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• May 16, 2018 U.S. Consumers are Unprepared for Coming Wealth Transfer, New FIS Study Finds
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  U.S. Consumers are Unprepared for Coming Wealth Transfer, New FIS Study Finds

  ​Key facts

  • Only 10% of U.S. respondents to 2018 FIS PACE study expect to receive an inheritance in next 10 years, despite trillions of dollars of household wealth expected to transfer to younger generations.
  • Less than a quarter of U.S. consumers plan to use services of a trusted financial institution or advisor to handle an inheritance.
  • Younger respondents more likely to be working with a financial advisor from their primary financial institution.

  JACKSONVILLE, Fla., May 16, 2018 – A new study from financial services technology leader FIS^™ (NYSE: FIS), has found that U.S. banking consumers may be largely unaware of and unprepared for the impending transfer of trillions of dollars of intergenerational wealth.

  Just one in 10 U.S. consumers who took part in the 2018 FIS Performance Against Customer Expectations (PACE) study said that they expect to receive an inheritance in the next 10 years. Only 9% of U.S. consumers aged 27-52 reported that they expect to receive an inheritance in that period. This is despite the fact that nearly $9 trillion of household wealth and assets are expected to transfer from Baby Boomers to Gen X and millennial Americans in the coming decade.

  When asked who they would turn to for advice in handling an inheritance, less than a quarter of the U.S. consumers surveyed by FIS said they would use the services of a trusted financial institution or advisor. Nearly half of Gen Xers (aged 38-52) said they would first turn to a friend or family member for inheritance advice.

  Only 29% of all respondents, and just 20% of Gen Xers, reported that they are currently working with a financial advisor. Younger respondents were more likely to be working with a financial adviser from their primary financial institution. Respondents under the age of 37 indicated they were more likely than older generations to use a financial institution for inheritance advice.

  Respondents across all age categories indicated that their top priorities for using an inheritance would be to save for retirement or to make financial investments, versus buying property or making a luxury purchase.

  “These findings should provide a wakeup call to banks and investment advisors: your customers are not thinking about their financial futures,” said Brian DuVal, head of FIS Wealth and Retirement. “The good news is that U.S. consumers recognize the importance of financial and investment planning, and have a high level of trust with their primary financial institutions.

  “For financial services firms, this represents both a challenge and opportunity,” DuVal continued. “The challenge is to do a better job of educating their customers on wealth and retirement topics. The opportunity is to engage with consumers - now - to help them get ready for the tidal wave of money and assets that are about to flow into their pockets. The earlier you engage, the better your chances of building a long-lasting relationship with younger banking consumers.”

  FIS provides wealth and retirement technology and services to more than 1,000 firms around the world that collectively administer more than $7 trillion in assets.

  About the PACE Study
  In its fourth year, the annual FIS Performance Against Customer Expectations (PACE) study provide a snapshot on how well banking providers are meeting the expectations of their customers. The 2018 report surveyed 1,788 U.S. consumers across all age and sociodemographic segments to rate their primary banking providers’ performance against nine key performance indications (KPIs). Surveys were conducted online. To read the full report, visit the PACE 2018 experience.

  About FIS
  FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500^® Index. For more information about FIS, visit www.fisglobal.com.

  Follow FIS on Facebook (facebook.com/FIStoday), LinkedIn (linkedin.com/company/fis) and Twitter (@FISGlobal).

  For More Information
  Kim Snider, 904.438.6278
  Senior Vice President
  FIS Global Marketing and Communications
  kim.snider@fisglobal.com

  See all releases

• May 15, 2018 Minor League Baseball and FIS Extend Strategic Relationship, Enhance Fan Experience Through Advanced Payments Solutions and Emerging Technology
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  Minor League Baseball and FIS Extend Strategic Relationship, Enhance Fan Experience Through Advanced Payments Solutions and Emerging Technology

  ​Key facts

  • League extends official technology relationship with FIS through 2022.
  • Targeted Minor League Baseball teams within all classification levels will utilize FIS as their preferred payment and loyalty technology provider.
  • FIS will showcase its technologies and business solutions at Bragan Field at the Baseball Grounds of Jacksonville, the flagship location for Minor League Baseball’s “Ballparks of the Future.”

  JACKSONVILLE, Fla., May 15, 2018 – FIS^™ (NYSE: FIS), a global leader in financial services and payment technology, announced today that it has extended its commitment to Minor League Baseball^™ (MiLB^™) through 2022. With technology as its foundation, the relationship supports MiLB’s fan-centric approach to drive engagement with its 111 million self-designated fans, according to a 2017 ESPN Sports Poll. FIS announced a relationship with the league as its official payments and loyalty technology provider prior to the 2017 season.

  The agreement serves to integrate FIS’ advanced payment, loyalty and other solutions within the league’s “Ballparks of the Future” initiative. FIS’ technology powers a range of enhanced experiences for fans at MiLB ballparks, from simplifying payment transactions to driving new fan loyalty programs. For MiLB teams, FIS technology also streamlines accounting and management of travel expenses, simplifies business expense management through real-time, prepaid technology and provides other advanced capabilities.

  Since announcing the relationship last year, more than 20 teams have begun to leverage FIS products and services leading to greater efficiency and overall fan engagement. As an extension of the relationship and to showcase its products and services, FIS created and launched an “Innovation Dugout” where it will showcase its innovative technologies and business solutions for the “Ballparks of the Future” at Bragan Field at the Baseball Grounds of Jacksonville, home of the Double-A^® Jacksonville Jumbo Shrimp.

  “Continuing to super-serve our fans across the consumer journey is a core area of focus as we look to the future,” said David Wright, Minor League Baseball’s chief marketing & commercial officer. “Technology is at the root of these efforts and a key-driver in our quest to tailor to the next-generation consumer. Our long-term extension with FIS is a great example of our commitment to be a dynamic leader in sport and entertainment.”

  “We are excited to be working with a growing number of Minor League Baseball teams to enhance service to their fans and make a day at the ballpark an even more enjoyable experience,” said Bruce Lowthers, chief operating officer, FIS Integrated Financial Solutions. “By using technology in innovative ways, Minor League Baseball remains at the forefront of fan-friendly entertainment.”

  About FIS
  FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500^® Index. For more information about FIS, visit www.fisglobal.com.

  Follow FIS on Facebook, LinkedIn and Twitter.

  About Minor League Baseball
  Minor League Baseball, headquartered in St. Petersburg, Florida, is the governing body for all professional baseball teams in the United States, Canada and the Dominican Republic that are affiliated with Major League Baseball^® clubs through their farm systems. Fans are coming out in unprecedented numbers to this one-of-a-kind experience that can only be found at Minor League Baseball ballparks. In 2017, Minor League Baseball attracted 41.8 million fans to its ballparks to see the future stars of the sport hone their skills. From the electricity in the stands to the excitement on the field, Minor League Baseball has provided affordable family-friendly entertainment to people of all ages since its founding in 1901. For more information visit www.MiLB.com.

  Follow Minor League Baseball on Facebook, Instagram and Twitter.

  For More Information
  Kim Snider, 904.438.6278
  Senior Vice President
  FIS Global Marketing and Communications
  kim.snider@fisglobal.com

  See all releases

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