Georgia Institute of Technology’s Financial Service Innovation Lab, which serves as a bridge between the financial services industry and faculty and students at the institution has recently announced that it is partnering with Fiserv, the global provider of payments and financial services technology with a flagship presence in Georgia, on a brand new initiative to better understand customer needs and financial health. With this new initiative, Georgia Institutes’ researchers will utilise Fiserv data to generate relevant data on household financial behaviour, which will be pertinent to policymakers, consumers and small businesses.
“By combining insights from unique data with our team’s expertise in household finance and big data analysis, we intend to deliver high-value insights about how major economic trends such as inflation affect U.S. consumers and small businesses,” they tweeted.
“With the annual inflation rate in the U.S. at a four-decade high, understanding the financial health of U.S. consumers and offering innovative ways to increase their financial resiliency is paramount,” said Sudheer Chava, Alton M. Costley Chair Professor of Finance at the Georgia Tech Scheller College of Business, who leads the FSIL. “By combining insights from unique data with our team’s expertise in household finance and big data analysis, we intend to deliver high-value insights about how major economic trends such as inflation affect U.S. consumers and small businesses.”
“At Fiserv, we believe data can be used for the greater good, to not only understand the financial health of consumers and small businesses but to actively create opportunities to further financial inclusion,” said Prasanna Dhore, Chief Data Officer at Fiserv. “By partnering with Georgia Tech, we will be able to grow our understanding of the populations and businesses who use our solutions every day, and take steps to positively impact people’s financial lives.”
This three-year partnership, primarily funded by Fiserv will work towards improving the financial and payment infrastructure and promoting inclusion.
