Podcast: Financial Services That Meet People Where They Live


In this episode of the Fiserv podcast series, listen as Jeff Yabuki, president and CEO of Fiserv, discusses how financial institutions can respond and thrive in a world that's moving faster than ever before. Jeff is joined by Leigh Asher, senior vice president of Corporate Marketing.

Portions of this transcript are abridged; listen to the podcast to hear the conversation in its entirety.

Jeff Yabuki

Leigh:

Hello I'm Leigh Asher here with Jeff Yabuki for our very first podcast. Jeff, how are you doing this morning?

Jeff:

I'm great, Leigh. Thanks for having me. It's an exciting experience.

Leigh:

So, Jeff, you've been in financial services your entire career and you've seen a lot of change. It seems like change is happening a lot faster now. I think of that as opportunity for our clients. Wouldn't you agree?

Jeff:

I do. I would actually say that over the last 10 years I have never seen a market that is so ripe and full of opportunity. At the same time, it is moving at a pace that frankly, I couldn't even have imagined just a few years ago. To say the market is dynamic is a massive understatement. You have consumer expectations changing dramatically, really led by mobility and everything that's going on with how we interact with devices, but also you've got speed, you've got beauty of experience. And then specifically in the financial services space, the amount of change and opportunity – and frankly risk – in the payments value chain is unbelievable. So when you put that all together, it makes for quite an interesting time, and an exciting one at that.

Leigh:

So, Jeff, when you think about the changes that are going on in the market, one of the things that comes to mind is Apple, services like Apple Pay that are gaining mindshare, and many other companies are enabling new kinds of financial services experiences as well. We're seeing competition in payments, lending, all aspects of banking and that's a challenge to traditional models. Can you talk a little about the landscape today and its implications?

Jeff:

Well, I'll give you my perspective, which to some extent is changing on a day-to-day basis as the market changes so rapidly. By the way, Leigh, did you get an Apple Watch?

Leigh:

Not yet, but it's on the list.

Jeff:

That's good, because Apple in its first weekend sold 4 million of them. I think one of the important implications for financial services providers is that, in fact, the competition has become much more robust. You have the likes of Apple and Google and Facebook and even some up-and-comers like Snapchat – all trying to encroach upon the financial services landscape, and frankly that raises the stakes for all of us in terms of making sure that we have an industry which is strong and robust and has the ability to help consumers achieve their dreams. We have to make sure we continue to press forward even in the threat of new changes.

Leigh:

So if I'm a financial services provider and I'm thinking about what's next and thinking about how to advance the experience for my customers, what does that look like to you?

Jeff:

What we have to do is build experiences that match up with the evolving needs of consumers, but also bring some of the attributes that are critically important in financial services – safety, security, soundness. There have been millions of U.S. consumers who have been subject to data breaches. That's scary and is going to create – and should create – a catalyst for consumers to make sure they can have a trusted relationship, which is what they've always had with their financial services provider – trusted around safety, security and soundness. And then we need to make sure the financial services companies are famous for delivering those experiences in a way that is safe, beautiful and compelling.

Leigh:

When you think about the financial services experience, you touched on some of things that are givens – quality, safety, assurance – but talk a little bit more about the intelligence of the experience and I would suppose, the need for it to be more in step with the way that we live today.

Jeff:

As a consumer, I know what I expect and want. I expect experiences that are fast and in step with me, enabling what it is I want to get done, when I want to get it done. And then I want experiences that are intelligent. I share much more about me from a data perspective than I do in a conversation. We have to better enable the financial services industry to make their decisions, to know their customers on the basis of transactional-level data. I think there's a real opportunity for institutions to differentiate on the fact that their customers are telling them on a day-to-day basis what they want, need and expect for themselves today and for their future. We just have to get better at that.

Leigh:

Here we are on the eve of our annual client conference, Forum, where we're going to be showcasing a lot of the technologies we bring to our clients to enable things like those memorable experiences that you just talked about – things like real-time payments and real-time money movement. Anything you'd like to add about our conference and our expectations for it?

Jeff:

Over the next couple of days, we'll have an opportunity to interact with several thousand clients, and really to talk to them about the kinds of things we've been talking about today – how we can partner with our clients to help them navigate the dynamic market. In the face of all of this new competition, I think we have a great opportunity to make sure that the financial services industry keeps in mind that the way they were started was to help their customers, to help people achieve their dreams. And maybe now more than ever, we need to best enable our institutions to help create better lives for their customers. This is one of the most differentiating aspects of what financial institutions in this country do today. I believe this will be the main reason why financial institutions will thrive over time – because they enable dreams and are in the business of life. And that is an amazing way to get up every day.

Leigh:

I think that's a great thought for us to leave our listeners with. Thank you, Jeff, for being here this morning.

I really hope you all enjoyed this first episode of the Fiserv podcast series and we look forward to another conversation soon.

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