Fiserv: Best Global provider of Financial Services Technology

• 30 July 2020 | 1093 Views | By Abhinav Mishra

How technology is impacting the finance and banking sector?

Technology is changing the way businesses operate, interact, and deliver products to consumers in many sectors. An industry that has seen huge innovations in the last few years using technology is the financial industry. The biggest way that Fintech is disrupting the banking sector and finance is through customer service. It is because of technology that you are able to access your bank accounts on computers, phones, and tablets. Technology such as AI has made fraud detection a very easy task. As technology evolves the financial sector will reap its benefits.

What new technologies are used in money and financial systems?

The way the financial system use technology has changed in the last few years. Some new technologies are coming up every year which is changing the face of banking and financial system. Some of the new technologies in this space are:

• Digital account opening;
• P2P payments;
• Video collaboration/ marketing;
• Cloud computing
• Application programming interfaces (APIs).

In this article, we are going to explore Fiserv – a global provider of financial services technology.

What exactly is Fiserv?

Fiserv is a SaaS-based platform that provides payment solutions and credit card processing for individuals and businesses. Fiserv is a public company founded in 1984 and has headquarters in Brookfield, Wisconsin, U.S.

What does Fiserv company do?

The company helps businesses and individuals move information and money every minute of every day. They provide solutions that connect financial institutions, merchants, corporations, and consumers to one another, millions of times a day, behind the scenes, securely and reliably. It operates through the Payments, Corporate, Financial, and other segments.

Is Fiserv a Fortune 500 company?

Fiserv is a member of the S&P 500 Index and a Fortune 500 company and is among World’s Most Admired Companies. It currently ranks 311 on the Fortune 500 list, has a revenue of $10.2 billion and a market cap of $64.5 billion.

Is Fiserv a product based company?

The company solves business challenges by providing its client with different solutions as per their need.  Fiserv is a product based company which provide below solutions:

Solution 1: Payments

Fiserv offers a full range of efficient outsourced and in-house payment solutions that help businesses match the speed of consumer’s expectations while adhering to regulatory requirements. Fiserv payment solution allows businesses to maximize the potential of electronic payment processing whether their customers are paying online or in person. For example, they offer one common source capture platform for handling check deposits at all payment points: merchant, regional center, branch, consumer, and ATM.

Fiserv’s payment solution helps businesses reduce operational costs associated with multiple payment channels. It protects and helps businesses grow and also mitigates and manages fraud, risk, and compliance issues.

Solution 2: Processing Services

Is Fiserv a payment processor?

Fiserv is one of the world’s largest payment processors, processing billions of card transactions annually. The credit card processing solution is based on the same leading software used by the world’s top credit issuers while debit card processing fully supports signature-based offline and PIN-based online transactions.

From credit union and bank platforms to consumer electronic bill payment, remittance solutions, item processing solutions, and integrated ATM, debit, credit and prepaid services, Fiserv provides banks and credit unions of all sizes a comprehensive array of choices – delivered on the most popular software suites and technology platforms. Processing services include:

• the widest range of bank platforms from outsourced environments to in-house options that best meet the company’s budget and goals.
• a service-oriented architecture that drives unlimited integration.
• straight-through check processing that combines remote deposit capture technology and electronic clearing to deliver immediate, paperless results.
• end-to-end account processing solutions that enable companies to manage transactions efficiently while minimizing risk.
• high-quality, private-label remittance processing solutions for financial institutions delivered via a national lockbox network and incorporating the latest imaging technology.

Solution 3: Customer and Channel Management

Channel reach and marketing via online banking, online account opening, mobile banking, telephone banking, electronic bill payment, and walk-in are some of the powerful opportunities available to reach more customers and serve them better. Fiserv pushes technology-driven customer relationship management to its full potential. The solutions they provide make use of new technologies to reach customers where they live, play, and work.

