Fiserv Inc. aspires to move money and information in a way that advances 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 solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500 and is among FORTUNE’s World’s Most Admired Companies®.
A Pioneer in the Data Sphere
Marc Rind is the Chief Technology Officer (CTO)- Data at Fiserv. He leads the technical strategy and direction that empowers the company’s development and product teams. Marc is driving the creation of a cloud-driven, enterprise-wide data platform to connect and democratize the myriad financial and merchant data that flows through Fiserv and partner systems. This provides financial institutions with a safe and compliant means to innovate with data, generate insights, and better understand and serve consumers and commercial customers.
Previously, Marc was responsible for leading the research and development of Automatic Data Processing’s (ADP) analytics and big data platform as VP of product development and Chief Data Scientist. The ADP DataCloud platform provides HCM data insight products to ADP clients, while also powering the data behind the ADP National Employment Report. Marc has also worked with startups in New York’s Silicon Alley, producing behavior data on millions of users to guide business decisions for marketing and investment.
Marc received his Master’s degree in Business Communications from Emerson College with a focused study on industry innovations through technology.
A Road to Becoming Chief Technology Officer
Early on in his career, Marc learned that successful technical projects involve partnering with and bringing together various stakeholders from across multiple lines of business. Bits and bytes are important, but technology needs to be more about relationship building, communication, transparency, and flexibility. At the end of the day, it’s all about trust. Marc says, “Do all constituents and consumers of the data trust its accuracy, relevance, and timeliness? Trust is what we build when we keep an open, collaborative mind. If we hit roadblocks and need to course-correct, trust is the currency which ensures that the enterprise works together to solve problems and move forward together.”
Conquering the Obstacles by Winning Trust
According to Marc, one common challenge that many enterprises face is the need to change their mindset. The role of the CTO is often to evangelize forward-thinking directions. He adds that first, one must not be afraid of the change, followed by the need to convince their organization to not be afraid. Alignment across the organization to introduce any new concept or approach is key. Marc remarks that once a CTO builds up trust capital and achieves key stakeholder buy-in, the path forward clears.
Marc states that this is especially true for large enterprises with multiple business units and sometimes differing operating models. It’s paramount to identify and cross-leverage the most successful approaches from different units, then build technology solutions that deliver the efficiencies and cost savings of scale, while fostering flexibility to accommodate the various lines of business.
Coming back to the trust factor, Marc states that the best way to garner belief is to build and share. He adds that whatever one builds, they should let everyone use it. People believe in what they can touch. Clever concept presentations and slide decks have their roles, but the best way to achieve buy-in is to invite the usage of prototypes and early product versions. Marc highlights that an added benefit is that early users will provide compelling recommendations which development teams might not have considered.
Listening, Accepting Failures, and Learning from Challenges
Marc states that a successful CTO must listen first. He adds that they don’t need to have all the answers, but should surround themselves with diverse people who are from different domains. Sometimes the best technology ideas come from the least technical people.
Next, Marc implies that CTOs shouldn’t fear failure, nor be stubborn and resistant to changes. No technology solution is perfect on the first release. It’s better to have a clear vision and lead towards a general direction, knowing that course corrections will happen. He highlights that CTOs who have built proper trust equity throughout the enterprise have learned to be flexible enough to pivot when needed.
Marc insists that CTOs should learn to challenge their own solutions. He says, “Don’t get too comfortable, especially in successful situations. Technology gets old quickly and it’s easy to fall behind if you’re not always pushing forward.”
Working Backwards, A Disruptive Approach to Innovation
Marc suggests that when it comes to innovation, companies, and leaders should start with end users and work backward. When technology departments truly understand the end state for the target audience, every product feature is optimally developed. There’s no wasted development time or resources spent on non-critical features.
However, he puts forward that companies shouldn’t simply ask what features their end users want. Too often, users fixate on a single issue or are not aware of what’s even possible. Marc asserts that instead, companies should be ready to ask why their customers use the software every day. Learn what they are trying to solve. For example, merchant businesses need to know more about their customers, and loan officers need to better assess risk. He adds that a business solution should be able to tell merchants which customer segments are more likely to return purchased items or to help identify loan risks upfront. Then envision how the design might unfold. Marc believes that progressive companies and leaders should not start in a new state and add to it, but rather start at the end and work backward.
Cloud Computing and Big Data as the Game Changer
Marc claims that advancements in cloud computing and big data are changing the game for CTOs and tech-based organizations. Before cloud computing, everybody was worried about keeping physical hardware up to speed. Fortunately, deployment is now delivered with a finger snap rather than a resource-intensive incremental process. He adds that the efficiencies of cloud computing let people focus more on the desired end result of serving customers and driving innovation. Therefore, technology leaders now can spend more time on creatively solving customers’ business needs to help drive their success, rather than on incremental product upgrades.
Marc affirms that big data is driving a revolution in customer and consumer understanding. Data based on user navigations and buyer journeys should be informing the enterprise on a product level. It’s not enough to know who is using one product. He continues that enterprises can now identify who is using it best. That deep insight helps companies better understand and define the full lifecycle of customers. It helps drive direction forward on how best to get new clients onboarded and serviced.
According to Marc, providing that data as a service to clients at the appropriate time helps drive their business success. He highlights that CTOs can become trusted advisors, not just a supplier or partners.
Future: Leveraging Technology, Redefining Financial Services
Marc asserts that the financial services industry is undergoing dramatic change. Digital payments, cryptocurrency, blurring of lines between traditional banking institutions and merchants are examples of disruptive trends that are changing how the world manages money.
Marc says, “Thanks to our roles in the markets we serve, Fiserv is unlocking unique insights for our clients by leveraging one of the richest data sets in the industry.” He adds that the company processes more than 12,000 financial transactions per second, and through its merchant, digital banking, and cards and payments solutions, touches practically every US household in some way. Marc states that this information helps the company’s clients better understand their markets and innovate. The result is more efficient, secure, and simply better experiences for Fiserv clients, consumers, merchants, and partners.
Marc mentions that what’s equally exciting is how this data, this intelligence, levels the playing field for enterprises of all sizes. Small institutions now can access market and consumer data previously not available to them. They can innovate from a position of informed strength to build better solutions.
Strong Advice for Emerging CTOs
Marc advises emerging CTOs, tech leaders, and executives to ‘start building.’ He adds that they need to learn a lot more by building than by ideating and talking about concepts. Marc says, “Remember to not build in a vacuum. Stay open to ideas within your organization and with customers.”
