There's barely a pause in the evolution of impossible to indispensable – and Fiserv President and CEO Jeff Yabuki said that's why there is no better time to embrace change to deliver the financial services and payments experiences that elevate the way people move and manage their money.
Yabuki delivered the keynote address to an audience of more than 6,000 financial services professionals at its annual Forum client conference, welcoming attendees from around the world. In his remarks, he highlighted changing generational needs, people's emotional responses to money in a digital world, and how Fiserv is investing to help its clients adapt and win as the velocity of change accelerates.
At the heart of the evolution, Yabuki said, are the four key drivers of change: economic, social, political and technological. They're in constant motion, profoundly affecting how people engage with the world around them.
"The world is changing faster than ever," he said. "The line between a crazy idea and the next big thing is nearly impossible to discern."
Dancing on that fine line between crazy and innovation are concepts that carry monumental implications for financial services and payments. Real-time money movement, artificial intelligence, and harnessing the power of data and analytics represent both the challenge of adapting to change, and a wealth of opportunities for businesses to deepen customer relationships.
"This is not the future," Yabuki said. "It's now, and we're just getting started."
Matters of money and commerce require speed, ease, convenience and security. Success in such a fast-moving world is a matter of understanding that the terms of engagement are changing just as rapidly as expectations, Yabuki said.
And that, he said, requires financial services providers go "beyond the transactional 'what' to create a stronger bond through the 'how.'"
Finding Deeper Engagement
The complexity in achieving that bond, Yabuki said, is twofold. First, money isn't just legal tender; it's emotional. People take their finances personally, and money can be a source of happiness as much as it can be a cause for anxiety, fear and insecurity.
It's not just business. The human touch in a digital world, or a face-to-face interaction despite mobile-first tendencies, can add depth and extensibility to relationships.
"Whether you're a Baby Boomer, Gen X, a millennial or part of Gen Z," Yabuki said, "money spurs an emotional reaction beyond almost anything else."
Generational differences and the varied expectations of people based on where they are in their lives represent the second complexity in building strong bonds in financial services, he said.
"One of the factors contributing to the velocity of change is the multigenerational diversity in the world today," Yabuki said. "Each group brings its unique perspective resulting from the norms, experiences and practices of their generation."
Understanding the needs of each generation, how to communicate with them and how the velocity of change can best serve each individual adds the "how" that strengthens bonds. Those differences matter. They're the foundation of expectations.
A unique and significant opportunity is upon us to reimagine our businesses one inspired experience at a time.
– Jeff Yabuki
Filtering Out the Noise
Rapid change brings with it a lot of noise, Yabuki said, and businesses can grow numb to it. But in the midst of that noise is an opportunity to grow, create lasting relationships, and give people the fast, easy, convenient and secure experiences that they expect.
Those experiences form the axes on which financial services will be transformed – and businesses reimagined – to meet the rising expectations of a real-time, right-now mobile world. The velocity of change will keep raising the expectations curve and will also bring a wealth of opportunities for those who embrace it, Yabuki said.
"A unique and significant opportunity is upon us," he said, "to reimagine our businesses one inspired experience at a time."