Community bank transforms into a digital-first institution
LifeStore Bank Modernizes With FIS Solutions to Enhance Services and Increase EfficiencyMay 21, 2024
At a glance
Objective
Be an economic catalyst for rural mountain communities by keeping up with emerging technologies to improve efficiency and streamline operations.
FIS Solutions
FIS HORIZON Banking System, FIS Digital One, Zelle
Results
Adapt swiftly to technological advancements and changing customer demands.
Impact
LifeStore Bank's shift to a more digital-centric banking platform from FIS enabled the bank to retain its relevance, provide exceptional service to the community and remain profitable.
From its modest beginnings in 1939, operating in the front corner of a building supply store, LifeStore Bank has embarked on a remarkable journey of growth. Today, it stands as a full-fledged commercial bank, not just providing home loans, but also serving as an economic catalyst for the rural mountain communities in North Carolina. With four branches and assets over $400 million, LifeStore caters to a diverse clientele of individuals, homeowners and small businesses, a testament to its unwavering commitment to its mission.
LifeStore partnered with FIS® in 2006, and this relationship has been key in enabling the bank to keep up with the industry's ever-evolving digital landscape. For instance, 20 years ago, 75% of checking transactions were paper checks. Today, it's only 7%. LifeStore Bank's customers were going digital, and it needed to keep up.
"Everything we can do in the branch, we needed to be able to do it digitally."
"Even in a rural part of the state, our customers are adopting technology."
With an array of FIS solutions, like HORIZON Core Banking System, Zelle, Digital One™ and many more, LifeStore has successfully integrated advanced technology into its banking services, ensuring a seamless and efficient banking experience for its customers. Through this partnership, LifeStore can maintain its relevance in a future where mobile and digital banking will become the norm, even in rural geographies.
Looking ahead, LifeStore is aware that the banking industry will continue to evolve. With help from FIS, the bank plans to introduce additional digital products and improve its data analytics capabilities. The bank also looks forward to implementing artificial intelligence in its decision-making processes, a key step in remaining at the forefront of banking efficiency.
"From day one, FIS has felt like it wanted to be a partner. We couldn't do what we do without FIS."
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