10-KPeriod: FY2002

FISERV INC Annual Report, Year Ended Dec 31, 2002

Filed February 28, 2003For Securities:FISV

Summary

Fiserv Inc.'s 2003 Form 10-K filing highlights its position as a leading provider of integrated data processing and information management systems to the financial industry. The company serves over 13,000 financial services providers globally, offering a broad range of solutions encompassing financial institution outsourcing, systems and services, as well as securities processing and trust services. Fiserv's business strategy centers on adapting to the evolving financial landscape by developing new products, improving service cost-effectiveness, aggressively pursuing new clients, and making strategic acquisitions. In the period leading up to this filing, Fiserv demonstrated a strong commitment to growth through acquisitions, having integrated 12 businesses in 2001 and five more in 2002. This aggressive M&A strategy, coupled with organic growth initiatives, positions Fiserv to capitalize on the increasing demand for data processing services driven by new financial products and the trend of outsourcing among financial institutions. The company's extensive service offerings, international presence, and focus on client service are key competitive advantages.

Key Highlights

  • 1Fiserv is a major provider of data processing and information management systems for over 13,000 financial services providers worldwide, including banks, credit unions, and insurance companies.
  • 2The company operates through two main segments: Financial Institution Outsourcing, Systems and Services, and Securities Processing and Trust Services.
  • 3Fiserv's growth strategy heavily relies on acquisitions, with 12 businesses acquired in 2001 and 5 in 2002, adding significant revenue and employees.
  • 4The company emphasizes product development, with approximately 8% of processing and services revenues dedicated to it in 2002, to meet evolving client needs.
  • 5Fiserv maintains a significant international presence, with operations and support staff in numerous countries across Europe, Asia, and Latin America.
  • 6The competitive landscape is described as highly competitive, with Fiserv competing against internal IT departments, data processing affiliates, and other independent service firms.
  • 7The company's facilities and equipment are considered adequate and well-maintained, with robust disaster recovery and data backup procedures in place.

Frequently Asked Questions

Fiserv's primary business is providing integrated data processing and information management systems to the financial industry. It serves a wide array of clients including banks, credit unions, broker-dealers, financial planners, investment advisers, insurance companies, and mortgage lenders.

Fiserv pursues growth through a combination of developing new products, improving service cost-effectiveness, actively seeking new clients, and making strategic acquisitions. The company has a history of significant acquisitions, notably acquiring 12 businesses in 2001 and 5 in 2002.

Fiserv's operations are classified into two primary business segments: 1) Financial Institution Outsourcing, Systems and Services, which provides account and transaction processing solutions; and 2) Securities Processing and Trust Services, which offers securities processing and retirement plan administration services.

Fiserv competes by focusing on product quality, service reliability, comprehensive and integrated product lines, timely new product introductions, and competitive pricing. It also highlights its advantage as an independent vendor, rather than an affiliate of a larger corporation or a hardware vendor.