May 22--A Wisconsin-based company that produces financial service technology is working with two of its clients and the University of Connecticut'sBusiness School to help develop banking apps that will appeal to members of Generation Y.
Fiserv is working with the Savings Bank of Danbury and the Greylock Federal Credit Union of Pittsfield, Massachusetts, on the UConn project. The work is being done as part of the university's Financial Accelerator Program, which was launched in 2002 to give UConn students and faculty a chance to take classroom training and apply it to real-world business problems.
"Collaborations like this, which bring the leaders of tomorrow together with the leaders of today, foster the innovation and opportunity that help make Connecticut such an attractive place to live and work," Gov. Dannel P. Malloy said in a statement.
The partnership between Fiserv and the two financial institutions and UConn was launched during the school's spring semester. UConn students working toward their master's degrees in business administration were able to work on Fiserv's DNA-brand account processing software platform.
The software platform is used by the two financial institutions and hundreds of others to deal with daily customer transactions and data. It also comes with a toolkit that allows users to create applications that are fully integrated with the software platform, according to company officials.
Steve Cameron, president of Fiserv's Open Solutions Division, said the collaboration also could help the banks and credit unions the company serves find a pool of talented software engineers in addition to some top business minds.
"By partnering with some of our region's brightest minds at UConn, the Savings Bank of Danbury and Greylock Federal Credit Union, Fiserv is investing in the local community and continuing to build on our vision to drive the global digital transformation of financial services," Cameron said in a statement.
As part of the process involved in developing the new banking apps, the students' research will be tested and reviewed to determine how it will improve the return on investment of Fiserv and the financial institutions. Fiserv and UConn officials anticipate the program continuing into the fall semester with a new group of students.
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