Fiserv and Rutgers launch “program for inclusive innovation”
“This program will add a new dimension to our ability to bring together a diverse range of perspectives as we develop new answers to the challenges faced by our clients and the financial services industry.”
Fiserv is partnering with Rutgers University-Newark to create and fund a new program designed to drive diversity and innovation within the financial technology field: the Fiserv-RU-N Program for Inclusive Innovation.
The program includes creating a center on campus that will serve as a research and incubation space for the RU-N community and local businesses, providing annual scholarships for undergraduate students over a five-year time span, and support career modules to prepare students for internships and jobs.
Fiserv will also support research involving technology and commerce, such as cybersecurity and legal and ethical topics surrounding financial technology.
$5.15 million in total funding for the program
The company will open a new campus in Berkeley Heights in September and provide $5.15 million in total funding for the Program for Inclusive Innovation.
The funding will support 40 annual scholarships of $2,500 each, including 10 for military veterans attending RU-N and 10 for Rutgers Business School students, with a priority given to those studying finance and information technology. Fiserv will also support career modules to prepare students for internships and jobs, including positions within the company.
The new innovation center on Washington Street will house technology and provide ample space for collaboration and research between faculty, students, and city business owners.
Bringing diverse perspectives into the financial technology field
“Through its synergy with Rutgers-Newark, Fiserv will foster inclusive innovation in New Jersey’s largest city. The tremendous growth and success of Fiserv in New Jersey epitomize what a company can achieve when it creates value while simultaneously reflecting the values of its customers. Diversity and inclusion are core principles that define us as New Jerseyans, and I am delighted that Fiserv is launching initiatives that not only embody, but build upon, those principles”, New Jersey Governor Phil Murphy.
Frank Bisignano, Chairman and Chief Executive Officer at Fiserv, commented: “Consumer expectations for financial services and payment experiences continue to evolve, creating a demand for continuous innovation. This program will add a new dimension to our ability to bring together a diverse range of perspectives as we develop new answers to the challenges faced by our clients and the financial services industry.
“With nearly every household in the U.S. having a touchpoint with a Fiserv solution, from digital banking to card payments, we have a tremendous opportunity to deliver capabilities that enhance financial services experiences. We’re energized by the opportunity to cultivate great talent and ideas through the Fiserv-RU-N program.”
Nancy Cantor, Chancellor at Rutgers-Newark, said: “This is a watershed moment for Rutgers-Newark. Fiserv is a visionary company that shares our sense of urgency in building and broadening pathways to business and tech careers for students from our increasingly diverse communities, and shares our understanding that doing this helps drive innovation forward. We’re creating an unprecedented partnership right here in Newark.
“Its nerve center will be a collaborative innovation lab right on Washington Street where we can set new standards for the fintech industry, where experienced professionals work side by side with university researchers and professionals of tomorrow from Newark, Greater Newark, and beyond, leveraging diversity, creating better, smarter solutions by bringing people from many backgrounds together to tackle problems.”
Guy Chiarello, Chief Operating Officer at Fiserv, added: “Bringing diverse perspectives into the financial technology field enables us to better anticipate consumer needs and serve clients. The novel insights generated by this partnership and physical space will spur research and innovation, to help facilitate commerce in the Newark region and beyond.’’
Fiserv already supports Rutgers-Newark through the Center for Urban Entrepreneurship (CUEED) and Rutgers Advanced Institute for the Study of Entrepreneurship and Economic Development (RAISED).