Incoming chief Frank Bisignano downplays any pressure to find $1.2 billion in cost cuts promised to shareholders from the acquisition of First Data. Instead he emphasized his track record of producing revenue growth and pledged to keep funding innovation projects.
Frank Bisgnano, who engineered a technology-driven recovery at First Data before it was acquired by Fiserv last year, will shortly take Fiserv's top job as the company forges its coronavirus strategy.
A trio of big deals in the payments and financial service provider area and continued bank and venture capital interest in fintech investments are creating expectations for a banner year.
As major vendors consolidate, financial institutions should be looking to adopt emerging technologies, rather than relying solely on legacy firms to provide services.
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The Fiserv-First Data deal, valued at about $22 billion, will combine two of the financial services industry's largest technology and processing companies.
The large core banking software vendors are already criticized as large and slow-moving. Consolidations like these are only likely to make them more so.
The numbers behind Fiserv's deal to acquire First Data are huge, particularly considering each company's existing tonnage still makes consolidation the best play when faced with nimble fintechs and mobile startups.
