News Summary
Fiserv Inc., a prominent fintech company based in Milwaukee, has acquired Smith Consulting Group, a consulting firm focused on community banks and credit unions. This acquisition aims to enhance Fiserv’s ability to deliver tailored financial solutions. With a longstanding partnership, both organizations are now positioned to combine technical expertise and consulting services to better serve their clients in the banking sector. This strategic move supports Fiserv’s commitment to empower financial institutions facing challenges from larger competitors and changing consumer demands.
Milwaukee, Wisconsin – Fiserv Inc., a leading fintech company based in Milwaukee, has officially acquired the Smith Consulting Group, a consulting firm located in Lake Mary, Florida that specializes in operations for community banks and credit unions. The financial details surrounding the acquisition remain undisclosed.
This strategic move aims to bolster Fiserv’s capabilities in delivering high-quality financial solutions tailored specifically for the needs of community financial institutions. Andrew Gelb, who oversees financial solutions at Fiserv, outlined the potential benefits of the acquisition, emphasizing that it allows Fiserv to integrate deeper technical expertise into its service model. By bringing these capabilities in-house, Fiserv aims to offer its clients more timely and intelligent solutions, effectively enhancing their overall service experience.
The acquisition is also a reflection of Fiserv’s ongoing commitment to supporting financial institutions in navigating growth with confidence and clarity. For over a decade, Fiserv and Smith Consulting Group have maintained a collaborative partnership, which laid the groundwork for this recent acquisition.
Smith Consulting Group brings a wealth of expertise in areas critical to the banking sector, including support for software system conversions and implementations. Their consulting services extend across various banking functions, such as core operations, customer service, teller systems, and call center platforms, as well as online and mobile banking solutions. This breadth of support is crucial, as Darren Smith, the founder and CEO of Smith Consulting Group, pointed out that large-scale transformations in banking often require careful strategic planning and execution across multiple applications used for service delivery and customer experience.
Following the acquisition, former employees of Smith Consulting Group will report directly to Dudley White, who is the president of Fiserv’s core account processing solutions unit. This organizational shift underscores Fiserv’s intention to seamlessly integrate Smith’s consulting expertise with its existing operations.
Darren Smith, before founding Smith Consulting Group in March 2009, had an extensive background with Fiserv, having served as the vice president of product engineering and architecture. This previous experience likely contributes to the strong foundation of understanding between the two organizations, enhancing the collaborative potential now that Smith Consulting Group is part of Fiserv.
The acquisition is expected to provide greater technical prowess to Fiserv’s clients within the banking and credit union sectors, facilitating a more effective implementation of banking services that meet contemporary demands. With the evolving landscape of financial services, the integration of specialized consulting expertise stands to augment Fiserv’s ability to deliver innovative solutions and maintain its competitive edge in the fintech industry.
As Fiserv continues to enhance its service offerings, this acquisition may pave the way for improved operational efficiencies and more robust strategies for community banks and credit unions, who increasingly face challenges from larger financial institutions and evolving consumer expectations. The combination of Fiserv’s technology and the operational insights from Smith Consulting Group represents a significant step toward empowering these financial institutions to better serve their customer base now and in the future.
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Additional Resources
- BizTimes: Fiserv Acquires Smith Consulting Group
- Payments Dive: Fiserv Acquires Bank Tech Consulting Firm
- Business Wire: Fiserv Acquires AIB Merchant Services
- Payments Dive: Fiserv Acquires Brazilian Fintech
- Wikipedia: Financial Technology
Author: STAFF HERE MILWAUKEE WRITER
MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.
