Core is More: Innovation Key to Enhanced Consumer Experiences

Core is More: Innovation Key to Enhanced Consumer Experiences

May  01 
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Eric Jones  SVP, Product Management, Bank Solutions, Fiserv 

Digital experiences are now woven into the fabric of our lives, including how we communicate, shop, travel and manage money. As consumers, we expect every interaction to be convenient, intuitive and easy. Because of these high expectations, businesses that create highly personalized, flexible customer experiences will stand out. In financial services, this requires an IT strategy and capabilities that are as agile and mobile as your customers.

Keeping up with your customers and staying ahead of the competition means riding this digital wave. The pace isn't slowing down. Financial institutions are tasked with responding to market trends faster, offering new products and delivering excellent service – continuously – to meet the accelerating pace of consumer expectations.

Core banking technology is a key enabler of any financial institution's strategy in this environment. For some time, we've been looking at the market differently because today's reality makes core banking even more relevant and important. It's more than just core – it's the central connection point for introducing innovations both internally and to customers. Our commitment and investments in each of our core platforms are designed to strengthen value for clients, turning them into platforms for faster, less disruptive innovation through integration as part of larger enabling framework.

An enterprise services framework (ESF) is a standards-based integration point for new technology products and services, including third-party solutions. It provides the standard for bringing new capabilities, such as real-time alerts, P2P payments and online banking, to multiple, relevant touchpoints. Ideally, ESF replaces the need to establish and maintain multiple, customized connection points between core platforms, new solutions and business processes.

A consistent user experience – one that is consistently enhanced as new changes are introduced – is essential for evolving core platforms that support sustained innovation. This requires a common design language that is to the user experience what the enterprise services framework is to integration. A common design language encompasses everything from navigation paradigms, widgets and icons to the look and feel of user interface screens. That type of standards-based design provides a common, consistent and intuitive experience for financial institutions and the consumer.

As the industry changes, so do the needs of financial institutions and the people they serve. The ability to serve different market segments is a key component to the success of your organization. To keep pace, our industry must help organizations like yours develop business strategies and service models, while serving unique market segments.  Our belief is that the core is increasingly more than just account processing and also more important than ever before. That's why we're strategically investing in our core platforms and the enabling frameworks and solutions to help continuously innovate and evolve, so you can be more agile and efficient, respond to market trends faster, and stay in step with the way your customers live and work.

Interested in learning more about the changing landscape of innovation in the banking industry? Attend Solution Sessions at Fiserv Forum 2017, which features strategic updates and product roadmaps for Cleartouch®, DNA®, Precision®, Premier® and Signature® bank platforms.