Expertise, engagement and support
Expe r ti se, engagement and sup p o r t
Expertise, engagement and support Ana-Maria Sturzu, International Head of Issuing at Fiserv, explains why the business was the perfect fit for MONETA Money Bank's digital transformation during a pandemic
Written by
Nell Walker
Produced by
Kiron Chavda
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W
hile the uncertainly and upheaval of a global pandemic could have
deterred MONETA Money Bank from the execution of their digital transformation strategy, the bank chose to adapt and move forward, achieving success with help from global financial services technology provider Fiserv. The expertise of Fiserv and the use of a “virtual team” approach enabled MONETA to achieve their goal of reduced dependency on customized systems, as the bank moved to a Software as a Service solution using the FirstVision™ platform from Fiserv. Teams from both organisations worked to complete the migration using multiple video-conferencing technologies, rather than being co-located as normal. Ana-Maria Sturzu is responsible for the global strategy of issuing product solutions at Fiserv in all regions outside the
migration is different, because each client
US and was at the front line of enabling
is using different technology platforms
MONETA's new direction. Her team
and has unique product offerings, but
manages a technology platform that spans
there are common elements. We have a
the entire customer finance spectrum,
long-standing history in managing port-
from credit, debit, prepaid and commercial
folio migrations behind-the-scenes, with-
cards to consumer loans, instalments, and
out consumer disruption. We're able to do
POS finance, along with a comprehensive
that thanks to the experience and exper-
suite of surround solutions including orig-
tise of our people.”
inations, financial crime, risk management and digital solutions. Sturzu explains, “Each and every client Expe r ti se, engagement and sup p o r t
That expertise makes it fairly straightforward to identify the pain points of the customer, because, despite the
challenges that come alongside working with a variety of customers, in Sturzu's words, “the pain points are pretty much consistent across the industry. We are very familiar with the types of challenges the financial sector has – they're the result of platforms that aren't fit for the future, and they're impeding the client’s growth strategy. Also, there are regulatory and compliance changes that each
“ It’s important to add that transformation never ends. It’s an evolving strategy that needs to be reviewed and updated, constantly”
and every financial institution has to
— A n a- Maria Stu rzu
accommodate every year. Sometimes,
I nte rn ati o n al He ad of I s s ui n g at F i s e r v
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the CTOs and CIOs of the industry
chaotic time for the world, with the COVID-
decide the best way to move forward is
19 virus shutting down business of every
outsourcing the processing to a global
type since March, Fiserv has continued to
payments processor like Fiserv.”
put its clients first. “We're privileged to be
Every financial institution is at a differ-
in a position to reinforce the message and
ent stage in its digital transformation,
the commitment we have to serving our
but each one is certainly forging ahead
clients,” Sturzu says. “We've been able to
with said transformation; it's an inevita-
prove that we're a resilient global strate-
bility. “It's important to add that trans-
gic provider that can help ensure business
formation never ends,” Sturzu adds.
continuity, even in this stressful situation.
“It's an evolving strategy that needs to
We were able to carry on with the migra-
be reviewed and updated, constantly,
tion of MONETA in the midst of the lock-
based on the most recent changes in
down and were able to process the entire
consumer behaviour, emerging trends
move remotely.
and regulatory changes.” Both technol-
“We're also in a position of strength
ogy and finance are incredibly fast-mov-
because we've demonstrated that we have
ing sectors, after all, and Fiserv exists to
the right platform and the right delivery
enable that ongoing digital transforma-
model to address client needs that have
tion, irrespective of where a customer is
emerged during this period.”
in its journey, helping them to accelerate their own business.
There are, and will continue to be, some positive changes as a result of this very difficult time. For one thing, the changes
Surviving and thriving
that were already beginning to happen in
At a potentially very difficult, uncertain,
finance have been given a push in the right
“ MONETA’s tech-savvy approach and the ability to be agile and adapt to the new situation helped propel them over the line at an unprecedented and uncertain time” — A na - M ari a St u rzu Inte r nat ion al Hea d of Issuing at Fis erv
Expe r ti se, engagement and sup p o r t
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direction; lockdown boosted digital trans-
speed up their delivery and solutions. And I
actions, and even now, with the world tack-
think we'll be seeing an increased demand
ling a 'new normal', cash usage remains
in the marketplace around flexible finance
reduced. Innovation is moving apace, and
solutions for customers. We're likely to be
financial trends have been fast-tracked;
in an economic downturn for some time,
Fiserv knows this, and has its finger on the
and consumers need that flexibility so they
pulse, keeping itself on the forefront of this
can manage their cashflows and still be
change to ensure it remains flexible and
able to make payments, remotely, without
responsive.
any hassle.”
