Recently announced, Fiserv, Inc. (FISV) was chosen by Magyar Bank for its Cleartouch platform solution in a multi-product contract. These wide arrays of products are targeted to ameliorate process management at the bank, thereby directly catering to its customer satisfaction.
Till now, Magyar Bank had been utilizing the company’s CheckFree RXP solutions for bill payment and transactions. With this agreement, the bank shall deploy not only Fiserv’s Cleartouch platform but add a variety of products including Director for electronic content management, Branch Source Capture, Merchant Source Capture, AML Manager, Fiserv Clearing Network, Relationship Pricing, eStatements and item processing services.
Fiserv’s technologically advanced solutions shall provide for pervasive document management, risk management, quick online statements, relationship management and item processing. Not only will these help in reducing time lags in the bank’s interior management but also bolster improved and more efficient product solutions for its valued clientele.
In recent times, it is imperative that every organization pays heed to its customers’ changing tastes and preferences so that they are assured of receiving state-of-the-art services along with the regular product offerings. This not only improves the organization’s repute but allows for market share proliferation too.
Fiserv’s renowned goodwill and existing relationship with Magyar Bank count a great deal in winning such a prestigious contract. Management expressed its ebullience on the occasion by stating that it appreciates the need to innovate product offerings for the benefit of its clients and considers itself capable of delivering the goods quite efficiently.
However, the company should not be complacent of such contract wins as ominous rivals are prevalent in the industry it pertains to. Big players in this regard include Heartland Payment Systems, Inc. (HPY - Snapshot Report), Equifax Inc. (EFX - Analyst Report) and Lender Processing Services, Inc. .
We currently have a long-term recommendation of ‘Neutral’ for Fiserv. In the short run, we have a Zacks #3 Rank for the stock, which translates into a short-term rating of ‘Hold’.