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.
The great bassist, Robert Trujillo, once said, “As long as there is communication, everything can be solved.” It is then safe to assume that a lack of communication can lead to frustration and even ruin.
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.