Thread regarding Fiserv Inc. layoffs

The CAPS townhall was full of warnings to leave.

Pretty telling which core is the "go forward core" when one bank core product is doing substantially better than all the other cores. Clearly the rumors that only one banking core product being favored were true.

The timeline for having the mass 'bank conversion pipeline' functioning is happening much sooner than I was expecting. They are very ambitious with there plans to convert dozens or hundreds of banks simultaneously. This is bad news for everyone who works on a core that is not the 'designated survivor' of the banking cores.

Then, just in case it wasn't obvious enough, they also mentioned that "no one would lose their jobs, they will just move over to the go-forward product". Just a reminder to everyone on Fiserv policy: Not only do you need to work out of the office, you must work out of the specific office that supports your product. Unless you plan on moving to the location that supports "the only surviving bank product", you should be prepared for being let go. They cannot be anymore clear on what is going to happen next.

They say that they plan on having a final-five bank core products, but the financial results show that they really only want one.

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| 3051 views | | 18 replies (last June 28, 2024) | Reply
Post ID: @OP+1tapPxXr

18 replies (most recent on top)

What’s going on with Signature?

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Post ID: @5fye+1tapPxXr

If you are a Precision or Cleartouch client, I would assume that you will be converted to Premier over the next 10-15 years if you don't move to a competitor before then.

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Post ID: @5tgd+1tapPxXr

Client here … what are the target cores? Do I need to do yet another conversion?

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Post ID: @3brq+1tapPxXr

If they ever are sincere about doing this you would see 100's of job openings posted on their Career page. This was just bluster.

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Post ID: @2nrs+1tapPxXr

They've been talking about this for years now. It's not practical or feasible. Problem is that the execs don't understand the work involved and have no desire to understand it.

This could help clients though. If they force it and tell clients they have to migrate, no doubt they'll have to let them out of their current contracts, possibly giving them the chance to shop around. FIS, JHA, etc will be licking their chops.

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Post ID: @2oin+1tapPxXr

They had an entire team in Cards dedicated to mass conversions and they moved 2000+ banks in about 6 yrs. So they had a ton of experience. What did they do? They dismantled and fired the entire team. Smart huh?

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Post ID: @2bvm+1tapPxXr

Fiserv does a lot of things poorly. They’re absolutely horrible at sunsetting products. We’ll all be retired before any of this is accomplished.

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Post ID: @2vvj+1tapPxXr

The nightly processes are nothing alike from core to core. They dont even run on the same hardware or OS. I have no doubt they will eventually combine some cores but nothing even close to what's being reported here.

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Post ID: @1qde+1tapPxXr

Aren’t many of the nightly processes different between the cores? Won’t there need to be training of the bank staff for using the user interface? I can’t possibly see how 100’s of conversions could take place in a weekend.

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Post ID: @1jox+1tapPxXr

I remember hearing about this conversion process about a year and a half ago. I guess in that time, they could’ve worked the bugs out of it, but it was pretty terrible back then. It still doesn’t address the main problem, in that the clients have to agree to this, which will involve not being honest about conversions all happening at once. Then hoping that no one wants to change the date, which happens constantly. Then you’ll have to have all hands on deck each weekend to support it. It’s an awful idea, but was the only way they could think of making this change possible. It’s never been realistic, but I’m sure they’ll still force it into existence.

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Post ID: @1sst+1tapPxXr

I wasn't in the meeting and I haven't heard anything about this Core reduction but the way the OP reports what they want to do and the way they want to do it absolutely will not happen that way. You'd be looking at a 10+ year project start to finish. It's not just in Fiserv's hand, you have the clients, endusers, Federal regulatory, 100's (maybe 1000's) of third party partners and most importantly enough personnel and massive amounts new hardware and/or cloud. Whoever was spouting off at this 'meeting' was probably just planting a seed for something that is is only in the round-table stage.

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Post ID: @1ywu+1tapPxXr

They could not get all the offices connected properly for this. Couldn't hear Yu. He couldnt operate his presentation.
These are the folks who lead this great conversion???

Hahaha! Read that metric!

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Post ID: @1pda+1tapPxXr

I doubt that many hundreds would be done in a weekend.

First you have to get the clients to agree to convert to a new FISERV core platform. Are they waiving conversion costs? This would be the perfect opportunity for them to start comparing vendors via RFP.

I'd like to know how many contracts are expiring over the next 5 years.

This convoluted mass conversion presents a support nightmare with clients issues pre and post conversion. There aren't enough staff members to answer the questions generated by 100s of clients going live with a new core all at once.

This pipedream is so telling about the leadership of this company.

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Post ID: @1ltq+1tapPxXr

For every conversion there has to be a deconversion. Two a week is doable but I doubt there is any 'new way to do it'. Who are the go-forward cores? I've heard a while back Premier and DNA are likely but I haven't this latest news.

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Post ID: @1loy+1tapPxXr

I feel for the employees not in the right location. They have mass moved clients in the cards word off many platforms like when they bought Elan, moved off Vision plus, etc. they will do it quicker than you think and it won’t go well for the first half of the clients.

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Post ID: @1bmr+1tapPxXr

Re: "They are developing a new conversion process. They claim that they will be able to convert "hundreds of banks" over a weekend with the new process."

That is hilarious! They can't even migrate 10 servers to new OS in a weekend!!!

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Post ID: @1coy+1tapPxXr

That is true, with the current process.

They are developing a new conversion process. They claim that they will be able to convert "hundreds of banks" over a weekend with the new process.

We won't have to wait long to see if they are telling the truth or not.

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Post ID: @1npo+1tapPxXr

mass conversions will take FOREVER. There are not enough knowledgeable people left to do one or two conversions per week, therefor making the timeframe of completed these many, many years!

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Post ID: @ynd+1tapPxXr

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