Mark Sievewright, president of Credit Union Solutions at Brookfield, Wis.-based Fiserv, has spent almost 20 years making a difference in the industry.
"Over the years I've just tried to make certain that credit unions were aware of what was coming, helping them anticipate technological changes, which have been so prevalent over the last ten years," he said.
Sievewright was named runner-up in the voting for champion of CUTimes25 Final Four, which honors the most influential leader in credit unions since 1990.
The Welsh-born Sievewright has 30 years of financial services industry experience under his belt. That journey began in 1979 at Midland Bank (now HSBC) in the United Kingdom, where he held a variety of senior business management and operational roles within the bank's retail banking, card services and money transmissions divisions.
He moved to the United States in 1997 to run a company called Payment Systems Inc. in Tampa, Fla. "We specialized in consumer market research and thought leadership in financial services," Sievewright said.
That was when his symbiotic relationship with credit unions began.
"Credit unions had not been part of my life up until then," Sievewright said. "Even in the UK today the credit union movement is pretty small (compared to the U.S.). They just went through $2 billion in assets collectively."
Colleagues from CUNA and PSCU exposed him to credit unions and how the industry worked. The late Dave Serlo, former PSCU CEO who was also based in Tampa, was particularly helpful, he said.
Before long, he began to offer credit-union specific consumer research, insights and strategic planning to credit unions, and making presentations at industry events.
He moved to New England in 2000 to become president/CEO of the analytics firm Tower Group, Inc., which he described as research and thought leadership based, and very focused on technology and financial services. At Payment Systems and Tower Group, Sievewright tried to make research and thought leadership affordable for credit unions.
At Tower Group he helped propel engagement with credit unions, particularly Tower Group clients.
"That is where I really began espousing the importance of credit unions remaining relevant," Sievewright said. By his count he spoke at more than 250 credit union events between 2000 and 2004.
While meeting with credit union leaders, he had the opportunity to take the temperature of the industry, which led him to develop an adage about which many industry people still tease him: "We should stop worrying about credit unions becoming insolvent; we should start worrying about them becoming irrelevant."
That triggered some thoughts in people, Sievewright explained.
Sievewright joined Fiserv in 2004 as corporate senior vice president of market development for the company's Depository Institutions Group. In this role, Sievewright worked with Fiserv management and clients to develop and execute business growth strategies, as well as provide relationship support to key Fiserv clients.
In 2011 he became president of Credit Union Solutions at Fiserv, which he said pulled siloed businesses together under one umbrella.
As president of Credit Union Solutions at Fiserv, Sievewright leads teams and solutions that process data and information for one third of U.S. credit unions and a growing number of international clients. The unit now drives technology for more than 2,300 of America's credit unions and recently won a deal to do the same in the U.K.
According to a Fiserv report, the number of credit union members in the U.K., including individuals and small and medium enterprises, is set to increase by 70%, growing from one million to 1.7 million over the next five years. This growth also will lead to an increase in credit union lending to businesses. With the increase, credit unions project to support an estimated £1.3 billion in loans to members by 2020, compared to £680 million in 2014.
In addition, Sievewright directs the innovation, development and distribution of value-added financial industry products and services ranging from wire processing to online account opening to Voice over Internet Protocol telephone systems.
The Fiserv Credit Union Solutions' president said, "In 10 plus years at Fiserv, I've spent a great deal of time talking to credit unions about how to advance their businesses in a very tactical, nuts and bolts way. Fortunately it has worked more times than it hasn't."
Within the credit union movement, Sievewright has also worked closely with numerous credit unions, state leagues and associations as well as national and international associations such as CUNA and WOCCU.
He said one of the most meaningful events was being merited the 2010 Ambassador Award by World Council for his many years of service to credit unions.
"To be candid with you, I have never really done anything that created a great new product for credit unions to use or invented a new social media site," Sievewright modestly said. "What I've tried to do consistently is advance the very unique differences credit unions have and promote the philosophy they have."
He continues to strongly advocate for credit unions and advance member-oriented values by providing guidance regarding their technology strategies and future solutions.
"I've tried to stay ahead of the curve in predicting in what might happen next," he said.
Sievewright said he considers the philosophy of the credit union movement more relevant than ever, and believes more consumers are open to the message of credit unions and the value they offer in a way that most people understand. People need to understand the credit union in simple straightforward sort of way and credit unions shouldn't complicate things, he suggested.
He said he considers himself fortunate to frequently engage fintech people and credit unions to share his view of the world, and he's been right more times than wrong when it comes to what is heading their way. Currently he sees advances in mobile and person-to-person payments having a massive impact on U.S. credit unions. Many credit union executives now focus on how to engage new payment offerings to stay competitive, he added.
A respected industry thought leader, Sievewright is a frequent speaker at financial services industry conferences and events, and is creator of the Fiserv Boardroom Series, an online forum for financial services industry executives.
At a Fiserv Forum in 2012, Sievewright noted, "The philosophy of the credit union movement is more relevant than ever. The uncertain economic environment means more consumers are open to the message of credit unions and the value they offer."
He pointed to record membership growth. The catalyst behind such growth, he said, is the movement's focus on creating value for credit union members, as well as its not-for-profit status.
There remain challenges and opportunities for credit unions, Sievewright said, such as reaching young people who do not really know what a credit union is.
Which is why he has suggested industry participation in collaborative awareness campaigns.
"If people don't understand what credit unions are, the rest really doesn't matter," he said.
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