Rumor is that all of Bank Solutions is having a 20% reduction in Annual Operating Plan workload.
Do you think they are taking the foot off the gas because Bank Solution employees have too much to do already? Or do you think they are reducing the amount of work they are planning to accomplish for a different reason?
Well said @9evy+1r4EmEf0 in all fairness pre-first data Fiserv should have had a plan to get to a reasonable number of core platforms. If truth be told the number of cores may have been a catalyst for the merger. #1 of course paying off First Data's debt.
Bank Solutions is a legacy name, all of Fiserv’s AP Cores sit in the CAPS business org. One of the strategic objectives is to reduce our number of Cores. We have over 16 and the short/medium term solution is to drop that down to 5. For example, all Credit Unions on legacy platforms will be pushed to Portico or DNA CU. Signature isn’t changing. Community bank is pushing development only really on Premier, not getting rid of Cleartouch or Precision, but they are already somewhat small. DNA and Finxact are the real go forward longer term solutions. It just doesn’t make sense to spend a ton of money integrating all of the other products Fiserv has to so many cores when we can reduce the cores and simplify development/implementations. The enterprise also doesn’t want to invest much in core because it’s slow growth so short term returns are low. I think that’s just CEO logic, Fiserv sells Al of their non merchant products almost exclusively to FAP so client retention should be the number one consideration, but I don’t get paid millions in stock so I don’t have to think about number go up all day.
Budget is being slashed 20%. For below VP and below it means expect 20% reduction in headcount. It doesn't matter how it's done, just that it gets done. I can't tell you how many times we did this in my Core before I said enough is enough and asked to be let go in one of them.
A 20% reduction in AOP means a 40% reduction of workforce with those who are left picking up the difference!
really, we only work 32hrs a week?
Can we just be sold off already?!?!
16 to 5 in 5. Writing is on the wall.
Sounds like a reduction in system upgrades / new development.
Correction, Fiserv is 'NOW' a payments company!!!!
Fiserv is a payments company. The cores are not important to Frank. Simple as that.
Different reaaons.