FIS Modern Banking Platform
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Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
FIS Modern Banking Platform
Advance your bank with a modern core platform.
Data Restore
Protection from disaster.
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The power of APIs with the scale of FIS.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
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Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
March 7, 2019
Dondi Black, FIS | Vice President of Payment Strategy
Among the many discussions about how to modernize and transform companies in response to disruptive forces, Dell EMC CTO John Roese states that the IT industry faces a critical transitional phase:
“Whatever you think of the scalabilities of the current generation of infrastructure and how difficult they were, add about three zeros to every number you can imagine. That is what we are going to experience going forward.”
In other words, “We ain’t seen nothing yet.”
Financial institutions determining where to invest need to answer two key questions:
To optimize payback on investment, companies should first revisit their strategy. Start by answering a basic question: Who is the core customer – the customer upon whom you will focus resources to attract and retain – that will drive future revenue? Consider these facts:
Also, consider the changing expectations of consumers especially when it comes to speed and convenience of delivery. The “Amazon effect” has changed expectations around convenience and speed among the two-thirds of U.S. households, which are Prime members – and banking customers.
Given the convenience and speed associated with P2P apps, 44 percent of consumers are now users, according to Bank of America. They expect access to P2P but they don’t expect to pay for it. How can you leverage investment in P2P?
Defining the core product strategy involves determining what product gaps must be filled to transition from the current to desired state. Financial institutions will engage in a balancing act between offering products that delight current “bread and butter” customers and deliver to the expectations of younger customers.
The good news is that the difference between what older consumers and younger consumers want continues to narrow, according to a recent study by Euromonitor. Aging consumers, especially the “mass affluent” are not anti-tech. FIS’ PACE study also shows that, except for mobile phone banking, baby boomers are just as likely to conduct their banking digitally these days as younger generations.
What product investments are “age agnostic” – capable of creating value for all segments by increasing engagement among the largest revenue-producing customer base yet providing opportunities to attract and cultivate loyalty from younger consumers facing significant life events?
“Budget constraints will translate into adopting new technologies that are purposeful, need fulfilling and problem solving as funds for running after shiny objects dry up.” Jim Johnson, Head of FI Payments, FIS
Bankers should determine which investments are both transformational and in sync with their strategic goals – for example, expanding the customer base, deepening relationships with customers, or making the business more efficient.
Concurrently, the financial industry, including vendors, must maintain focus on investing in innovations that solve problems – new problems, and old problems that can be solved more efficiently.
FIS | Vice President of Payment Strategy
Dondi brings creativity and more than 20 years of experience in the financial services industry to the FIS Payment Strategy team. Dondi leverages her experience in product development, portfolio management and community development to develop long term product strategies for the marketplace served by FIS. Dondi is also a passionate advocate for financial inclusion, diversity and promoting awareness on the positive impact financial service providers have on the communities they serve.
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