An agreement between the Brookfield, Wis.-based core processor Fiserv and the San Jose, Calif.-based Cisco will enable integrated communications capabilities for financial institutions, allowing them to execute future branch strategies including virtual interaction and a universal banker model, the companies said.
Fiserv said it plans to offer these hosted communications and infrastructure solutions through its portfolio of managed services, Sentry Performance Solutions. The portfolio includes network services, hosting services, network security services, hardware and software life cycle management, and unified communications services.
As a result of the agreement, Fiserv clients now have access to the Cisco workforce experience solution and Cisco branch solutions. The workforce experience solution allows internal teams and product specialists to interact and collaborate via advanced, unified messaging and audio, video and web meeting tools on any device and from any location.
The solution also enables video-based remote expert services that let financial institution staff hold virtual face-to-face meetings with credit union members or bank customers. Cisco said its branch solutions provide secure, in-branch Wi-Fi, which allows branch staff members to untether themselves from behind teller counters or desks to interact with accountholders.
"Communication today means having the flexibility to call, meet, share or message instantly, using whatever device you prefer, in a way that strengthens relationships and increases productivity," Byron Vielehr, president, depository institution services for Fiserv, said. "Our partnership with Cisco puts Fiserv at the forefront of enabling our clients' branch transformation strategies, and allows them to deliver services with the reliability, speed and efficiency consumers expect."
Sandy Hogan, vice president of Cisco's Business Transformation Group, added, "Meeting consumers' increased expectations and driving a more efficient workforce are critical in the banking and credit union industries. We are delighted to partner with Fiserv to drive those objectives by enabling key digital capabilities through our cloud managed infrastructure and collaboration platform."
The technology required to transform branches has reached a point where the benefits can no longer be ignored, according to Marc DeCastro, research director, Consumer Banking Engagement Strategies for IDC Financial Insights.
"The end result of transforming the branch will be when the right mix of technology and personnel allows the financial institution to immediately engage with the customer as opposed to the customer engaging with the financial institution, and both can mutually reap the benefits," DeCastro said.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
