Fiserv – Digital Transformation Strategies

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Published: April 24, 2024 Report Code: GDDT0803ES-ST

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 Fiserv Digital Transformation Strategies Overview

Fiserv has been focusing on using artificial intelligence, big data, blockchain, cloud, fintech, cryptocurrencies, mobile payments, online payments, open banking, digital banking, and real-time payments to digitally transform its operations. The annual ICT spending of Fiserv was estimated at $1.3 billion for 2023. A major share of this spending is earmarked for acquiring software, ICT services, and network and communications. Fiserv offers payments and financial services technology solutions to various clients around the world, including banks, merchants, credit unions, and corporate clients. The company’s main reportable segments are Merchant Acceptance (Acceptance), Financial Technology (Fintech), and Payments and Networks (Payments). The Acceptance segment offers several commerce-enabling solutions, which enable businesses to accept payments online or in person. The segment’s main solutions are Clover, a cloud-based POS and integrated commerce operating system, and Carat, an integrated operating system for large businesses. The Fintech segment offers technology solutions to financial institutions around the world. The segment’s products and services enable financial companies to process customer deposit and loan accounts as well as manage their general ledger and central information files. It also offers digital banking, check processing, and financial and risk management products. A few of the segment’s key products are Cleartouch, Finxact, DNA, Premier, Precision Signature, and Portico. The Payments segment offers products and services that enable financial institutions and corporate clients to process digital payment transactions. It owns and operates Accel, Star, and MoneyPass networks in the US.

The Fiserv digital transformation strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. The information included in these reports is sourced from a mix of our very own internal database and authentic secondary research links such as the company’s annual report, presentations, press releases, etc. The report covers an overview of the company, its digital transformation strategies, technology focus areas, technology partnerships, technology introductions, investments, acquisitions, and ICT spending among others.

Total ICT Spending 2023 $1.3 billion
ICT Spend by Function Data center, Communications, Network, Application, End-User computing, Management, and Service Desk
ICT Spend by Channel Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems Integrators
External ICT Spend by Segment Software (including cloud SaaS), Hardware (including cloud IaaS), ICT services, Consulting, Network and Communications, and Others
Technology Theme Focus AI, Big Data, Blockchain, Cloud, Cryptocurrencies, Fintech, Mobile Payments, Online Payments, Open Banking, Future of Work, Digital Banking, and Real-Time Payments
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Digital Transformation Strategies

Fiserv migrated its enterprise payments platform to Microsoft Azure to meet the evolving needs of its bank clients. The cloud-based global payment processing solution can handle different types of payments, including low-value or automated clearing house payments, high-value or wire transfers, international Swift payments, and real-time or instant payments.

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Fiserv Technology Theme Focus

Fiserv is leveraging various disruptive technologies, including AI, big data, blockchain, and cloud among others to offer advanced fintech solutions to clients, drive adoption of digital assets and digital banking, and grow its market share.

Fiserv Technology Focus

Fiserv Technology Focus

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Fiserv Technology Initiatives

Fiserv has been involved in several strategic technology partnerships and collaborations, technology developments and rollouts, and acquisitions over the last few years. For instance, in 2021, Fiserv partnered with NYDIG to enable seamless Bitcoin transactions. Under the partnership, Fiserv integrated its payments and financial services technology solutions with NYDIG’s bitcoin technology and financial services solutions to enable consumers to buy, hold, and sell bitcoins through their bank accounts. NYDIG is a bitcoin company based in the US that provides bitcoin technology and financial services solutions to financial institutions, banks, corporations, and insurance companies.

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Fiserv ICT Spend by Function

  • Datacenter
  • Communications
  • Network
  • Applications
  • End-user computing
  • Management
  • ICT Service desk

Fiserv ICT Spend by Function, 2023 (%)

Fiserv ICT Spend by Function, 2023 (%)

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Fiserv ICT Spend by Channel

  • Internal development and maintenance
  • Technology vendors (direct)
  • Local resellers
  • Telcos
  • ICT services providers/consulting firms
  • Specialist outsourcers
  • Systems integrators

Fiserv ICT Spend by Channel, 2023 (%)

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Fiserv External ICT Spend by Segment

  • Software (including Cloud SaaS)
  • Hardware (including Cloud IaaS)
  • ICT services
  • Consulting
  • Network and communications
  • Others

Fiserv External ICT Spend by Segment, 2023 (%)

Fiserv External ICT Spend by Segment, 2023 (%)

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Scope

This report provides:

  • Insight into Fiserv’s technology activities.

  • Overview of technology initiatives covering partnerships, technology introductions, and acquisitions.

  • Insights on each technology initiative including technology theme, objective, and benefits.

  • Details of estimated ICT budgets.

Reasons to Buy

  • Gain insights into Fiserv’s technology operations.

  • Gain insights into its technology strategies and innovation initiatives.

  • Gain insights into its technology themes under focus.

  • Gain insights into its various partnerships, technology introductions, and acquisitions.

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Table of Contents

  • Overview

    • Brief information about the company, its business divisions, and its financials

  • Digital Transformation Strategy

    • A summary of key digital strategies/implementation efforts of the company

  • Accelerators, Incubators, and Other Innovation Programs

    • Discusses the company’s key strategic units, innovation labs, incubation, and accelerator programs dedicated to technology innovation

  • Technology Focus

    •  Lists the technology themes pertinent to the industry the company operates in and highlights the themes adopted by the company

  • Technology Initiatives

    • Discussion about all the technology introductions & partnerships the company has entered

  • Investment

    • Brief discussion about the investments made by the company to acquire new technologies

  • Acquisitions

    • Brief discussion about the acquisitions by the company

  • Partnership, Investment, and Acquisition Network Map

    • A bird’s eye view of all the partnerships/investments/acquisitions that the company has made in the last 3-5 years

  • ICT Budget and Contracts

    • The company’s ICT budget segregated into hardware, software, and managed IT services

  • Key Executives

    • Lists key executives and Digital Transformation Executives of the company, typically the key decision makers/influencers

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