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Milwaukee led the fintech revolution
Milwaukee led the fintech revolution
FIS™ and Fiserv, two global technology giants that continue to change the financial services industry, have deep roots in Milwaukee.
FIS’ lineage harkens back to M&I Data Services, a subsidiary formed by Marshall & Ilsley Bank in 1964 to handle emerging data processing operations. Here the first successful ATM transaction was hosted in 1975, between financial institutions over a shared network, which paved the way for accessing cash wherever people travelled. It’s ATM network was appropriately named TYME (or, Take Your Money Everywhere). The subsidiary continued innovating and expanding throughout the 80s and 90s. In 2000, it became a separate company known as Metavante. In 2009, Metavante was acquired by Fidelity National Information Services (FIS), the world’s largest financial technology solution provider, serving more than 20,000 clients in 130 countries. FIS employs over 3,000 people in Southeastern Wisconsin, focusing on software development and financial processing, as well as account management, sales, finance, data and call center operations.
M&I's original ATM network was named TYME for "Take Your Money Everywhere."
Milwaukee is also home to Fiserv, which is among the largest data processing firms in the United States serving more than 10,000 financial institutions in more than 90 countries. Its roots can be traced back to First Data Processing, which was started by George Dalton (a long time MMAC board member) who grasped the importance of computer technology and the need to achieve economies of scale. He and a colleague from Florida, founded Fiserv in 1984. Their business model was simple: provide data processing services less expensively than the financial institutions could to it in house. The model was perfect for the expansionary 1980s and Fiserv grew rapidly by acquiring other regional processing firms. Today, Fiserv employs nearly 24,000 people worldwide and 900 people locally. In addition to being the corporate headquarters, the Brookfield office focuses on engineering, software development, client service and sales, risk management, and technology operations.
Jeff Yabuki President & CEO of Fiserv
George Dalton, founder of Fiserv, discussed financial transaction processing machines in 1977.
Industry attracts local, national talent
As financial technology continues to be an economic driver, Milwaukee will remain at the forefront of coming changes. The ways financial services are delivered help make the region an attractive destination for technology based careers.
“The financial services industry is very significant to the Milwaukee economy,” says Maria Schuld, FIS Milwaukee Campus Leader and Division Executive for EFT & Fraud. “Having industry-forward companies attracts both local and national technology talent to the region.”
Jeff Yabuki, Fiserv president and CEO, agrees. “The fintech industry is one of the more dynamic and energetic spaces in technology today,” he says. “Financial services are on the edge of a major transformation, and we, and Milwaukee, are well-positioned to play an important role in this transformation.”
This summer, Fiserv obtained the naming rights for the Fiserv Forum, the new home of the Milwaukee Bucks.
“We saw this as a fantastic opportunity to elevate the Fiserv brand as we participate in the digital transformation of financial services,” says Yabuki. “We are proud to partner with the Milwaukee Bucks in a state-of-the-art venue for sports and entertainment experiences. We are also pleased to affirm our commitment to the Milwaukee community while continuing the tradition of Jane Bradley Petit in supporting the incredible place we call home.”
The Bucks and Fiserv Co. have a 25-year naming rights deal for the new home of the Bucks and Marquette's men's basketball teams. The arena is set to host more than 200 events annually, including big names such as Justin Timberlake, Pink, Elton John, Fleetwood Mac and the Foo Fighters in its inaugural year.
