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Financial Futures

Financial Futures

Author: FIS

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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 already transforming the way the world pays, banks and invests across the globe. And the mechanisms we’ll need to prosper in this brave new landscape.

Is the world’s technology up to the challenge? Are we?
26 Episodes
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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 money might be the solution to widespread stress. He says financial wellness programs are “a tangible way that we're helping the community get better by improving their financial health.” In this season 5 finale of Financial Futures, FIS’ Brian Fey joins us to explain what a financial wellness program is, and how it can help relieve anxiety money often brings. We’ll look at the history of these initiatives and how banking’s digitization transformation has changed financial education efforts. We’ll also cover:  How does financial stress affect an individual?  How can banks start their own financial wellness programs?  How did COVID-19 change our approach to financial wellness? 
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 for banks, “it’s a matter of competitive survival.”   COVID-19 expedited this need for digital services–mobile signups and transaction volumes significantly increased in the last year. How are banks adapting to this high demand, and what can they do to start their switch to digital? We’ll also look at:  How has the definition of digital evolved over time?  What makes a good digital customer experience? How will branch banks be utilized in the digital future?  How are some financial leaders approaching their digital transformation? 
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: “if the consumer is dictating the pace of change, financial institutions, merchants, and retailers all have to evolve towards that.” In season five of Financial Futures, we're focusing on banking's digital transformation, and why the switch to digital is no longer just nice to have––it's a necessity. We'll unpack what this digitization trend looks like for banks, consumers, and communities.  Retail loans have helped consumers for generations make big purchases. In this episode, we’re looking at how the retail loan process has adapted to changing consumer trends, digitization efforts and the pressures of a global pandemic. We’ll also look at:  How has the influx of PPP loans affected credit metrics?  What role are Fintechs playing in the digital transformation of retail lending?  How has the influx of new data changed loan decisioning?
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 digital transformation, and why the switch to digital is no longer nice to have––it's a need. We'll unpack what this digitization trend looks like for banks, consumers, and communities.  In this episode, we’re talking about real-time banking with Matt Lessig. Matt explains what real-time solutions are available for financial institutions and how they’re being implemented. What role are fintechs playing in this switch? We’ll also talk about:  How did the posting process traditionally work?  What’s the difference between memo posting and real-time posting?  How does real-time banking cut costs?  What are some roadblocks to making the real-time switch? 
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 banking remained steadfast.  In this season of Financial Futures, we're focusing on banking's digital transformation. Digitization is no longer optional for financial institutions––it's necessary. We'll unpack what this trend actually means for banks, consumers, and communities alike.  In this episode, Brian McCumber, CPA, director of Next Generation Banking at FIS, explains how commercial banks have adapted in the past year and the challenges they still face ahead. We’ll explore how the commercial customer experience changed and the three major priorities for commercial banks. We’ll also talk about:  What are some bright spots of the commercial banking sector?  How are commercial banks implementing government support schemes? What role are fintechs playing in the digital transformation of commercial banking?  What are the fundamentals of commercial banking? 
Digitization of the payment process was inevitable, but the timeline to real-time was expedited in 2020. Now that the future of payments is here, what’s next for instant payments? In the season finale of Financial Futures, Aman Cheema, Senior Vice President Global Real Time Payments, Strategy, and Innovation at FIS, shares his prediction for what’s ahead for real time payments. We’ll explore barriers to innovation and what it will take to get to real-time payments from obscurity to ubiquity.   We'll also cover: How is interoperability being approached as the real time payments landscape grows?  What are Central Bank Digital Currencies? What are the challenges of monetizing RTP?  What effect does RTP have on economies? 
Adoption and usage of real-time payments has accelerated during the COVID-19 pandemic, with the volume of real-time payments surging around the globe. In this new era of faster payments, Daniel Mayhew, GM, Real-Time Payments Cross-Border, FIS, says "the digital borderless commerce economy of 2021 demands faster payments, more efficiency, and more transparency. A simplified solution for cross-border payments is what we need."Traditionally, when money is sent from one country to another, the payment process can be expensive, slow, and frustrating. But as global e-commerce booms, this complicated process no longer cuts it. In this episode of Financial Futures, we're breaking down the cross-border payment process to understand how these payments can be ramped up to real-time.We'll also cover: What are the roadblocks to making cross-border payments faster? What are some cross-border payments use cases? What technologies will make cross-border RTP a reality? When can we expect to send a cross-border payment in real time?
Real time payments have only been a reality in the United States since 2017. The RTP network was the first new payments scheme in the U.S. in 40 years. But even in its adolescence, RTP in the U.S. has had a demonstrable impact. Financial liquidity is crucial for small businesses, consumers and corporations alike, and real time payments have shifted the power to the people. No longer are banks the sole gatekeepers to financial flexibility. Add a global pandemic and the growing gig economy, and real time payments seem to be the solution. But according to Ginny Chappell, Senior Vice President, Global Real-time Payments, FIS, the U.S.’s legacy infrastructure and payment traditions have made the leap to RTP harder. In this episode of Financial Futures, we’re examining digital payment trends in the United States and learning how RTP is revolutionizing our financial landscape--and what it will take for us to see widespread adoption of this innovation. We’ll also learn:   How have funds been dispersed traditionally in the United States?  What are the limitations of real time payments?  How does RTP foster financial inclusion?  What’s a me-to-me payment? 
Global RTP Trends