“There are certain areas where emerging market trends and consumer behav-
The partnership
iour changes have been accelerated,” says
The Fiserv team spent time with
Sturzu. “Definitely digital strategy, digital
MONETA to understand its current path
enablement and engagement with the
and strategy and determine how best
consumer. These were already at the fore-
to move the transformation forward.
front of CTOs' minds and they continue to
“Then, we defined a specific solution
accelerate because face-to-face contact
that met their needs,” Sturzu explains.
in banks is likely to remain extremely
“We agreed on the solution and its bene-
limited. The pandemic reinforced for many
fits and moved quickly onto an execu-
of our clients the imperative to continue to
tion process. We started migrating the capabilities they had on their in-house
“ When lockdown started, we stayed on plan and delivered a smooth migration, and MONETA started to incur savings immediately” — Ana- M a ri a Sturzu Inter nat ion al He ad of Issuing at Fis erv
Expe r ti se, engagement and sup p o r t
platform into our hosted Software-as-aService solution, called FirstVision.” When MONETA decided to migrate to FirstVision, the shift was a significant one; it required changes in over 27 systems and 150+ API services and involved 250+ resources and the migration of over a million cards. “For any transformation of a running business, data transformation and migration are key elements,” says Ramakant Akhairamka, Programme Director at Fiserv. “This is a highly
complex exercise, but the migration
working individually from their homes,
was managed in a way that was seam-
and feedback from MONETA was over-
less to the customers. The program is
whelmingly positive. “Our partnership is
also helping MONETA achieve its objec-
successful due to multiple factors,” says
tive of being a leading digital bank in the
Sturzu. “Firstly, we're able to support
market by providing cutting edge digital
MONETA's strategic transformational
solutions to its customers, such as real-
agenda, which was set in 2016. Secondly,
time onboarding. MONETA’s tech-savvy
they were able to reduce their technol-
approach and the ability to be agile and
ogy platform ownership costs, and thirdly,
adapt to the new situation helped propel
they now have access to a broader solu-
them over the line at an unprecedented
tion set to support their clients and their
and uncertain time.”
business growth strategy.
The FirstVision migration was delivered on time, with most of the team involved
“Moreover, in the last six months since they joined our platform, the management
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Expe r ti se, engagement and sup p o r t
“ MONETA and Fiserv worked hard to make that happen. The message, the idea, the approach and the mindset were very positive and collaborative, which is what made this such a success for both of us” — A n a- M aria Stu rzu Inte rn ati o n al H e ad of I s s ui n g at F i s e rv
decision of outsourcing was further positively reinforced. When lockdown started, we stayed on plan and delivered a smooth migration, and MONETA started to incur savings immediately. They saw the benefits of having a global solution, through which they can enable new capabilities and solutions for their customers, and my team worked directly with MONETA’s team to enable additional solutions after they went live on the FirstVision platform.” “I have to give credit to everyone involved – we all agreed that it was almost unbelievable that we managed that integration in such a short time,” Jiri Mizera, CIO MONETA Money Bank says. “The pandemic added a lot of pressure, and we www.theinterface.net
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didn't know how the situation was going to go, but we needed to support our clients. Obviously, we decided to go ahead with the migration but run it completely off-site – which, I believe, was a first. It was definitely challenging, but was really successful, and it has been an honour to work with the professionals at Fiserv.”
Ongoing engagement Something that's very important to Sturzu, and to Fiserv in general, is that the close relationship it develops with clients don't end the moment the migration is complete – that's actually where the hard work begins. “You need to keep it going to be relevant to them and continue to meet their needs. We have an ongoing engagement model that is supported by our relationship management on the ground, and we're constantly in a two-way dialogue with the client. That's ever-evolving.” It's satisfying to see that MONETA and Fiserv both feel positively about their relationship. “We're so happy when we're able to deliver a smooth and successful migration, supporting the client throughout the process,” says Sturzu. “MONETA and Fiserv worked hard to make that happen. The message, the idea, the approach and the mindset were very positive and collaborative, which is what made this such a success for both of us.” Expe r ti se, engagement and sup p o r t
Ana-Maria Sturzu International Head of Issuing Solutions Ana-Maria Sturzu is the Head of International Product division at Fiserv. Ana-Maria is leading the development and innovation strategy of consumer finance issuing solutions offered by Fiserv to Financial Institutions across APAC, EMEA and LATAM. Since joining Fiserv in 2017, she started the transformation of Fiserv’s Global Issuing proposition – First Vision- delivering an API-enabled platform, enhancing the developer’s experience, creating an open architecture and launching innovative digital solutions designed to delight consumers across the globe. Her mission statement is to help clients revolutionise their consumer finance business, delivering cutting edge technology and tuning into the consumer expectations.
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