04/20/2010

“Too Small to Fail: How the Financial Crisis Changed the World's Perceptions" Now Available

Authored by Open Solutions' CEO and Chairman Louis Hernandez, Jr. - book details changes in financial markets, what institutions must do to compete

GLASTONBURY, Conn., April 19, 2010 - Open Solutions Inc.^® today announced the global release of company Chairman and CEO Louis Hernandez, Jr.'s new book, "Too Small to Fail: How the Financial Crisis Changed the World's Perceptions" (AuthorHouse) at the company's annual client conference in Grapevine, Texas. Hernandez, a recognized entrepreneur and award-winning innovator uses historical examples in the book to illustrate how the rate of change impacting the financial services industry is accelerating. He notes that the industry has been slow to respond to change and how the focus on the recent economic crisis uncovered fundamental problems that financial institutions have been avoiding. Hernandez outlines a process to map the future direction of individual institutions and the industry in a way that addresses near-term issues and overarching global changes, such as a re-emergent Asia and the dynamics of a knowledge economy.

            "Louis convincingly builds the case that community financial institutions have a remarkable opportunity to redefine what has become a commoditized environment: retail banking," said Butch Leonardson, senior vice president and chief information officer of the BECU of "Too Small to Fail". "The global and large regional financial institutions are saddled with expensive and inflexible technology platforms. The community-focused banks and credit unions can redefine and reinvent the retail banking experience. He lays out a road map for such a transformation."

            In "Too Small to Fail," Hernandez points out that the "Too Big to Fail" thesis has given way to the seemingly more prudent, community-based institutions that largely avoided the subprime crisis. These institutions have demonstrated that they represent a unique pillar of economic stability and now, he said, is the perfect time for the leaders of these community-based institutions to seize the day and lead the financial services industry back to the center of economic vitality and drive global economic growth, one community at a time.

            "I have felt compelled to reinvest in the financial services industry and join with other leaders not only to navigate through this period together, but to emerge, recapturing the energy and vitality that made many of us so proud to be part of the financial services family," said Louis Hernandez, Jr. "I hope this book can be a call to action for banks and credit unions and a reminder that innovation and vision can and will overcome nearly any problem."

"Too Small to Fail" is available directly at www.opensolutions.com/toosmalltofail.htm or through major online retailers. Net proceeds from the book will go a charity that supports advances in healthcare and education, and provides opportunities for children.