Fiserv Announce The Consolidation Of Brands And Business Units

Having grown substantially through 150 acquisitions over its 25 year existence, the financial services technology applications provider announced on Monday a new brand identity and organisational structure. "The big change is we're now organised under two business groups to allow

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Having grown substantially through 150 acquisitions over its 25-year existence, the financial services technology applications provider announced on Monday a new brand identity and organisational structure.

“The big change is we’re now organised under two business groups to allow for a vision of a digital and connected financial services world,” says Don MacDonald, chief marketing officer at Fiserv. “Secondly, the brand, which was very fragmented over 77 different product brands, is now being presented as one brand.”

All of the company’s businesses will now report to two primary operating divisions: Fiserv Depository Institution Services and Financial Institution Services. The former, which will cover internet banking, bill pay, mobile banking and the core processing for banks, will be led by Steve Olsen, group president, while the latter will be led by Tom Warsop, the other group president, who will be in charge of risk, compliance, fraud, payments, as well as processing of ATM debit/credit, checks, mortgages and loans.

In a statement, Fiserv says the organisational structure has been aligned to streamline the company’s market approach, accelerate product innovation and make it easier for clients to access the full breadth of its solutions.

MacDonald explains that, for example, Fiserv’s suite of products in source capture optimisation, previously provided by three companies, “in the past would be presented as individual parts of a solution rather than one solution that covers a client’s needs”.

The timing of the announcement comes about two years after Fiserv CEO Jeff Yabuki announced a new strategic direction under Fiserv 2.0, but was accelerated by the company’s acquisition of financial electronic commerce services provider CheckFree in December 2007. The company is “preparing for a new digital frontier in banking and electronic commerce that will require unprecedented levels of data analytics and information exchange across the entire spectrum of banking solutions”, says Pete Kight, Fiserv vice chairman and founder of CheckFree, in a statement.

In its rebranding exercise, Fiserv now sports an orange, all lower-case logo with a period at the end. Most products will be renamed to include ‘Fiserv’, although some consumer-facing products will not.

D.C.

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