Point of Innovation Magazine: BankTEL serves banks around the globe with innovative software solutions

BankTEL serves banks around the globe with innovative software solutions

By Becky Gillette

Employees with BankTEL Systems, a Columbus-based high-tech company that provides financial and cash management software to over 700 banks and credit unions in the U.S.
and overseas, used to travel frequently all over the country to visit clients and conduct onsite training.  Business and software upgrades were conducted by mail and express delivery resulting in $800 monthly FedEx bills.

At the time, Boyce Adams, BankTEL’s president and CEO, traveled widely meeting with existing and potential customers. Today, 80 percent of the company’s work is conducted electronically, cutting travel costs considerably. Classes to introduce software and software updates are taught via webinars and online tutorials. Software updates are sent electronically and service calls are handled over the internet. Shipping costs have dropped to virtually zero while the company continues to grow.

“It just saves a lot of time and hassle,” Adams said. “Everything we do is electronic. Our contracts are electronic. Our invoices are electronic. E-mail is an important component of it. All our software is on the web. Our sales support is on the web. Financial accounting is on the web. We can run our company from anywhere.”

The type of software provided by the company consists of cash management functions, including escrow management, accounts receivable processing, lock box proceedings and financial accounting solutions such as accounts payable, prepaid accrual, fixed asset accounting, shareholder management and a solution to manage employee expense reports.

The company has thrived by providing custom designed software for a niche market.  BankTEL started in 1991 from a regional accounting firm, T.E. Lott.

“We have financial institutions ranging from small community banks to multi-billion-dollar holding companies,” Adams said. “One of our biggest markets is in the Northeast corridor, places like New York, New Jersey and Pennsylvania.”

When the company started in 1991, there were 18,500 banks nationwide, and now there are less than 8,500 – a large consolidation.

“With some of the largest banks in trouble now, it provides
a unique environment where automation and efficiency are vital,” said Adams’ older son, Boyce Adams Jr., who recently became BankTEL’s vice president of marketing. “Additionally, there are many banks that still have solid fundamentals and continue to provide a crucial service in the community.”

BankTEL manages installations and data conversions using WebEx.  There are advantages to both sides in using remote electronic customer service from the main office in Columbus. It saves a lot of time, not to mention travel costs. Even brochures are no longer mailed out. Brochures in a PDF format can be downloaded from their website.

Adams and his family enjoy small-town life in Columbus.

“That is why we haven’t left Mississippi. We like it here. We can compete against the best companies in the country. We do well against a lot of the larger technology companies,” said Adams.

Despite their success, Adams said few people outside of banking have probably heard of the company.

“Nobody really knows a lot about us,” Adams said. “We do a lot of business with banks in Mississippi, but we are nationwide. We have been doing this since 1991 and have grown by reputation. We get recommended a lot now.”

BankTEL has been one of Mississippi’s best kept secrets.  With a growing client base and reputation, they won’t be a secret for long.

Provident Bank, NJ

BankTEL’s $6.8 billion client, The Provident Bank, is the fourth largest New Jersey-based bank.  Jack Novielli, EVP/CIO, recently discussed Provident’s long-term relationship with BankTEL: “We run BankTEL’s Financial Suite, which includes Accounts Payable and Pre-Paid/Accrual Systems as well as their Escrow Accounting and Security Deposit Management Systems.  The interface with our FIS HORIZON core makes our processes much easier and has enabled us to achieve operational efficiencies.”

“We have always been impressed with the quality of BankTEL’s software and the level of support provided to the bank. They have a very professional and creative team that has been very responsive when supporting changes needed to meet the demands of our customers and the departments that service them. I would highly recommend BankTEL to a financial institution of any size to help them automate their processes,”added Novielli.

“In addition to The Provident Bank, BankTEL serves over 70 financial institutions in the greater New York area with its auxiliary financial systems,” said Boyce Adams, Jr., BankTEL’s VP – Marketing and Sales. “We are here to add value to our customers and help them tackle the challenges they face, particularly in this environment where it is critical to automate and increase efficiencies.”

Mississippi's Governor-Elect Phil Bryant Comments on BankTEL

Columbus, Miss. – Lt. Gov. Phil Bryant today stopped at BankTEL Systems, a local financial software company with a global reach, founded and headquartered in Columbus. BankTEL provides auxiliary financial software products to financial institutions in all 50 states and over 8 foreign countries.

Mr. Bryant said, “I have enjoyed seeing what BankTEL offers and it is always great to see a Mississippi business thriving in this economic environment. BankTEL represents Mississippi well as they do business around the world.”

“BankTEL’s cost cutting software products are helping companies around the world cut costs, automate, and drive efficiencies to help their businesses,” Boyce Adams, Jr., VP – Marketing and Sales mentioned. “We applaud Lt. Gov. Bryant for taking a strong role in helping Mississippi businesses.”

Phil Bryant on BankTEL

Independent Bank – Invoice Approval

Invoice Approval Workflow

McKinney, TX (December 15, 2011) – Independent Bank selected BankTEL as its vendor for Accounts Payable, as well as a number of other automation programs.  The bank subsequently installed and converted to BankTEL, which provides seamless integration to their core system.

In order to save time and resources in sending invoices around the bank for approval, they chose to install BankTEL’s Invoice Approval module.  It features a web-based browser, with automation of inter-company invoice approval with the ability to assign multiple approval officers for each invoice. This module allows you to have an unlimited amount of approving users with the ability to set the approval limits for each officer. Independent Bank is extremely pleased with the ease of conversion and product features to help them carry out their mission.

According to Amy Feagin, Assistant VP/Accounting Department Manager:

“The Invoice Approval Module has been a huge success and has saved my Accounts Payable Specialist a considerable amount of time. This module has a ton of features that make entering invoices easier and faster.”