Open Banking is Accelerating Financial Services Transformation Says Fiserv Whitepaper
February 07 2020 - 8:48AM
Business Wire
Open technology facilitates partnerships,
customer engagement and growth
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of
financial services technology solutions, has published a whitepaper
outlining how financial institutions that take a strategic approach
to open banking can enable competitive differentiation, better
customer experiences and accelerated growth.
The Open Banking: Start Now and Move Fast paper can be
downloaded at fisv.co/openbanking-start-now-move-fast.
“Financial institutions need new ways to keep up with the demand
for competitive offerings that attract new customers,” said Sunil
Sachdev, senior vice president and general manager, Community
Segment, Bank Solutions at Fiserv. “Open banking has empowered
financial institutions of all sizes, including local community
banks, to work independently with Fintechs to create unique value
propositions.”
In the whitepaper, Fiserv details three key ways financial
institutions can use an open banking approach to enhance their
market competitiveness: moving faster to develop and deliver
high-value experiences, partnering with complementary Fintechs to
expand their services, and becoming “the bank behind the Fintech”
by offering Banking as a Service (BaaS) to fuel a tech company’s
banking functionality.
The whitepaper explores the current state of open banking and
provides insights into areas such as:
- The global landscape of open banking, and how the U.S.
is well suited to innovation
- Best practices for sharing information with third
parties, utilizing APIs and securing data
- Examples of how open banking can enable expansion of
financial institution services, including the addition of new
capabilities and expansion into niche markets
According to a recent Celent Model Bank case study, Synchrony
Financial, a consumer financial services company, successfully
completed its own open banking initiative in partnership with
Fiserv. Synchrony’s enhanced Business Services Layer technology now
provides cloud-based architecture, allowing easy integration for
new solutions.
“A clear strategy and the right technology resources and support
are all that is needed for a financial institution to move forward
with open banking,” said Todd Horvath, group president of Account
Processing at Fiserv. “Wherever financial institutions choose to
start, they should focus on creating differentiation in the market,
making a positive impact on the consumer experience, and aligning
themselves with a technology partner that can offer strategic and
tactical support.”
In a world moving faster than ever before, Fiserv helps clients
deliver solutions in step with the way people live and work today –
financial services at the speed of life. Learn more at
fiserv.com.
Additional Resources:
- Open Banking: Start Now and Move Fast whitepaper -
fisv.co/openbanking-start-now-move-fast
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover® cloud-based point-of-sale solution. Fiserv is a member of
the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE
World’s Most Admired Companies®. Visit fiserv.com and follow on
social media for more information and the latest company news.
FISV-G
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200207005293/en/
Media Relations: Ann Cave Director, External
Communications Fiserv, Inc. 678-325-9435 ann.cave@fiserv.com
Additional Contact: Marcus Hardy Manager, Public Relations
Fiserv, Inc. 801-823-5534 marcus.hardy@fiserv.com
Fiserv (NASDAQ:FISV)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fiserv (NASDAQ:FISV)
Historical Stock Chart
From Sep 2023 to Sep 2024