Metro Bank co-founder Anthony Thomson joins as a non-executive
director of Fiserv Financial Service Technologies Limited
Fully hosted Agiliti technology solution is designed to reduce the
high cost, and mitigate risk of market entry, for new and existing
market participants through its enhanced capabilities
Agiliti delivers speed to market and a pay-as-you-grow modular
Think Money Limited selects Agiliti for its IT operations
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, and Anthony Thomson, co-founder and former
Chairman of Metro Bank and founder of Atom Bank, today announced
Agiliti™, a state-of-the-art technology and services solution that
enables speed-to-market for new entrants into the UK banking sector and
rapid delivery of new capabilities for existing financial services
Agiliti is a hosted, software-as-a-service (SaaS) retail bank technology
solution, modular in its approach, with a comprehensive software and
infrastructure offering dedicated solely to the UK banking market.
"Technology is the last major barrier for new entrants to financial
services, and Agiliti is offering them a way to overcome it. New
entrants in particular benefit from the fact that the business model
allows them to align costs with business success," said Anthony Thomson.
"Additionally, a technology solution that could have previously taken
two to three years to build could now be implemented in as little as six
months with Agiliti. Essentially, this technology will mean that new
providers can enter the market without exposing themselves to the
lengthy implementation times, risk, and the often prohibitive cost
associated with a conventional IT set-up."
Agiliti is designed to enable new and existing
players to quickly deliver retail and SME banking products such as
current accounts, savings, and secured and unsecured loans, together
with a full suite of payment and transaction capabilities; manage
customer relationships across all channels and throughout the customer
lifecycle; and retain full ownership of the customer, the associated
data, their brand, and their commercial model.
Thomson continued: "Agiliti offers banks the IT equivalent of leasing a
new car, with a newer model provided whenever it's launched. This is the
next phase of the banking revolution, which should bring greater
competition and choice for consumers. We expect a significant number of
new banks to open in the UK within the next three years, and Agiliti is
ready to help them get up and running quickly, with an economic model
that makes good business sense."
A relaxation of capital and liquidity rules in 2013 for new entrants
into the banking market, coupled with public and political desire for
more competition, is expected to spur new applications for banking
licences in the UK. The financial regulator recently noted that nearly
30 firms have applied for authorisation to become new banks.
"Agiliti offers a compelling solution that enables UK financial services
providers to focus on the business of banking," said Travers
Clarke-Walker, Managing Director EMEA at Fiserv. "By utilising Agiliti,
organisations can concentrate on those differentiators that secure them
genuine competitive advantage - enhancing their brand, developing a
strong service ethos, extending their product offering or refining their
distribution strategy for example - rather than direct their focus to
building and maintaining a costly IT infrastructure."
Think Money Limited is one of the first in the market to have selected
the Agiliti solution for its IT operations. The Manchester-based firm
enables consumers to establish personal current accounts with unique
functionality for personal financial management, and also offers a
comprehensive mortgage and insurance comparison service. Michael Aldred,
Managing Director of Think Money Limited, said, "Think Money needed a
new solution capable of meeting its needs for rapid product evolution
and speedy introduction of new products. Since we began working with
Fiserv, we have seen at firsthand the collaborative, flexible and
constructive engagement and commercial model that Agiliti offers."
Fiserv has established a wholly owned subsidiary, Fiserv Financial
Service Technologies Limited, to provide Agiliti to the UK market.
Anthony Thomson will serve as a non-executive director of the subsidiary.
This year, Fiserv, Inc. (NASDAQ: FISV) celebrates 30 years of leadership
in financial services technology. As one of FORTUNE® magazine's
World's Most Admired Companies, Fiserv is helping clients worldwide
achieve best-in-class results by driving innovation in payments,
processing services, risk and compliance, customer and channel
management, and business insights and optimization. For more
information, visit www.fiserv.com.
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Source: Fiserv, Inc.
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