FIS Solution Enables Banks to Compete with Alternative FSPs (April 10, 2014)
FIS wants to help banks in the pursuit of the coveted millennial consumer by focusing heavily on mobile banking. FIS GenNOW Financial services is a new white-label solution that enables banks to offer mobile banking services, including app-based card reloads, bill payments, spend and balance tracking, rewards management and offer notifications.
Retaining and building a long-term banking relationship with younger consumers who are moving away from traditional banking is important because those consumers soon will become the main earners in the U.S. economy, FIS noted.
“One in four U.S. households conducts at least some financial transactions outside of the mainstream banking system,” said Bruce Lowthers, executive vice president, North American card solutions, FIS. “When you consider those numbers, and the long-term opportunities available to banks and credit unions who reach out to the customers GenNOW focuses on, this is a key driver of consumer engagement, growth and future business.”