JACKSONVILLE, Florida. - Fidelity National Financial Inc. (NYSE: FNF), a Fortune 500 provider of products, services and solutions to the real estate and financial services industries, today announced that Riggs Bank N.A. in Washington, D.C., has signed a seven-year outsourcing agreement for information technology services with Fidelity Information Services Inc. (Fidelity).
Riggs will implement a suite of Fidelity solutions for deposits, retail/consumer loan servicing, and commercial lending origination and servicing. Riggs' customer accounts will be processed in Fidelity's application service provider (ASP) environment, which will reduce costs for Riggs and improve service for its customers, while keeping the bank current with the latest Fidelity core software updates.
"Riggs has a rich financial services history and reputation for serving some of the most important customers in the world," said William P. Foley, II, chairman of the board and chief executive officer of Fidelity National Financial. "Fidelity's solutions and services are consistent with Riggs' focused strategy of investing in the bank's future, particularly through the continued development of customer service technologies."
"This is a strategic partnership for our institution, one that will decrease our IT costs and deliver enhanced capabilities to meet customer needs," said Bob Roane, executive vice president and chief operating officer of Riggs Bank. "Fidelity's systems will allow us to have a single view of our customers across the enterprise, and will enable sales growth, operational efficiencies and improved customer service."
For retail lending, Riggs will use Fidelity's Advanced Lending Solutions (ALS) Servicing Manager system, which is also used by six of the top 10 and 28 of the top 50 U.S. banks.
For commercial lending, Riggs will use the Deal & Loan Origination and Deal & Loan Servicing components of the Advanced Commercial Banking System (ACBS) product line. ACBS is an integrated family of commercial lending solutions that automate the entire range of commercial lending activity and operate in a real-time environment in any currency.
Riggs will also use Fidelity's Information Warehouse solution and the Service Delivery suite, an integrated, multichannel customer delivery system that includes teller, call center and branch automation solutions.
"Fidelity's proven technology and processes will deliver business value to our new partner," said Foley. ‘This is one of the most comprehensive partnerships that Fidelity Information Services has ever signed in that it includes retail products, commercial products and front-end systems. Getting all of these applications from one vendor will enable Riggs to get the most return from its technology investments."
"This agreement with Fidelity Information Services is integral to Riggs' Enhancing Performance and Service project, our major initiative to improve our tools and processes to bring new value to our clients," added Roane.
Fidelity National Financial Inc., number 326 in the Fortune 500, is a provider of products, services and solutions to the real estate and financial services industries. The company had total revenue of $5.1 billion and earned more than $530 million in 2002, with cash flow from operations of nearly $815 million. FNF is the largest title insurance company in the United States and also performs other real estate-related services such as escrow, default management, mortgage loan fulfillment, exchange intermediary services and homeowners, flood and home warranty insurance.
FNF is also one of the world's largest providers of information-based technology solutions and processing services to the mortgage and financial services industries through its subsidiary, Fidelity Information Services, which has clients in more than 50 countries. Fidelity processes nearly 50 percent of all U.S. residential mortgages, with balances exceeding $2.9 trillion. Fidelity has processing and technology relationships with 48 of the top 50 U.S. banks, which rely on its processing and outsourcing products and services. More than 34 percent of the total dollar volume of all outstanding consumer loans in the United States, including mortgages, is processed on Fidelity Information Services' software applications.
Fidelity National Information Solutions (NASDAQ: FNIS), a majority-owned, publicly traded subsidiary of FNF, provides data and valuations, technology solutions and services for the real estate and mortgage industries. More information about the FNF family of companies can be found at www.fnf.com, www.fidelityinfoservices.com and www.fnis.com.
Riggs Bank N.A. is the primary operating subsidiary of Riggs National Corporation (NASDAQ: RIGS), which is the largest bank holding company headquartered in the U.S. capital. Riggs has 48 branches in the Washington, D.C., metropolitan area, as well as locations in Miami, London, the Channel Islands and Berlin. As the leading banking institution in the nation's capital, Riggs commands the largest market share serving one of the most affluent areas of the country, with specialized banking and financial management products and services for individuals, nonprofit organizations, and businesses. Riggs is also the dominant financial institution serving embassies worldwide. More information about Riggs Bank can be found on the company's Web site at www.riggsbank.com.
Daniel Kennedy Murphy, 805.696.7218
Finance and Investor Relations
Fidelity National Financial
Carol Cassil, 501.220.7402/501.690.5683
Fidelity Information Services, Inc.
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