Can you imagine life if the lights and appliances in your house weren't connected to the power grid? What if each morning when you woke up, you had to find a power source for each light, connect it, and then turn it on? In a sense, that's what happens every day with critical functions in the financial technology industry. But it doesn't have to be that way.
When was the first time you stepped into a bank? Did you get a Lolli Pop from the teller? Did you open your first checking account and receive a laminated temporary debit card?
FDIC Chairman, Jelena McWilliams, recalled observing both of these and other practices of a bygone era when she recently took an exploratory trip to a local community bank in rural Virginia. At one of my favorite events of #BostonFintechWeek2019,
Fiserv is spending $22 billion to acquire First Data in a deal to build Fintech scale. What does this mean for Fiserv’s core banking clients? While they’re likely to benefit from the combination of financial technology and payment processing giants in the long run, in the short term many banks and credit unions are worried that disruption is likely to result from the massive integration and cost-cutting effort the two firms will be embarking on.