BROOKFIELD, Wis. – According to Fiserv, financial institutions can access a curated set of fintech solutions that can help them reach new consumers, operate more efficiently and compete more effectively through the launch of AppMarket from Fiserv.
The company said the new fintech solutions available in AppMarket “will empower Fiserv financial institution clients to use open finance strategies to address emerging opportunities in crypto finance, gig economy banking, small and mid-size business (SMB) lending and other priorities. AppMarket will help financial institutions of all sizes to accelerate speed to market, deliver tailored services to target markets and appeal to younger generations.”
Fiserv noted adoption of fintech apps is widespread, pointing to the recent Expectations & Experiences: Fintech Adoption consumer trends survey from Fiserv that found that 86% of consumers use some kind of fintech app.
‘Compelling New Opportunities’
“This trend can put financial institution revenue at risk and dilute customer relationships,” Fiserv said. “By partnering with fintechs to quickly incorporate compelling new capabilities into their offerings, financial institutions can expand customer relationships while diversifying and growing revenue.”
“Last year, Fiserv reached a major milestone in our open finance initiative by publishing normalized APIs across our bank platforms through Developer Studio, giving developers the ability to integrate once and connect across multiple Fiserv cores,” said Niranjan Ramaswamy, vice president of Embedded Fintech at Fiserv. “The launch of AppMarket is the next big step in fostering innovative collaboration between financial institutions and fintechs, to their mutual benefit, and to the benefit of consumers everywhere.
‘Thousands of Partners’
According to Fiserv, fintechs that offer their solutions in AppMarket will gain access to thousands of financial institutions that partner with Fiserv and the millions of consumers they serve.
“In the future, fintechs will be able to connect with sponsor banks through AppMarket and select Fiserv services to enhance their digital experiences, such as ledger-as-a-service and know-your-customer (KYC) as-a-service,” the company added.
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