Regardless of the company’s service delivery channels and product or their customers’ preferences, Fiserv’s customer relationship management and channel marketing services can deliver solutions to spur new account growth, expansion, account retention, and profitability. The solutions provided by Fiserv are fortified with top-of-the-line security to ensure that every interaction is safe. Benefits of using customer and channel management solution –

• Steer customers toward most profitable channels
• Communicate with customers anywhere and anytime from mobile devices

• Give customers greater convenience and choice in communication and account management

Solution 4: Risk and Compliance

Financial institutions are the backbone of the global economy since they process trillions of dollars daily. Their security is of utmost importance. Fiserv helps financial institutions detect, manage, and prevent risk more effectively than ever before.

Fiserv offers a wide array of Risk and Compliance solutions to institutions to do three things exceptionally well:

• Automate and streamline accounting operations and financial controls for operational efficiency and improved accuracy
• Detect, analyze, manage and prevent all types of financial risk to maximize profits, minimize loss, and preserve the customer experience
• Protect good reputation and simplify regulatory compliance

The solutions provided are:

Financial Control and Accounting Solutions offer automated solutions for exception management, reconciliation, and account certification to help companies facilitate a significantly faster and more efficient financial close process.

Fraud Risk and AML Compliance Management are predictive analytics-based solutions for money laundering detection and mitigation provide a deep defense that “de-risks” the life cycle of a transaction by sharing data across control points.

Financial Performance and Risk Management offer comprehensive solutions for budgeting and planning, funds transfer pricing, and financial accounting – as well as offer solutions for credit, asset/liability management, and market and liquidity risk which helps companies better understand the opportunity to increase profitability and areas of risk.

Solution 5: Insights & Optimization

Fiserv offers a series of tools and expertise to thoroughly analyze the company’s financial, customer, and market data, and deliver the business solutions they need to achieve their objectives. Here are some of the solutions they offer:

Bank Intelligence Solutions: Instantly pinpoint the best opportunities for growth and risk, profit, and immediately filter appropriate implementable solutions

Revenue Enhancement Solutions: Increase value creation and revenue with proven business optimization practices

Currency Supply Chain Management: reduce transportation expenses, meet enterprise cash optimization requirements, track asset transfers, comply with regulatory policies and analyze and manage devices

Information Management Solutions: Eliminate efforts of working with spreadsheet and paper trails that cripple business operations

Output Solutions: Optimize customer contact to strengthen relationships and gain more business

Who are Fiserv clients?

The company serves more than 16,000 clients worldwide, including banks, investment management firms, thrifts, credit unions, leasing and finance companies, retailers, merchants, and government agencies.

If you divide the Fiserv clients by industry then it has 27% of clients from Banking, 16% from Computer Software, 11% Financial Services, and 9% from Credit Unions. They have a presence in all the major countries of the world. 80% of Fiserv’s customers are in the United States. Other major countries where they have presence are India, the United Kingdom, Canada, Australia, France, etc. Some of their clients are The Cramer-Krasselt Co., Inc, Treliant Risk Advisors LLC, Bank of Ireland, Bank Liberty, Central Bank, American Equity Investment Life Holding Co, Aixin Life International, Inc., American National Insurance Co, American Express Co and many more.

Who are Fiserv competitors?

Fiserv competitors include Diebold, Assurant, ACI Worldwide, Chase Paymentech, Elavon, Global Payments, Jack Henry & Associates, and FIS.

Is Fiserv First Data?

Fiserv acquired First Data Corporation in July 2019 in a $22 billion all-stock deal. The reason for the purchase was First Data’s excellence in merchant acquiring and global issuing services, and the tremendous progress they have made under leadership. As a new combined company, they plan to leverage technology expertise and integrate the solutions to serve client needs in ways no one else can match.

Is Fiserv a good company?

Thousands of clients working in a wide range of businesses trust Fiserv with their financial services needs for customer loyalty and innovative financial solutions. The number of clients they have says a lot about their products and service.

For employees – Fiserv is the best place to work if you are looking for a challenging experience with an opportunity to grow. Fiserv also provides good benefits and flexible hours based on the job profile. The management is very enthusiastic and supportive.

What Finance technology will we have in 10 years?

Future technologies in financial sectors will be more customer-centric and efficient and provide more targeted, secure, and intelligent solutions. You can see the use of the below technologies in financial sectors in the next 10 years:

• Hybrid cloud
• Robotic Process Automation (RPA)
• Prescriptive Security