This is the second in a series of articles on the companies behind online banking. Last week we profiled Kasasa. This article features Fiserv. Steve Shaw, vice president, strategic marketing, digital channels and electronic payments, shared information about the company and its role in the FinTech world.
Meet the Biggest Player in the FinTech Space
Q: Fiserv is really the grandfather of sorts in the industry. First Data Processing and Sunshine State Systems merged to create Fiserv, a national data processing organization focused on the financial services industry in 1984. Two years later the company went public. In the mid 90s Fiserv was the first U.S.-based banking software and data processing service to be certified with ISO 9000 quality standard. Once Fiserv acquired Information Technology in 1995, the company was on the forefront of the “client/server” solutions for banking. Despite your long history, for many people you are not a household name. Can you talk a bit about the scope of what Fiserv does?
A: We are a global organization with more than 13,000 clients and 22,000 employees. We are a leading provider of financial services technology, including award-winning solutions for mobile and online banking, payments, risk management, data analytics and core account processing. We deliver solutions that help financial institutions, businesses and consumers move and manage money faster and with greater ease than ever.
Q: What are several key things consumers should know and understand about Fiserv?
A: If you’re a mobile banking user or pay your bills online – if you interact with a financial institution at all – chances are you’re more familiar with Fiserv than you realize. We support online banking for more than 70 million people via more than 3,700 financial institutions and mobile banking for more than 17 million people via more than 2,000 financial institutions. We handled more than 26 billion digital payment transactions in 2015.
Q: What separates Fiserv from other fintech companies?
A: We have a history of innovation, particularly in the digital banking and payments area. We were the first to offer online bill payment, electronic bills, and personal financial management tools within online banking. These capabilities have positively impacted the way hundreds of millions of people manage their financial lives.
Q: You’re a pioneer, what have been some of the challenges that come with being an industry leader?
A: In today’s world, consumer expectations are changing at an ever-increasing pace. It is incumbent on us to continually innovate so that we can equip our clients with the solutions that enable them to meet these expectations.
Q: In 2010 the company marked 25 consecutive years of double-digit adjusted earnings per share growth as it continued to innovate with 22 patents issued. Today you have revenues of $5.3 billion and 170+ patents issued and pending. What else might people be surprised to know?
A: We are one of the largest fintech providers in the world and were recently named among the companies in the KBW Nasdaq Financial Technology Index, the first major index devoted solely to U.S. publicly traded financial technology.
Q: With such a list of accomplishments, what’s next for Fiserv over the next few years and why?
A: As I mentioned earlier, innovation is essential to remaining relevant in financial services. We’re committed to driving purposeful and focused innovation in the industry and on behalf of our clients. One good example is our recent partnership with Bank Innovation on the INV accelerator, through which Fiserv is furthering innovation by serving as a connection point between financial services startups and our thousands of bank and credit union clients.