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Georgia Tech Financial Services Innovation Lab and Fiserv Partner to Advance Insight into Consumer Finances and Further Financial Inclusion
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Fiserv has partnered with the Georgia Institute of Technology's Financial Services Innovation Lab to enhance understanding of consumer financial health over three years. Funded by Fiserv, this initiative aims to analyze household financial behavior using Fiserv data, thereby informing policymakers, consumers, and small businesses. As U.S. inflation hits a four-decade high, the project focuses on improving financial inclusion and resilience. Researchers intend to provide insights into how economic trends affect consumers and small businesses, advancing Fiserv's mission to better serve its clients.
Positive
Partnership with Georgia Tech enhances data-driven insights on consumer financial health.
Funds dedicated to a three-year initiative aimed at increasing financial inclusion.
Potential to generate valuable insights that benefit small businesses and consumers.
Negative
Partnership relies on external research, which may not guarantee actionable insights.
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ATLANTA--(BUSINESS WIRE)--
The Financial Services Innovation Lab (FSIL), which serves as an interface between the financial services industry and faculty and students at the Georgia Institute of Technology, and Fiserv (Nasdaq: FISV), a leading global provider of payments and financial services technology with a flagship presence in Georgia, are partnering on a new initiative to better understand consumer financial health. Through this new initiative, Georgia Tech researchers will leverage Fiserv data to generate insights into household financial behavior, which will be relevant to policy makers, consumers and small businesses.
The three-year partnership, funded by Fiserv, has a goal of increasing financial and payments inclusion.
“With the annual inflation rate in the U.S. at a four-decade high, understanding the financial health of U.S. consumers and offering innovative ways to increase their financial resiliency is paramount,” said Sudheer Chava, Alton M. Costley Chair Professor of Finance at the Georgia Tech Scheller College of Business, who leads the FSIL. “By combining insights from unique data with our team’s expertise in household finance and big data analysis, we intend to deliver high-value insights about how major economic trends such as inflation affect U.S. consumers and small businesses.”
As a company that enables money movement for thousands of financial institutions and millions of people and businesses, Fiserv will enable FSIL to construct a comprehensive picture of consumer spending and financial health. This will allow researchers to generate valuable insights about how consumers and small businesses are impacted by sudden economic changes as well as larger economic trends.
“At Fiserv, we believe data can be used for the greater good, to not only understand the financial health of consumers and small businesses, but to actively create opportunities to further financial inclusion,” said Prasanna Dhore, Chief Data Officer at Fiserv. “By partnering with Georgia Tech, we will be able to grow our understanding of the populations and businesses who use our solutions every day, and take steps to positively impact people’s financial lives.”
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) 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, the FORTUNE® 500, and has been recognized as one of FORTUNE World's Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.
About the Financial Services Innovation Lab at the Georgia Tech Scheller College of Business
The FSIL was created to establish the Scheller College of Business and Georgia Tech as the hub for finance education, research, and industry. Responsible and sustainable finance is a major research focus for the FSIL, consistent with the broader Georgia Tech vision of inclusive innovation for a better future. The FSIL engages faculty, students, businesses, and practitioners through five interconnected channels: research, student learning experiences, events, recruiting, and facilitation of fintech entrepreneurship. Visit fintech.gatech.edu for more information.
