FIS: Revving Up Banks with Mobile

Gary Norcross, President & CEO, FISGary Norcross, President & CEO There is a new bank in town. It is modern, user-friendly, and best of all—fits in the palm of one’s hand. For instance, Capital One Financial Corporation’s new office in Boston is designed to resemble a coffee shop. Walk into this state-of-the-art bank and, over a cup of latte, a teller guides each customer on how to deposit a check via a smartphone. Financial institutions worldwide are redefining the banking experience, keeping in line with a consum¬ers’ growing mobile demand. Whether it’s an SMS notification of a student’s loan payment or an app that helps users save for retirement, today’s financial technology enables everyday decisions with the push of a button. According to a study by Juniper Research, specialists in mobile and digital market research, more than 2 billion mobile users will make a mobile commerce transaction by the end of 2017. Amid such advancements, financial institutions are realizing that going mobile is the only answer for a leaner, smarter, and agile bank of the future. In such a scenario, transforming disruption into opportunity, Fidelity Information Services (FIS) [NYSE: FIS] empowers financial institutions with leading-edge mobile banking, payments, and commerce solutions. “With 48 years of experience in providing banking software and tools, FIS is well positioned to help institutions re-engineer their financial services business model and navigate the shift from traditional banking channels to more virtual and self-service channels such as the internet, call center, and mobile,” remarks Gary Norcross, President and CEO, FIS.

Unlocking the Power of Mobile Commerce

Enabling users to conveniently and securely complete transactions using mobile devices, FIS’s solutions are based on the principles of responsive design and a flexible technology platform. The company’s banking and payment solutions are crafted to meet the challenges of an ever-changing mobile environment. FIS Mobile Banking solution is built on an extensible application platform where mobile features can be tailored according to a client’s requirement. The solution not only allows customers to search through their transactions or view their account balance on the go, but also offers superior security via multi-factor authentication, SSL encryption, device identification, and passcode. Catering to the unique needs of clients, the solution can be tailored to include debit card control, appointment scheduling, and social media integration.

With 48 years of expertise in the market, FIS is well-positioned to help institutions re-engineer their financial services

Recently, FIS helped Dallas Capital Bank to add mobile and digital banking and payments to their customer service arsenal. The client was looking at augmenting their digital capabilities by adding a full suite of digital banking and payments solutions. After evaluating a host of mobile solutions, Dallas Capital Bank chose FIS’s mobile solutions for its flexibility and ease of use. The bank integrated the new digital services in its existing FIS backend core and payments systems. As a result of the implementation, the bank’s clients can now check balances, make transfers and deposits, pay bills, and find bank or ATM locations—all through mobile devices.

Mobile Banking: From Niche to a Necessity

For optimum client benefit, and increased customer acquisition and retention, FIS provides a comprehensive portfolio of fea¬tures such as Mobile Capture and Mobile Wallet in their standard mobile solution. While the Mobile Capture service allows users to deposit a check from anywhere at any time, Mobile Wallet is a cloud-based payment solution that is adaptable and secure. It does not require any hardware upgrades, works with existing Point of Sale (POS) terminals and permits consumers to make secure transactions through the cloud without storing any credentials on the phone. In addition, financial institutions benefit from the Mobile Wallet feature as it allows them to control a client’s e-commerce experience, subsequently building customer connectivity and brand image. As an extension of the Mobile Wallet, FIS also provides Cardless Cash, an application through which ATM cash can be preorderd. In essence, after securely logging in to the app and selecting the account and withdrawal amount, once at the ATM, the end user can scan a QR code and within seconds, have the cash in hand.

In an effort to enhance their offering a notch further, FIS recently partnered with Paypal’s Paydiant team, accelerating the adoption of cardless transaction while improving user experience. With card related fraud increasing, cardless cash employs a first-class cloud security model to safeguard customers’ payment information. These industry-leading features allow banks and credit unions to better serve and protect their customers by leveraging cross-channel interaction at the ATM. “We currently manage more than 10,000 ATMs in the country and that will continue to grow,” states Norcross.

In one instance, Wintrust, a community bank based in Illinois, wanted to develop and differentiate themselves through acquisition and innovation. The bank partnered with FIS to grow and deliver a new way to withdraw cash from ATMs. Leveraging FIS’s digital technology suite, Wintrust’s customers had access to cash five times faster than regular card, with no risk of ATM skimming. Through this new capability, Wintrust hopes to increase their customer base and moreover, the solution also enabled Win trust to grow their account volumes by 15 percent.

"We currently manage more than 10,000 ATMs in the country and that will continue to grow "

Helping Build High-performing Financial Institutions

To help businesses achieve operational excellence, manage IT infrastructure, and optimize cost structures, FIS offers a full range of services from consulting to application management. Given the economic and the competitive pressures that characterize the financial industry, the FIS consulting team, with its breadth and depth of industry expertise, helps maximize existing technology investments, reduce expenses, and streamline processes. Additionally, in a bid to develop its capabilities in the financial market industry, FIS recently acquired SunGard, a leading financial software and technology services company. By combining SunGard’s technology assets with FIS’s expertise in enterprise banking and payments, FIS is now better positioned to help clients maneuver through the challenging waters of today’s banking sector. “The SunGard acquisition allows us to leverage our newly expanded IP-led solutions portfolio to create deeper and broader relationships with our existing client base and creates a solid foundation to meet our 2016 goals and drive long-term value creation,” explains Norcross.

The Future of Payment

Moving forward, FIS is focused to deliver technologies and assets that will further modernize banking and payment. The mobile revolution is only poised to spiral upwards in the days ahead and banks must invest in developing the mobile experience in line with the needs of Generation X. Fully realizing the radical shift underway in how financial institutions are revamping their mobile strategies, FIS will continue to foster disruptive digital solutions according to the needs of the mobile world. “FIS possesses a unique combination of financial strength and innovation prowess, and we will capitalize on our entrepreneurial spirit and bias for action to maintain and accelerate our solid, profitable performance for years ahead,” ends the CEO.

- Sandeepa Majumdar
    March 29, 2016