Fiserv eyes local fintech market
...introduces DigitalAccess solution
Fiserv Latin America and the Caribbean Business Director Jaime Tapia.

GIVEN the dynamic changes in the way banks serve their customers, and the customers' demands for self-management options and better channels through which to interact with banks, Fiserv Central America and the Caribbean is looking to make inroads in the financial technology space by attracting more underbanked and unbanked users into the financial system.

In meeting these demands, the NASDAQ-listed global financial technology and payment processing company believes that having a customer-centric strategy is critical to increasing banking penetration and achieving optimal use of banking apps.

According to Jaime Tapia, business director at Fiserv Central America and the Caribbean, to compete for the unbanked and underbanked, financial institutions will need to consider users' expectations in order to have positive interaction experiences and find different ways to address their needs in personalised ways. One such way is providing self-service banking apps that allow clients to answer their own questions and find solutions without third-party intervention. Another means is using omnichannel systems through which customers can access their accounts from any device with speed and security.

"To stay ahead of the curve, banking institutions must evolve and look beyond providing consumers with basic financial management resources. New customer demands are focused on banking services with features that make them feel that banks are closer to them than ever before," he explained.

With this in mind, Fiserv is looking to introduce its DigitalAccess platform which, Tapia says, is an effective digital banking solution that boasts differentiating elements such as omnichannel capabilities and self-management.

These are two elements included in the development of banking apps since the pandemic as banks seek to strengthen their digital relationships with clients, and it is these two elements that Tapia believes will allow its Digital Access platform to provide "remote service focused on positive customer experiences".

"DigitalAccess not only includes elementary features such as balance status, card management or e-wallet. Its intuitive interface positions it as a modular, flexible tool capable of adjusting to the growing variety of self-management and omnichannel digital preferences. These two capabilities offer distinct advantages to banking institutions to offer a seamless and flexible experience," the Fiserv business director outlined.

DigitalAcess is the omnichannel suite of solutions that helps banks, savings banks, credit unions, financial institutions, and retailers offer the full range of digital banking and mobile payments services their customers demand by delivering unique digital experiences that generate fidelity and engagement. It also works independently with four digital banking products Card App, E-wallet, Tokenization, and Push Provisioning.

The introduction of the technology, Fiserv said, will also reduce user time by allowing them to conduct queries and transactions on account and increase the number of access points.

In addition to offering DigitalAccess, Fiserv also offers to the Jamaican market Signature® from Fiserv and FirstVision™.

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