Strategic Planning

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Strategic Planning

Barron’s Online is a reliable source of business news, company reviews and investment information. On their website I found an article covering Fiserv, a financial services information technology company that looks promising amidst the current difficult banking situation (Barron’s Online, 2008). Fiserv has managed to remain competitive and expand its business activity while banking in general, and specifically the lending branch, is currently taking a significant hit.

“Client service is part of our genetic makeup” says the company slogan as they introduce the Fiserv 2.0, the restructuring and movement to improve the company and expand in new avenues of information technology support services (Bills, 2007).

According to their website, Fiserv was established in 1984 as a company that offered data and technology solutions for the small banks and credit unions. They have constantly expanded and grown their business in core data protection, consulting as well as payment services to become the leader today. They focus on handling the checking transactions, the new accounts opened, online payments as well as broad information technology support, providing a valuable service to small banking institutions and small businesses that do not have the resources to cover such services themselves. Fiserv contracts its customers for 3 years and this allows the company to keep that customer for enough time to show them the benefits of their services, as well as allow the flexibility to restructure the contract according to a volatile and competitive market.

Besides it initiative and diligence in offering customers the best product, Fiserv has climbed the ranks to the top by absorbing the competition and acquiring other enterprises on the process. What started as two separate companies in Tampa and Milwaukee, developed into the company that provides data and system services to 34% of the market (Willoughby, 2008). One of the most notable acquisitions was purchase of competitor CheckFree, the leader in electronic bill payment services, for $4.4billion last year. Fiserv competes in the information technology service sector with domestic and international companies like Fidelity National Information Services, Metavante Holdings and Jack Henry & Associates.

Fiserv has been able to attract the business of major banks who until now were managing their own data and systems.

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