focuses on propelling crucial technology advancements, accelerating speed-to-market and deploying solutions for fraud and anti-money laundering, account origination, small-to-medium businesses and treasury management, managed IT services and cybersecurity, real-time payments, open banking, Banking as a Service and more. From top global brands to community financial institutions across the nation, CSI delivers agile technology to its partners that’s designed to accelerate their growth and maximize their success. For more information, visit csiweb.com.
Red Fan Communications