Fiserv helps small-biz needs, going digital, securing remote work environments.
April 27, 2020
Credit unions have a critical role to play during COVID-19.
Fiserv has been focused on its credit union clients and their needs in five areas in particular:
Responded rapidly to help clients support small businesses. This includes streamlined support of Small Business Administration Paycheck Protection Program (PPP) lending. Fiserv will continue to leverage its streamlined capabilities for processing PPP loan applications during this second wave of funding. Fiserv is well positioned to help both small businesses and credit unions. Fiserv, through its referral partners, is helping small businesses that use Fiserv solutions, such as the Clover point-of-sale platform, identify opportunities to apply for PPP funding with participating financial institutions.
Providing insights to act upon. Fiserv has hosted webinar sessions for clients on all of its core platforms, letting them know about resources available to them and how they can leverage technology to help facilitate seamless service now and prepare for future recovery. Fiserv also has established resource centers on Fiserv.com for each core platform.
For example, Fiserv has hosted informational webinars with third-party experts, including a session with Dennis Dollar, principal partner, Dollar Associates. Additionally, Raddon has started COVID-19-related research projects to help credit unions better understand response to the pandemic. Raddon also is publishing an ongoing blog series focused on COVID-19.
Helping credit unions go digital. Fiserv is reaching out and serving as a strategic adviser and resource to credit unions as they shift their business models to focus on digital and drive-through engagement. We are expediting the services our clients require to provide members with what they most need now, such as digital banking and remote deposit capture capabilities. This also includes developing pandemic resources for credit unions, such as the Loan Skip Payment DNAapp, which facilitates extending member payments on loans. Loan Skip Payment is part of a bundle of applications available to clients at no cost for eight months.
Making sure that statements and other materials come through. Fiserv handles the statement and card production for many credit unions. It has taken measures to help ensure that associates who work in its production facilities are safe, have any needed equipment, and are able to produce and mail out critical statements and cards to members. Associates who work in these facilities are being compensated additionally during this time.
Enabling secure remote work. As credit unions have moved their staff out of the office, Fiserv has been providing free consultations, solutions and other services to make sure these transitions run as smoothly as possible. Fiserv has implemented WFH best practices to ensure its workforce is not disrupted and that its associates are safe. It has taken even the most complex processes—such as core conversions—and successfully executed them remotely over the past several weeks.
Additional COVID-19 resources and information for credit unions are being updated regularly. Read more from Fiserv leaders.