You may not know this. Fiserv is receiving about two to three banking termination letters a month, and clients have no issues paying the penalty. They are fine with the fee. They want out. Before Frank, this was unheard of , but if it happened , we did everything within our power to resolve the matter. At this rate, there will be no banking group or a division to sell. It is a sh-t show under the new d-mb and d-mber banking co-heads. One of the customers who is in implementation phase just told me, they didn’t know the severity of the mistake they made and may halt the entire conversion.
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Makes sense given my speculation that they intend to dump core banking either as a whole or piece by piece. There is no way you can run a business like Frank does and expect it to have any kind of decent shelf life. They are running it like a teenager driving an old car, knowing it's going to the junkyard in a couple of weeks.
Many more than 2 - 3 per month. Maybe 2 - 3 per core per month.
Shortly after our entire department was disbanded last September we got calls from clients asking "why we weren't having the scheduled meetings". That's all I'm going to say.
In my last project before I left, we had a client so mad at the conversion process and fiserv that they were going to pull the plug shortly before live. Only because of amazing folks on the front lines did it get completed. That's the only time I've ever seen a project almost shitcanned. Brave new world Frank has created.
I guess it all slowly started after invasion of Ukraine. New and current clients started questioning if they really need Fiserv services. Last year it was deal with China bank then some EMEA bank in the begining of this year and now this...
Are these clients small or large? Where are they going?
So that is how they are going to reach this year's goal. By increasing our de-conversion penalty fees we will be raking in the money.
Which core is your info for? Not surprising.