AppMarket allows financial institutions to offer fintech-enabled capabilities as an integrated part of the banking experience
Fiserv Accelerates Open Finance. (Credit: NordWood Themes on Unsplash)
Financial institutions can access a curated set of fintech solutions that can help them reach new customers, operate more efficiently and compete more effectively through the launch of AppMarket from Fiserv (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions.
The fintech solutions available in AppMarket will empower Fiserv financial institution clients to use open finance strategies to address emerging opportunities in crypto finance, gig economy banking, small and mid-size business (SMB) lending and other priorities. AppMarket will help financial institutions of all sizes to accelerate speed to market, deliver tailored services to target markets and appeal to younger generations.
Adoption of fintech apps is widespread. The recent Expectations & Experiences: Fintech Adoption consumer trends survey from Fiserv found that 86% of consumers use some kind of fintech app. This trend can put financial institution revenue at risk and dilute customer relationships. By partnering with fintechs to quickly incorporate compelling new capabilities into their offerings, financial institutions can expand customer relationships while diversifying and growing revenue.
“The efficacy of financial technology providers is now gauged not just by the strength of their individual solutions, but by the breadth and openness of the ecosystems they provide – by how easy they make it for clients to tap into an array of fintech solutions and providers,” said David Albertazzi, Director, Retail Banking & Payments at Aite-Novarica Group. “Fiserv is enabling its clients to leverage fintechs to differentiate their offerings and appeal to digital-first consumers.”
One financial institution that has embarked on a new fintech partnership with assistance from Fiserv is The Milford Bank.
“We were looking for a partner to help serve the borrowing needs of small business customers in an efficient manner. With StreetShares and Fiserv, we’re able to provide an easy-to-use platform that supports the lifeblood of the communities we serve – small businesses,” said Jorge Santiago, Executive Vice President at The Milford Bank, which has implemented Atlas Business Lending, an end-to-end digital small-business lending solution from StreetShares.
“Last year, Fiserv reached a major milestone in our open finance initiative by publishing normalized APIs across our bank platforms through Developer Studio, giving developers the ability to integrate once and connect across multiple Fiserv cores,” said Niranjan Ramaswamy, vice president of Embedded Fintech at Fiserv. “The launch of AppMarket is the next big step in fostering innovative collaboration between financial institutions and fintechs, to their mutual benefit, and to the benefit of consumers everywhere.”
Fintechs that offer their solutions in AppMarket will gain access to thousands of financial institutions that partner with Fiserv and the millions of consumers they serve. In the future, fintechs will be able to connect with sponsor banks through AppMarket and select Fiserv services to enhance their digital experiences, such as ledger-as-a-service and know-your-customer (KYC) as-a-service.
With AppMarket and Developer Studio, Fiserv continues to help its clients deliver solutions in step with the way people live and work today – financial services at the speed of life.
Source: Company Press Release