As part of the new approach, all of the company's products designed for the online business banking user will be managed under a single umbrella, ensuring the delivery of innovative and market-focused online services to banks and credit unions. The industry-standard user experience for which Fiserv online banking products are known will be combined with functionalities tailored to meet the needs of any organization - from small or home-based businesses, through mid-market, to large corporate and money-center institutions.
"Business customers each have a unique set of needs, often influenced by their size and the complexity of their financial reporting requirements, yet all businesses can benefit from online financial management tools and services that are intuitive and well-designed," said Todd Lesher, division president, Electronic Banking Services, Fiserv. "Fiserv has studied the needs of the business user to ensure that our online banking products enable our bank and credit union clients to deliver the most desired functionalities and a superior user experience."
A focus on improving the user experience is consistent with the direction that financial industry analysts recommend for online business banking, as it can result in an increased and deeper use of services by business owners and their employees, regardless of their Internet tenure, and growth in more efficient electronic transactions over time.
"The impact to the bottom line may be difficult to measure, but banks can improve customer retention, stickiness and relationships by focusing on the user experience," said Jacob Jegher, a senior analyst at Celent. "The ultimate goal of the bank should be to have satisfied users that can easily navigate within the system. The user should enjoy the online experience and be able to perform his or her job without getting frustrated. A positive experience can encourage users to try new features and will in turn, over time, increase revenues for the bank."
In addition to usability, Fiserv is focused on flexible delivery methods and depth of functionality within online business banking services. This combination enables increased interactions and profitability for an organization. Multiple delivery methods, including ASP and licensed options, allow financial institutions to deploy the latest digital technology to their clients as services continue to be enhanced.
To execute the new strategy, a dedicated team of associates has been created at Fiserv. The team is led by Dan Nagy, senior vice president and general manager, Business Services, who joined Fiserv in March from J.P. Morgan, where he was a managing director of treasury services, global clearing, FX, account and information services.
"Fiserv has consistently demonstrated an ability to drive customer loyalty and profitability for financial institutions via the online banking channel," Lesher said. "Dan and his team bring significant experience in online business banking and cash management, and we are investing in ongoing research to understand the needs of business users. Fiserv has all of the pieces in place to help our clients capitalize on another growth opportunity."
"Fiserv aims to drive continued adoption and increased usage of business banking tools by leveraging our expertise in user-focused online product design, and we will continue to partner with financial institutions to help them navigate the often complex delivery of business banking services," Nagy said.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.
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