CXO of the Week: Uma Rudhran, Vice President, Fiserv Global Services

Fiserv aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover cloud-based point-of-sale solution. With approximately 44,000 associates, the company serves thousands of financial institutions and millions of businesses in more than 100 countries.

Recently we have engaged in an interview with Uma Rudhran, Vice President, Infrastructure and Cyber Security Services, Global Services Fiserv. She shared her views on key offerings and key USPs of Fiserv, her entrepreneurial journey, the company’s growth, and much more.

Introduction.

A professional with over 30 years of experience in various global roles covering different industry verticals like BFSI, Telecom, Hi-Tech, Life Sciences. A detail-oriented leader and has successfully implemented automation and six sigma initiatives to drive improvements in IT Service Management and realize efficiencies.  Engaged in Application Modernization of legacy applications, supported multiple clients with application portfolio assessment to identify appropriate transformation initiatives. including the design of the right global delivery model that fit their unique needs.

In her current role, Uma is responsible for Application Operations at Fiserv Technology Services at Fiserv Global Services, India. She provides support in managing custom infrastructure builds and application operations with an aim to improve client experience and application stability & availability.

She has worked extensively on risk governance, process & control performance health and audit support. Uma is passionate about mentoring and supporting causes of diversity & inclusion.

Tell us about your services and offerings.

As a global leader in payments and financial technology, Fiserv helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions, card issuer processing and network services, payments; e-commerce; merchant acquiring and processing; and the Clover cloud-based point-of-sale and business management platform.

Global Services at Fiserv works across the organization for flagship solution development, testing, deployment, and support, with associates based in India and the US. We have operated in India since 2005 and have consistently delivered robust performance and innovative solutions through global delivery centres in Bengaluru, Chennai, Gurugram, Noida, and Pune that support clients around the world.

Global Services delivers a wide range of solutions from inception and development to product engineering, testing, deployment, infrastructure and application management services and modernization. Our horizontal services focus on targeted innovation, digital enablement and elevating the end-user experience.

With regards to our Payments Technology Business in India, Fiserv helps financial institutions deliver fast, scalable, innovative payments and financial technology services to meet the ever-changing needs of their customers.

Issuer Processing: Fiserv in India provides a single, consolidated enterprise account processing platform,VisionPLUS, for payment cards, loans, prepaid and commercial card products.

Merchant Acquiring: Fiserv, a leader in card and digital payment acceptance and a top three merchant acquirer in India, enables clients of all sizes, both small and medium businesses (SMB)and large international enterprises, to streamline payment acceptance across all payment channels locally and globally, allowing consumers to pay the way they want to pay.

How has Covid-19 accelerated the transition to digital for the traditional financial industry? What will be the new normal in the industry?

The financial services sector was already evolving rapidly before the COVID-19 pandemic, propelled by shifting consumer expectations and technological improvements. The pandemic revealed technological gaps, and companies have moved fast to remedy them, which is good news for those financial institutions who want to catch up after delaying the start of their digital transformation journeys.

Financial institutions (FIs) with strong digital maturity have shown agility and resilience in the early aftermath of the crisis. Future financial services will be affected by COVID-19 in several ways, including consumer behaviours, offerings, operations, operating models, external involvement, and working methods.

As for the new normal, it will be a combination of doing things we were already doing even better and introducing new elements to keep up with the digital transformation of the industry. For the changing environment, digitizing and altering critical value chain operations is necessary. Application Programming Interfaces (APIs), intelligent automation, cloud computing, and Robotic Process Automation (RPA) are some of the technologies that will be crucial in streamlining middle-office procedures like onboarding, KYC (Know Your Customer), and AML (Anti Money Laundering),  and bringing about improvements in terms of effectiveness and efficiency.

What, as per you, are the five important things that fintech should be looking at today?

Five crucial things fintech should be focusing on during such dynamic times include:

Leveraging the power of real-time information- Trends in blockchain, open banking, and super apps have enabled industry players to process massive amounts of real-time data and use it to develop progressive goods and services that meet expected customer needs.

Recognizing blockchain and AI are the natural steps forward-AI enables the automation of complex, high-value operations, smoother transactions, and customer delight; however, AI is also important when evaluating the potential for data breaches and protecting the confidentiality and safety of customers’ information.

Empowering clients with innovative technological advancements- Solutions and services should be modified to customers' preferences and behavior to meet their nuanced needs. The ability of financial services to appropriately capitalize on emerging technologies will determine their destiny.

Retaining customers through personalization - Customization has always been central to customer delight. Although the banking sector has long been centred on personalized services, this nowadays refers to engaging with a user at the appropriate moment and on their channel of choice with a suitable response to their precise demands.

Focusing on security: While technological progress will keep making headways, it is imperative to consider regulations, data protection and cyber security needs. This will help prevent and mitigate fraud and malicious cyber-attacks.

How can small financial players overcome the challenges faced while adopting technology into their business?

Over the past few years, the financial services business has undergone profound technological development. Companies had to boost productivity and foster game-changing innovation while still regulating expenses and retaining the use of existing technologies.

Increased digital adoption is leaving more consumers and businesses vulnerable to cyberattacks. Small businesses typically have less sophisticated security measures in place than large enterprises, making them an easier target for cybercriminals. Hence it is important for smaller businesses to place a greater emphasis on best practices, privacy and data security to help ensure customer privacy and to create a strong defense mechanism against attacks.

Some of the security strategies small businesses can adopt to protect their business include hiring expertise and training employees to monitor cybersecurity activities, keeping systems up to date, including and maintaining a cybersecurity insurance plan, thematic data analysis, and ongoing cyber hygiene awareness and education.

Leveraging innovations like AI, ML, and RPA will help the smaller industrial players close the gap between technical potential and real accomplishment.

What sets you apart from your competitors? What changes is Fiserv bringing to the industry?

As a company, we place a strong emphasis on innovation—not innovation for the sake of innovation, but innovation to address real-world issues for actual people. Our mission is to provide exceptional value for our clients through innovative technology, focused innovation, and a commitment to excellence in all we do.

Fiserv fosters an innovative culture both internally and externally through investments, partnerships, and collaborations. Our dedication to nurturing deliberate and targeted innovation is demonstrated by our flagship innovation program - Business Innovation Group. It is a product incubator in India that brings together knowledge and assets from  Fiserv markets, products, and technologies to innovate by developing fresh and integrated solutions that reflect On Fiserv.

Our engineering and innovation Leaderboard celebrates our culture – we not only shine the spotlight on work that has been done, but on individuals and teams too. As an engineering powerhouse focused on delivering client excellence, our culture of innovation is driven by rewarding and showcasing accomplishments and celebrating our people and practices that demonstrate excellence.

How will work-from-home lead to a paradigm shift in the IT industry?

During the Covid-19 pandemic, businesses moved tens of thousands of workers to a remote work model almost overnight. The remote model has given birth to the possibility of attracting a larger talent pool, and the hybrid model is a good option that gathers the best from both models - fully remote or fully in-office.

While working from home has advantages, having access to an office space is critical – not only for building relationships but also, so people have a space to go to when they need to focus on their work. Hence, hybrid is here to stay, at least in the near future, when making it more important for companies to invest in the latest technology tools for employees to have a seamless experience in the workplace. Furthermore, resuming in-person interactions drives engagement, boosts collaboration, strengthens ties, and brings new energy and enthusiasm.