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The way we move money is changing. Fast. We want control at the touch of a finger-print. We want to send money in real-time – to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Ubiquitous, embedded, fast, standardized, frictionless and secure. Global finance trends are hurling towards a unanimous conclusion. These are our Financial Futures. Each episode, we size up the bleeding edge of fintech innovation and explore the trends that are a ...
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It used to be that new technology capabilities were there to support existing business channels. But technology isn't just a supporting feature for organizations anymore, technology is a business channel. And for banks to take advantage of that, they need to be flexible, they need to be quick to adopt new features, and they need to have a solid tec…
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Consumer banking, loan applications, car insurance - there are some financial services that no one was surprised to see go digital. But some others (until recently at least) seemed like they would always belong more in a mahogany-clad Wall Street office than on a phone screen. But as technology has advanced, and as consumer trends have changed, mor…
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Time is the nemesis of the rewards program. Because as society's taste for streamlined processes has grown, the long minutes spent signing up for cards at checkouts and remembering logins online have become decidedly more inconvenient. However, those clunky loyalty program processes will soon be a thing of the past thanks to a very modern rewards s…
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Most financial institutions are well beyond the mom-and-pop store stage of their journey. And while this greater scale is good for business, it does make knowing their customer base almost impossible. And knowing the people an organization serves is essential if they are to continue offering the right products and services. But how does an institut…
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At the center of every bank’s operation is its mainframe. These computing behemoths power all of a bank’s core processes, allowing institutions to function day to day. But mainframes the world over are facing some challenges. They’re becoming difficult to maintain with the talent pool of specialists qualified to keep them operational dwindling each…
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Creating a startup in any sector is a challenge. But given the level of technology, regulation, and specialist knowledge required, creating a successful business in the fintech space is even more complicated. But thanks to technology partners (and competitors that are always on the lookout for new innovations), visionaries in fintech don't need to …
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ESG has become an increasingly important factor for investors over the years, but, recently, it's become a top priority for customers, and even employees, too. And with this increased pressure to be seen to be doing good, financial institutions are looking for new ways to improve their environmental, social, and governance credentials. However, fin…
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Forming good habits takes time. But for some young people, forming the right ones around managing finances happens either far too late, or not at all. And as new financial products emerge, and as our relationship with cash becomes more abstract, the task of teaching children how to manage money is getting more complicated. So complicated in fact, t…
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For every successful technological solution, there are dozens more relegated to history. Betamax, Zune mp3 players, Google Glass. All three were part of industries that saw enormous success (home video, digital music, and augmented reality); however, these products never won the battle for supremacy. So what separates the successes from the failure…
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The next generation of fintech is just around the corner. Gen one brought financial institutions greater technological integration during the dot-com boom, and gen two delivered traditionally in-person functions digitally thanks to the use of APIs and the cloud. But gen three will bring the financial services industry into a new era, building upon …
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Game-changing ideas don't come along very often. But when they do, organizations need to develop them fast or risk missing out on the opportunity they present. But, very often, fintechs and other financial institutions don't have the time or resources to develop innovations when they present themselves, meaning opportunities go unrealized. So if or…
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Great innovations don't come along every day. And, usually, these ideas can't be fully realized unless the right conditions are met. Funding needs to be available, key players need to have free time, and resources need to be ready to go if any new solution or technology is to have a chance of getting off the ground. And, traditionally, chance is pr…
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Getting any business off the ground isn't without its challenges. And while investment can be a big hurdle to overcome, it isn't the only one. Securing industry expertise, acquiring customers, gaining access to the right tech - these are just a few of a whole host of challenges startups need to solve in order to bring their innovations to life. But…
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Growing a customer base is one of the toughest challenges any business will face - and regional banks are no exception to that rule. For many organizations, a good marketing campaign or the opening of a new brick-and-mortar location might encourage the kind of expansion they're looking for but results aren't guaranteed. However, banks don't have to…
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It's not uncommon for people to bank with more than one provider. Add into the mix mortgages, finance agreements, insurance, or any of the other countless financial products we all purchase, and it doesn't take long to get overwhelmed by the incredible number of services we need to keep on top of. Because with every product comes a new platform, a …
