So Mike commented today that core consolidation has stopped? What’s this fuss all about. Why did they say core consolidation in the first place? Are they out of their mind?? Said such things such so Jack Henry and FIS can poach our clients?… just so weird. Can he shoot straight with the swaggering compensation package he currently gets?
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They better get off those trash Unisys Dell servers oops I mean "Mainframes". They needed to do core consolidation a long time ago. Probably 10-15 years ago they should have started. Rather than all the DC consolidation expense, just migrate clients to other cores. Also Precision was written on some horrible Progress software. That core needed to go, but I liked the people in the Sioux Falls office, sad to see that site closed.
@f2 your commentary is so insightful and detail oriented and truly appreciate that. Everything felt super rational and detached from emotion until the last sentence… can you please kindly expand a bit how Fiserv is fu-kjng jt up here? Also whether you think we can successfully accomplish the consolidation over time? Thank you!
@f2 Awesome explanation of the plan. Thank you.
Do you know if we will be off Unisys when Premier and Cleartouch go to CoreAdvance?
Core consolidation is still happening, it just isn’t going to be some forced thing like some people thought it was. CoreAdvance will replace Premier (which it’s an enhanced clone of), Precision, and Cleartouch. Signature stays, but that’s not really a core with growth, it just works well for the banks that use it. DNA can work for banks AND larger Credit Unions, its single tenant and highly customizable. Portico is more general market Credit Union. Finxact is a digital first, cloud agnostic, “future” core concept. It cannot directly function as a core itself but has a lot of value today as an embedded application for large FIs or as a secondary core for unique use cases.
There are going to be several clients that want to stay on their current core (XP2) for example. We are not going to force them off, but there is an understanding that they won’t be getting new features and that the price will go up as we get to the point where we are maintaining cyber and regulatory compliance for cores with single digit client basis.
Core consolidation IS the right move, we have over 15 different platforms, but of course Fiserv is doing its best to fu-k it up where ever possible.
https://www.fiserv.com/en/solutions/core-platforms-for-banks.html they only show 4 cores on this page. Premier isn't one of them. That's weird, aren't they the one with the most clients?
@an understood. So we are still trying to consolidate these cores？just not doing this very vocally to protect ourselves from Jack Henry and such poaching clients? Maybe should just not say this in the first place, I guess?
@am Mike presented at the Wolfe Fintech Conference today.
They been talking Core consolidation and Host OS consolidation since Yabukis first day.They have more OS and cores than they had back then.
Someone must have done the math on the penalties Fiserv would have to pay to the customers if Fiserv violated the Service Level Agreement.
I've heard a lot of explicit talk that they are still trying to consolidate down or hollow out cores, they just won't mu---r their clients as aggressively as frank was to do it.
Where did you hear that?