Fiserv Says Customers Will Drive Banks toward Unified Finance Model by 2025

In the next 20 years, customers will push banks to a unified finance model, according to Fiserv, Inc. SVP Mark Sievewright. Addressing Fiserv’s European Client Conference in Prague this month, Sievewright, former CEO of TowerGroup, told his audience of leading European banking executives that banks need to move away from traditionally isolated lines of business to a more consolidated view of their customers and banking relationships. He urged banks to align best business practices and IT strategies in creating a unified finance model to support the needs of customers looking for increased quality of service, value and convenience.

Sievewright commented that 70% of the CRM projects initiated by banks fail to fully meet their original business expectations because necessary changes in sales and service cultures often lag the technology implementation of CRM.

Sievewright continued that, in the future, banks’ success will be measured by their ability to deepen customer relationships and achieve organic growth. "By focusing on the customer relationship," he said, "banks can achieve a pinnacle position, becoming trusted advisers and creating long-term loyalty."

At the conference, attended by users of Fiserv’s solutions, European bankers and technology experts came together to discuss global trends in retail banking and their impact on business processes and technology. Said John Bower, Managing Director, Fiserv Europe, "We focused this conference on the external pressures facing financial institutions and the ways in which Fiserv, in partnership with our clients, can deliver innovative solutions to meet these challenges cost effectively."

Fiserv Europe, based in London and Poland, has retail banking and consumer finance clients throughout the UK, Western, Central and Eastern Europe. The conference, which is intended to become an annual event, is designed to promote networking and cooperation among client banks and is part of a renewed focus by CBS Worldwide on global client communication.

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