Fiserv, the US-based financial services company, has recently announced that it is ditching its third-party vendors. The company is planning to invest and focus more on building technology models in-house.
To remain relevant in this digital era, BFSI companies from traditional banks are turning to digital FinTech firms. Most of the companies have agreed to innovative technology, specifically data science, and artificial intelligence.
The company believes the impact of such technologies has revolutionized transaction experiences, banking processes, cash withdrawals, and more. Srini Krish, President of Technology at Fiserv, explained – “We use AI to monitor transaction data in real-time and detect and prevent the occurrence of payment frauds. Similarly, an ML-based analytical solution has made it possible to create better personalization.”