- Client challenge
- Benefits to client
- Why KPMG
When COVID-19 hit the United States, Fiserv found itself besieged with questions it needed to answer—faster. As the credit card transaction processor for 70 percent of all U.S. credit card spend, Fiserv was the go-to source for state governments questioning which sectors needed federal relief funds the most, for banks examining risk exposures, and for retailers and merchants needing to readjust supply chains and marketing plans. Quarterly data processed manually was no longer fast enough.
Having worked with KPMG even prior to Fiserv’s transformative combination with First Data in 2019, the company turned to KPMG to automate its data and convert it into actionable insights that could be served with their clients’ morning coffee.
Benefits to client
KPMG helped Fiserv analyze data in order to help better answer questions and have the capabilities to:
- better help state and local governments utilize data insights to determine when to reopen and where funds should be allocated
- increase visibility into changing consumer behavior
- discover gaps in market penetration
- react faster and respond more strategically to other kinds of market disruptions, such as natural disasters, should the opportunity arise.
With only five weeks to organize and evaluate data and check for anomalies, we mobilized a team of KPMG data scientists and engineers to accelerate the work process. Using leading modeling methodologies and predictive analytics, we aimed to give Fiserv the ability to help not only its immediate clients but also their customers as well—the people most affected by COVID-19.
In short order, we deployed resources from the KPMG Digital Lighthouse, our global hub for concentrated experience in data and analytics, intelligent automation, and artificial intelligence. We also complemented Fiserv’s data with external data from the KPMG Signals Repository, which harvests tens of thousands of signals from traditional and nontraditional data, to better predict market performance.
Using transactional internal data paired with key external datasets, we developed an analytics platform to help Fiserv identify the key indicators for growth, recovery, and commercial risk that are vital for business success.
Working closely with Fiserv, the KPMG data scientists were able to:
- automate the quarterly SpendTrend data pipeline to allow for daily insights; this new report highlights activities and changes in credit card spending at the industry and geographic level to help Fiserv respond to client questions about relief funding, business risk, and market expansion
- analyze merchant spend data in concert with COVID-19 curated datasets to uncover insights into potential virus impacts to market and/or industry performance specifically related to questions about state reopening efforts
- analyze small business health and survival rates compared to the sales performance of large merchants
- identify potential factors and methods to measure the differences in consumer readiness to return to pre-COVID-19 activities
- capture correlations that can become predictors for economic recovery.
We enhanced client trust by being transparent with our work processes and deliverables. In this case, we shared the code we created with our client so they will be able to make further changes on their own. We also walked through the code in detail with the internal data science team.
We also offered Fiserv a “unicorn” blend of local boots-on-the-ground technical prowess in addition to deep implementation skills and broad understanding of business strategy.