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Crypto used to be the counterculture currency of choice. Giving participants an alternative to the centralized monetary systems of nations, cryptocurrency allowed those in the know a way to transact and invest without the use of fiat currency. But in recent years, cryptocurrency has emerged from the realm of alternative investments and found its pl…
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Like many organizations, regional banks are experiencing a time of rapid change. In the wake of a pandemic, and in order to keep up with an increasingly digitized society, these institutions need to augment their services to remain competitive among other banks and appeal to societal shifts. But regional banks don't need to go on this journey of tr…
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Regional banks find themselves in a unique space within the financial services industry - not as localized as a community bank, but not as ubiquitous as the nationals. Operating in this sector presents these institutions with a host of challenges faced by both larger and smaller institutions alike, but it also opens them up to a myriad of opportuni…
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The world has cryptocurrency on the brain. And with new coins being released, seemingly, every day, and mammoth losses and gains occurring among the most popular cryptocurrencies, it’s no wonder why. And where some see danger in those troughs and peaks, others see opportunity - opportunity not just in the financial gains to be had, but in the block…
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In one form or another, most people have debts. It is, in many ways, an everyday part of life. Yet debt carries a considerable amount of stigma with it, which can have a negative impact on people’s willingness to seek out ways to manage it. And it’s not that people don’t want to pay, in fact, in most cases the opposite is true, but outdated procedu…
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Saving used to be simple. But as our society has advanced, so have our financial needs, which has made things a lot more complicated. Phone contracts, tuition fees, direct debits for endless streaming services - the list of bills we have to manage seems to be constantly growing, and savings accounts and piggy banks are no longer enough to help us r…
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When it comes to purchasing big-ticket items, our spending options have, traditionally, been pretty limited. Either scrimp and save until we can afford what we want, or borrow the money through a loan or finance agreement and pay even more in interest fees. But thanks to the myriad of terms and conditions and strict eligibility requirements, gettin…
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Financial institutions, businesses, and customers are seeing dramatic advances in the tools and services they use at an ever-increasing rate. As demand for immediacy and convenience continues to grow, fintechs are rising to the challenge to deliver more and more banking solutions at the points where people need them most. But behind the multitude o…
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As regulators clamp down and criminals become more sophisticated, the roles of Chief Compliance Officers and Chief Risk Officers are becoming more complex. CROs and CCOs are the strongest lines of defense for financial institutions, but in order to carry on protecting their firms, they must embrace technology in order to manage the ever- increasing…
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Technology is advancing at a blistering pace and it's causing clients to ask for more from institutions in the capital markets. Investors want access to real-time data and insights and they want this service packaged up in slick, smartphone-like experiences. And if buy and sell-side firms want to meet these needs, they'll have to adapt and upgrade …
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The capital markets must look to the future. As institutions generate more data and clients demand more insights, it won't be enough for firms to rely on legacy systems. With solutions such as BPaaS and Cloud computing, institutions have hope. By streamlining data processes through modern BPaas solutions, firms in the capital markets can regain the…
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Move over ROI. ESG is the hottest abbreviation in the capital markets now. Environmental, social and governance ratings aren't just the mark of a sustainable organization, to some extent, they're even a strong indicator of a good investment. And with societal expectations and investor demands changing, firms in the capital markets need to have thes…
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The capital markets are constantly evolving. But when the world had to overcome the challenges thrown up by the pandemic, that evolution accelerated exponentially. Almost overnight, employees went remote, meetings moved online, and an entire industry realized that the key to resilience depended on the ability to provide premium customer experiences…
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A recent study done by the American Psychology Association found that nearly 2 in 3 adults say that money is a significant source of stress in their life. This financial stress is an epidemic issue, affecting both individuals and communities alike. But according to Brian Fey, Senior Director, Digital Banking at FIS, better education on managing mon…
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So far in this fifth season, we’ve explored the nuances of the digital transformation. We’ve looked at real-time posting trends, changes in commercial banking, and the new digital reality of retail lending. But in this episode, we’re asking why digitize now? Nick Woodcock, Senior Vice President, Group Executive, Digital Banking, at FIS says that fo…
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In a digital era, consumers don’t want to wait too long, no matter what the product. Whether they’re streaming a television show or applying for a retail loan, we expect instant availability. Andrew Beatty, Senior Vice President of Next Generation Banking at FIS, says that financial institutions need to be paying attention to these expectations: “i…
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The way we bank has evolved from brick-and-mortar branches to an almost completely digital customer experience. So how will the next generation bank? According to Matt Lessig, Vice President of Next Generation Banking at FIS, real-time banking is the future of how money will move. In season five of Financial Futures, we're focusing on banking's dig…
