Genesis Bank and Fiserv Partner to Strengthen Small Businesses in Local Communities

Rhea-AI Summary

Fiserv partners with Genesis Bank to offer customized technology bundles to small businesses in low-to-moderate income neighborhoods, aiming to drive economic empowerment and create a positive impact in local communities.

Insights

Market Research Analyst

The collaboration between Fiserv and Genesis Bank represents a strategic initiative aimed at fostering economic growth within underserved communities by providing small businesses with advanced financial technology. The accessibility of Clover POS technology at reduced costs could potentially lead to increased operational efficiency and competitiveness among small businesses in LMI neighborhoods. This initiative may also contribute to the broader economic development of the region by enabling small businesses to scale and potentially create new jobs.

From a market perspective, the initiative could enhance Fiserv's brand image as a socially responsible corporation, potentially attracting investors interested in companies with strong environmental, social and governance (ESG) credentials. Additionally, this partnership may open up a new customer base for Fiserv, leading to increased market penetration and revenue growth in the long term. However, the financial impact of the discounted services on Fiserv's short-term profitability warrants attention.

Financial Analyst

Investors might view the partnership between Fiserv and Genesis Bank as a strategic investment into a niche market segment that could yield long-term dividends. The discounted Clover POS systems could be seen as a loss leader strategy to eventually upsell additional services or retain a loyal customer base in a growing demographic area. The initiative could also lead to increased transaction volume processed by Fiserv's systems, thereby generating more fee-based revenue.

It's important to consider the cost structure of providing these discounted services and the anticipated return on investment. If the adoption rate is high and leads to cross-selling opportunities, the impact on Fiserv's financials could be positive. Investors should monitor the uptake of the technology and any subsequent financial disclosures from Fiserv regarding the performance of this initiative.

Economist

The partnership has implications beyond immediate business interests, touching on economic inclusivity and the multiplier effect within LMI communities. By lowering the barrier to entry for advanced financial technologies, small businesses can improve their competitiveness, potentially leading to a virtuous cycle of economic activity. Increased business efficiency can lead to reduced costs, improved customer service and potentially, an expanded customer base.

This initiative may also serve as a catalyst for further public and private investments in LMI areas, contributing to economic diversification and resilience. The long-term economic benefits of such programs include increased tax revenues and reduced social welfare costs as a result of job creation and higher levels of economic activity.

Program designed to support small businesses in low-to-moderate income neighborhoods with customized access to Clover® technology from Fiserv

BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, is partnering with Genesis Bank, one of only two diverse multiracial Minority Depository Institutions (MDIs) in the country, to drive economic empowerment and create positive impact in local communities.

Beginning this month, small businesses located primarily in low-to-moderate income (LMI) communities served by Southern California-based Genesis Bank will have access to customized technology bundles. Specifically designed to address challenges faced by these businesses, the bundles will provide access to select Clover point-of-sale (POS) technology from Fiserv with no or low entry costs and significantly discounted subscription fees.

“We are incredibly excited to be partnering with Fiserv to offer this low-cost retail solutions bundle to small- and mid-sized businesses,” said Stephen H. Gordon, Chairman and Chief Executive Officer of Genesis Bank. “As the underlying nature and complexity of technology continues to evolve, gaining access to advanced POS systems has become essential for businesses to effectively operate, compete, and grow. Genesis Bank recognizes cost burden as being a significant barrier to gaining access to such essential technology, especially for the diverse small business owners and entrepreneurs that have historically been underserved. Accordingly, we believe this affordable Clover offering will further support our mission to make an impact in the diverse, entrepreneurial LMI communities we serve across Southern California, extending our collective reach into those businesses in need of such essential technology.”

“The best way to help small businesses is to meet them where they are, and many of our MDI clients are already there,” said Neil Wilcox, Head of Corporate Social Responsibility at Fiserv. “By partnering with Genesis Bank, we can support their growth and help maximize their impact by providing critical financial technology resources to the businesses that play a meaningful role in creating the vibrant and entrepreneurial communities that comprise Southern California, the second largest and most diverse demographic in the U.S.”

The popular Clover point-of-sale and business management system from Fiserv enables small- and mid-sized businesses to accept payments and run their business, while also offering capabilities to enhance customer experience and streamline operations. Small businesses interested in learning more about accessing Clover with no entry costs can visit https://www.mygenesisbank.com/cloverbundle.

About Genesis Bank

Genesis Bank is a California state chartered commercial bank, organized by a group of highly experienced and successful bankers, investors, and business professionals. The Bank focuses on serving the financial needs of small to mid-sized businesses and owners, and investors in income-producing multifamily and commercial real estate located in the Bank’s Target Markets of Los Angeles, Orange, Riverside and San Bernardino Counties, California. Additionally, Genesis Bank is designated by the FDIC as a Minority Depository Institution (“MDI”), and is one of only two diverse, multiracial MDIs in the U.S., out of approximately 4,600 banks. The Bank is powered by GenTeck^SM, a groundbreaking combination of best-in-class technologies, which are tightly integrated to give clients a seamless, digital first, and transparent experience. The Bank’s products, services, and solutions primarily include traditional commercial business, Small Business Administration (SBA), income property, and owner-occupied commercial real estate loan and deposit products, as well as treasury management, escrow, and Section 1031 exchange services and solutions. Genesis Bank is headquartered in Orange County, California, and can be found online at www.mygenesisbank.com. Genesis is an Equal Housing Lender and Member FDIC.

About Fiserv

Fiserv, Inc. (NYSE: FI), a Fortune 500 company, 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 and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.

FISV-G

View source version on businesswire.com: https://www.businesswire.com/news/home/20240220153773/en/

Fiserv:

Mark Jelfs

Senior Manager, Communications

Fiserv, Inc.

262-737-8244

mark.jelfs@fiserv.com

Genesis Bank:

Will Han

Executive Vice President, Chief Financial Officer

Genesis Bank

949-273-1226

whan@mygenesisbank.com

Source: Fiserv

FAQ

What is the partnership between Fiserv and Genesis Bank about?

The partnership aims to provide small businesses in low-to-moderate income neighborhoods with access to customized technology bundles, including Clover point-of-sale technology.

What does the technology bundle offer to small businesses?

The bundles provide access to select Clover point-of-sale technology from Fiserv with no or low entry costs and significantly discounted subscription fees.

Who is the Chairman and CEO of Genesis Bank?

Stephen H. Gordon is the Chairman and Chief Executive Officer of Genesis Bank.

What is the goal of the affordable Clover offering?

The goal is to support diverse small business owners and entrepreneurs in low-to-moderate income communities by providing essential technology at an affordable cost.

What benefits does the Clover point-of-sale system offer to small businesses?

The system enables small- and mid-sized businesses to accept payments, run their business, enhance customer experience, and streamline operations.