The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Fiserv Provides Technology for BMW Bank of North America

11 July 2000

BMW Subsidiary Aims to Capitalize on Loyalty of its Drivers

    BROOKFIELD, Wis. - Fiserv, Inc. announced today that it is providing the technological backbone for the direct bank recently launched being by BMW of North America.

    BMW Bank of North America, based in Salt Lake City, Utah, will offer consumer loans and leases, as well as money markets, certificates of deposit and other deposit accounts - with all but a handful of its business coming from electronic transactions.

    The bank is designed to capitalize on the intense loyalty of BMW car and motorcycle owners. More important, the direct banking operation builds on BMW's desire to offer a variety of loyalty products over the Internet.

    In addition to Internet banking services, Fiserv provides BMW Bank of North America with account processing through the Fiserv Comprehensive Banking System (CBS), as well as check processing, plastic card production and mailing, and electronic funds transfer services. BMW Bank of North America also will gain a call center and integrated servicing desktop that provides new account sales, customer servicing and contact management.

    Leslie M. Muma, Fiserv Chairman, President and Chief Executive Officer, said the agreement demonstrates the ability of Fiserv to provide a technologically strong solution that allows any organization to compete in the complex world of banking.

    "We can quite literally put a car company in the driver's seat for its customers' financial services needs," Muma said.

    BMW Bank of North America is a subsidiary of BMW Financial Services NA, LLC, established in 1993 as a captive finance company to support the North and South American sales and marketing efforts of BMW, including the newest office in Brazil. With over $11 billion in managed assets and more than 320,000 automotive lending customers, BMW FS finances over half of the BMW's sold or leased in the U.S.

    Fiserv, Inc. is an independent, full-service provider of integrated data processing and information management systems to the financial industry. As a leading technology resource, Fiserv serves more than 10,000 financial services providers worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies, mortgage banks and savings institutions. Headquartered in Brookfield, Wisconsin.