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Thanks to digitization efforts, commercial banks have weathered the storm of COVID-19. Contactless payments, mobile deposits, and remote services kept money moving and businesses afloat in 2020. But, according to Brian McCumber, CPA, director of Next Generation Banking at FIS, even as financial institutions quickly pivoted, the fundamentals of bank…
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Every day, humans produce 2.5 quintillion bytes of data (that's 2,500,000,000,000,000,000 if you're curious how many zeroes that entails). And a large portion of that isn't the usual emails, tweets, and YouTube uploads - it's data we generate in the background as we go about our lives. It's location data, transaction data, credit card usage data, c…
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All around the world, the push for equality has accelerated in recent years. People want to see themselves represented in the institutions they patronize, and they want fair treatment and equal opportunities in the workplace. Diversity, equity, and inclusion (DEI) is what businesses, employees, customers, and members are calling for. But it's not j…
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Peer-to-peer payment platforms aren't a new concept. In fact, we've had the ability to move money through apps as far back as 2008. But the system was fractured and only adopted by individual institutions or small groups. Now the P2P landscape is unrecognizable from what it once was. Zelle has unified credit unions and banks, offering a one-size-fi…
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AI is inching more and more into our daily lives, and one area it's having a profound impact on is our financial institutions. With its ability to learn from interactions and mimic human behavior, credit unions in particular stand to benefit the most from this rapidly advancing technology. And with uses in both customer-facing roles and behind the …
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Over the last few years, contactless card payment adoption has skyrocketed thanks to universal concern over hygiene and the need for convenience. As we explore the technology and issues that are shaping the credit union industry, we'll ask Matt Collicoat, VP of Strategy for Cards and Money Movement at FIS what some of the emerging technologies are …
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Last but not least in our series on how the generations shop and pay, we get to know the Beyond Boomers. They’re our “wisdom keepers” who grew up in a time when life and business moved at a slower pace. Beyond Boomers have the lowest rates of digital payment adoption, and for many of them, technology is like a foreign language. But with a little pa…
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Ok Boomers, it’s your turn. Having grown up during a time of rising prosperity, the Baby Boomers value quality, service, and convenience. But this aging generation can be finicky when it comes to online shopping. Whether because of old-school preferences or a little impatience with technology, companies have to make the experience as seamless as po…
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As the first generation whose parents often both held jobs outside the home, members of Generation X are known for having a healthy distrust of authority and for doing things their own way. Gen-Xers tend to be ambivalent about entrusting their money with digital payment technologies, but that doesn’t mean they’re tech-averse. In this episode, host …
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Born between about 1980 and 1996, millennials saw the advent of the internet--unlike Gen Z, who were born after it became a household term. Living online comes naturally to millennials, but they still remember and value older ways of doing things. That means companies have to up their omnichannel marketing game if they want to win over this versati…
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This season, we’re taking a closer look at each of the five generations alive today and how they like to shop and spend their money. Armed with survey data from 15,000 consumers in 15 countries, experts from FIS will tell us how the way we pay is changing across generations and around the world. How do age, culture, and technology interact to make …
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As the ways we spend and move our money go ever-more digital, fraud and identity theft have followed not far behind. The technology revolutionizing financial services has created new opportunities for fraudsters to exploit. But it also brings new tools that we can use to protect ourselves--including identity safeguards that are more high-tech, and …
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Corporate credit cards can be a win-win for companies and their employees. For employees, they’re a convenient and rewarding way to pay for expenses, and for companies, they provide better transparency and control over their spending. So why aren’t more companies using them? While overall commercial card spending is growing, a lot of small and medi…
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Apps like Zelle and Venmo have made splitting happy-hour tabs with friends so much easier. But that’s only the tip of the iceberg when it comes to the impact of person-to-person payments, or “P2P.” P2P is not only changing how we move money, it’s radically transforming banking itself. FIS’ Norm Marraccini says that leaves only one option for banks …
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Cash is quickly disappearing as a form of payment. But what will take its place? Tech wizzes have given us a dizzying variety of devices and apps that make paying for things easier than lifting a finger. We’ve got smartphones, smartwatches, smart speakers. Digital wallets, P2P apps like Venmo, and refrigerators that will buy more milk for us when w…
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In the age of COVID, a lot of us are feeling more squeamish about paper money and the germs that may be hitching a ride on it. All across the world, people are using way less cash. But the pandemic only accelerated a trend that was well underway, with the rise of contactless cards and digital payment apps making a cash-free lifestyle more appealing…
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