Fiserv - Smarter Computing Video

Published on 14-May-2013

Customer:
Fiserv

Industry:
Financial Markets, Banking

Deployment country:
United States

Solution:
BA - Predictive Analytics, Big Data, Big Data & Analytics, Big Data & Analytics: Customers, Big Data & Analytics: New business models, Cloud Computing, Data Warehouse, Smarter Computing

Overview

Fiserv is a leading global provider of information management and electronic commerce systems for the financial services industry.

Business need:
Tthe challenge for Fiserv was to determine how to leverage predictive insights in the solutions they offer to their clients.

Solution:
Fiserv arrived at using the SPSS solutions. Statistics and modeler and collaboration and deployment services for example.

Benefits:
Fiserv clients are experiencing anywhere from 50 to 60 or more percent savings on the costs side, on the processing side because they’re not wasting money trying to sell to customers that aren’t in the market. For Fiserv, one of the main values of smarter computing is the ability to now start to build out solutions that weren't possible a few years ago.

Video

Fiserv, a leading global provider of information management and electronic commerce systems for the financial services industry, needed to determine how to leverage predictive insights in the solutions that they offer to their clients. They decided on an IBM SPSS solution and as a result, their clients are experiencing anywhere from 50 to 60% cost savings. With their smarter computing solution, Fiserv now has the ability to build out solutions that weren't possible a few years ago, providing the most value for their business, their clients and their client's customers.




Video Transcript


Our clients number approximately 6,000 financial institutions in the United States.

Don Hopper, Director of Analytical Solutions Fiserv
Our company uses transaction data across the entire organization from the lending side to the deposit side, mobile banking, electronic bill pay, to build predictive models and solutions that are based around these models to offer products and services to our customers when they need it.

Traditionally banks have had to rely on traditional BI tools to understand their customers, their markets. BI addresses what happened.

Our team was formed to leverage predictive analytics, to understand what’s going to happen in the future. The challenge for us was to determine how to leverage predictive insights in the solutions that we offer to our clients.

Jonathan Nordhausen, Director of Product Management, Fiserv
Our clients are really honed in on transforming their focus of consuming information from traditional banking operations into more strategic areas like customer profitability, delivery channel analytics as well as attrition scoring and next product to sell.

One of our key strategic initiatives is to put us on a path to insights.

Initiatives that Fiserv is launching is the push to mobile.

Fiserv is in the middle of a journey around the concept of smarter computing.

We do our account processing inside of a cloud.

Today 70% of our clients operate in this mode today for their transaction, payment, digital, processing.

We arrived at using the SPSS solutions. Statistics and modeler and collaboration and deployment services for example.

Because of their unique ability to handle reams and massive amounts of data, massive amounts of data from multiple applications, multiple systems.

Fiserv saw the opportunity to leverage the insights from these transactions and monetize them in such a way that our clients can benefit from these insights.

The clients are experiencing anywhere from 50 to 60 or more percent savings on the costs side, on the processing side because they’re not wasting money trying to sell to customers that aren’t in the market.

One of the main values of smarter computing is the ability for us to now start to build out solutions that we couldn’t a few years ago.

And what that really means is building out products and solutions for our clients that allow the decision making to be moved from day two up to day one.

We want to be the leader in the financial services industry for delivering predictive analytic based solutions. IBM helps us do that. The competitors would not, could not.

Fiserv chose to partner with IBM because of the breadth and depth of their portfolios we’ve been very pleased with IBM’s teams as they’ve helped us take that journey with those new solutions to provide the most value for Fiserv, its clients and its clients customers.

Products and services used

IBM products and services that were used in this case study.

Software:
SPSS Collaboration and Deployment Services, SPSS Statistics, SPSS Modeler

Resources