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Connected commerce is a winning play

Fiserv is empowering businesses to succeed all over the world

Connected commerce is a winning play
Carat made payments easier (and safer) for Milwaukee Bucks fans at Fiserv Forum.

Electrified by the play of 2021 NBA Finals MVP Giannis Antetokounmpo, the Milwaukee Bucks were cheered to their first NBA Championship in 50 years by millions of people around the world. Fans that were lucky enough to attend the NBA Finals in person also enjoyed a new kind of fan experience. A few months earlier—playing in their second pandemic-impacted season—the Bucks began using an operating system created by financial technology firm Fiserv to enable mobile ordering, self-serve kiosks, and contact-free pickup for fans at their home venue, Fiserv Forum. These new capabilities nearly eliminated the need to queue for concessions in the state-of-the-art arena, an important consideration during the pandemic. The enhanced ordering experience also meant fans spent less time waiting in line for bratwursts and beer—and more time cheering the Bucks to their first championship since 1971.

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Powering the fan experience in a world-class sports venue is just one of many examples of how Fiserv has helped companies succeed by enhancing their digital payment capabilities. “We’re making sure that, as digital commerce continues to grow, no one is left behind,” says Suzan Kereere, head of global business solutions at Fiserv. The ability to enable client success through omnichannel payment capabilities earned Fiserv a spot on Fast Company‘s list of the world’s Most Innovative Companies for 2022.

A SIMPLIFIED SOLUTION

The pandemic has accelerated digital commerce even as it has dramatically changed consumer expectations. For example, contactless in-store payments have grown 450% since the pandemic began, and more than half of consumers now use digital wallets. Shoppers now expect their favorite companies to have options for curbside pickup, delivery, and buy online/pickup in store.

Businesses are listening to what their customers want, yet integrating the ever-expanding array of payment solutions can be challenging. Companies must work across many departments to analyze data from multiple channels and coordinate a variety of payment capabilities. Considering that many large businesses are operating globally, landing on a single, coherent omnichannel strategy can seem more elusive than ever.

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Enter Carat from Fiserv. “Carat simplifies the way money moves and unifies experiences,” Kereere says. It does this by integrating emerging omnichannel capabilities such as scan-and-go, order ahead, voice command, and connected car, while also offering solutions for global acquiring, security, data insights, and payment methods—all under one set of APIs and a single provider.

“Businesses today want to operate like platforms,” Kereere says. “Carat is helping them do that.”

EVOLVING WITH CUSTOMERS

The possibilities Carat has unlocked for merchants include hyperlocal digital marketing, contactless gas payment, and curbside grocery pickup with personalized recommendations based on customer purchase histories. The breadth of experience Fiserv has in moving money and information, serving nearly 10,000 financial institutions and more than 6 million merchant locations globally, gives it a unique capacity to help companies integrate local payments in markets around the world. “It’s all about listening to customer needs,” Kereere says.

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To that end, Fiserv is continually evolving and introducing new capabilities to help businesses stay relevant—and customers remain up to speed. For example, recently expanded pay-in and pay-out capabilities from Carat streamline consumer interactions ranging from the receipt of insurance claim payments to moving funds between bank accounts and crypto wallets. “Money will only move faster,” Kereere says. “And the world will only continue to mobilize for more digital experiences.”

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FastCo Works is Fast Company's branded content studio. Advertisers commission us to consult on projects, as well as to create content and video on their behalf.

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