Fiserv Incorporates AI Coding System into Its Core Banking Technology
US-based fintech firm Fiserv has entered a strategic partnership with Cognition, paving the way for the incorporation of Devin, an AI coding system, into its core banking technology. This move is part of Fiserv’s broader plan to implement AI across technology operations and product development, signaling a significant step forward in the application of AI in the fintech sector.
Faster Updates and Enhanced Function Delivery
The primary aim of this partnership is to expedite updates to core platforms and reduce the time required to deliver new functions to Fiserv’s financial institution clients. The use of the AI system Devin will not be limited to core platform modernization but will be extended to other engineering programs. The system’s ability to handle work across large and complex codebases allows multiple engineering tasks to be executed simultaneously, thereby bringing new functions to clients more quickly.
The Role of AI in Enhancing Engineering Capacity
With Devin’s ability to perform end-to-end engineering tasks, including codebase review, code production, testing, and further changes, Fiserv is set to bolster its engineering capacity considerably. This will free up teams to focus on improvements for clients, including software updates, stronger quality checks, and better platform resilience.
Factoring in Governance and Security in AI-Assisted Software Development
As the company rolls out this AI-driven strategy, Fiserv is also reinforcing its governance and security measures for AI-assisted software development. This measure is crucial in ensuring the software lifecycle’s safety and integrity. The broader application of AI across its operations is indicative of Fiserv’s commitment to staying ahead of the curve in technological innovation.
Driving Value through AI
Cognition co-founder and president Russell Kaplan notes that Fiserv is the ideal organization for Devin to create compounding value due to its massive scale and ambitious engineering goals. With Devin’s help, Fiserv stands to deliver measurable improvements to clients with faster access to new capabilities, more consistent releases, and a continued focus on quality and security.
The partnership between Fiserv and Cognition, and the introduction of AI in core banking technology, represents a significant milestone in fintech. It underscores the increasing importance of AI in driving efficiency, speed, and innovation in the banking sector.
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