If this is the only way for Fiserv to make numbers, then there is no longer any hope that the company will improve.
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Fiserv seems to be currently “trimming the fat” by using all of the performance tracking (sapience/badge swipes etc) as a we-pon to identify where cuts can be made.
As long as departing clients outnumber new sales, what do you think will happen?
Frank doesn’t care about credit unions or banks. Any credit union or bank that is d-mb enough to stay deserves to fail. The smart banks create their own core. Credit unions are a thing of the past.
Zero succession planning…poor reputation and all the old school work rules they can’t attract new blood in the old work environment
I wish they would sell TOS/FRMS PEP+ CheckFree
it's just outsourcing...
I know Credit Union Solutions doesn't exist anymore but why would anyone want to buy them. The margins are not the best. They already gutted the leadership over the last 10 years. They have like 12 cores that basically do the same thing and have tried over and over to consolidate some of them but haven't been overly successful. I think CUBE and Advantage are the two that went away. Every time a simple requirement changes, say a requirement to include X on a statement, that code has to be written 12 times. In the Mark S. days he didn't want to consolidate cores. It was something not to be talked about. I think there is a case study that needs to be done on how that was a long-term poor decision. It should be DNA, Portico and maybe one other but that is it.
I won't Jame my group at Fiserv. What I can tell you though is we are literally dependent on sole individuals with no one behind them. Thr result is we are working six or seven days a week. Other groups are most likely the same.
Too many "leaders", not enough workers. Yes, go trim the fat, return nutrition back to the workforce.
We could be like FIS buy a payments company totally mess up the integration and then sell it a few years later at a huge loss.
That is great! How many layers of management are they removing?
We need to be nimble so we are cutting out the literal middlemen.
Unless being nimble is a lie that you are lying about.
Can they afford more cuts? Absolutely not. The service side of things is circling the drain, and even from a project standpoint they are pushing off new business due to severe understaffing.
Will they still continue to cut? Absolutely. Because it's the only bullet they have in the g-n when it comes to running the business. This leadership is anything but "nimble". They are gawddam clueless. They have no other way to impact the numbers other than to keep cutting.
My guess is that behind the scenes they are desperately trying to sell off BU's, but they've cannibalized things so badly no other FinTech wants to buy them. And to entice a buyer, they'd have to drop to a price level that is rock bottom. Probably happens sooner or later but they are still asking too much. Problem for them in the current landscape is that people talk across companies. It's no secret what is happening at Fiserv, and competitors want no part of the failing and toxicity that exists here.
Apparently lightning fast = shoot first, then aim.
@zub+1nvJLbNN You’re missing one thing, a clear strategy. Without one, lightning fast decisions and execution will just lead to continued chaos.
Yes, Fiserv needs to get lean to become nimble. In the modern environment, companies need lightening fast decisions and execution. Layers of organization and staff don’t allow for that.