Global RTP Trends

2021-04-0832:21

Real time payments are not a recent innovation. Japan first introduced the world to instant payments in 1973, with the Zengin System. In comparison, the UK’s first real time payment system went live in 2008, while the EU launched theirs in 2017. Why are there such gaps in this global timeline? In this episode of Financial Futures, we explore the complexities and challenges of rolling out new payments schemes like RTP.  Bernd Richter, Senior Vice President and Group Executive, Global Real Time Payments Network – Europe , highlights global leaders in real time payments and shares what we can learn from their successes and struggles. We'll also talk about:●      How are real time payment systems being monetized? ●      What impact does culture have on payment landscapes? ●      How exactly does the regulatory environment affect innovation? ●      Is global adoption of RTP possible?
Over the years, payment methods have evolved from slow to fast, to faster. Wire-transfers improved upon sending money via check, and same-day ACH sped up this process even more. But we’ve now entered the payment era of instant. With real-time payments, money can be sent instantaneously with the click of a button. But this immediacy means more than convenience--making payments in real time is revolutionizing our fractured financial landscape.In this season of Financial Futures, we're exploring how real-time payments (RTP) are transforming the way money moves. From businesses to banks, to small players to global leaders, faster payments is changing the way we all send, request, and receive money, and the effects of RTP can be seen outside of your bank account.In this episode, Chris Storbeck, Senior Vice President of real-time payments and strategic partnerships at FIS, breaks down what it actually means to send money in real time. We'll be asking Chris why businesses have been hesitant to switch to real time rails, and why they should...before it’s too late. We'll also talk about: Where has our current payment landscape failed? Why does payment speed really matter for businesses? How can RTP change how businesses operate? What are the costs of RTP?
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, cookies, search histories and so much more. And as useless as this data might seem to us, to our financial institutions it offers a unique and valuable insight into the products and services we use, allowing them to better predict and meet our needs.This is the vast and almost incomprehensible world of big data. And in the season finale of "Financial Futures" we'll be looking at how credit unions can use big data to better serve their members.Pete Hilger, CEO and President of Allied Solutions explains what kind of data credit unions are interested in and shares with us how they can use it to offer members tailored services. We also explore how credit unions can use big data to better assess loan risks and personalize lending rates, and how they can use it to make better-informed decisions on lending, rather than relying on a small number of metrics such as credit scores.Join us in this episode as we take a deep dive into big data and discuss: How credit unions are uniquely positioned to take advantage of big data. What benefits, other than more accurate risk measuring, will the incorporation of big data have on credit unions and members. How big data can positively impact marketing efforts as well as create more relevant financial products. What credit unions need to do to take advantage of big data now and how it can help them remain competitive in the crowded lending landscape.
DEI in Credit Unions

DEI in Credit Unions

2021-03-1829:34

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 just about ticking boxes and meeting quotas - it's been proven to have a hugely beneficial impact for businesses and their customers, improving collaboration, problem-solving, and helping to attract and retain a larger customer base.In this episode of "Financial Futures", we discover what DEI actually is and ask what improved DEI can do for credit unions and their members. We also explore where credit unions are ahead of the curve, where improvements can be made, and how they can increase their levels of diversity, equity and inclusion.Angela Russell, Vice President, Diversity, Equity and Inclusion at CUNA Mutual Group says that 'compliance does not always equal inclusion' and that organizations need to go further than doing what is required to be truly inclusive. We talk about: Why is DEI so relevant right now and why is it important for the future of credit unions? How can diverse leadership teams positively impact credit union staff and members? Why it's important to get comfortable with having uncomfortable conversations. Who should shoulder the responsibility of advocating for DEI?
P2P Predictions

P2P Predictions

2021-03-1127:42

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-fits-all solution for peer-to-peer payments. And along with technological changes, attitudes towards the platform have changed too, thanks in no small part to the pandemic and people's need to transfer funds cleanly and conveniently.In this episode, we take a look at how the pandemic has impacted P2P payments and ask what's in store for Zelle and the institutions using it. Al Ko, CEO of the company behind Zelle, Early Warning, says that, at just three years old, Zelle is 'a large toddler', but with over 800 banks and credit unions using its platform already, it's growing fast. Al guides us through the opportunities P2P offers to credit unions and what the future of peer-to-peer payments could look like. We talk about: How the pandemic has prompted credit unions to increase digital engagement through Zelle. Why the nature of transactions made through P2P are changing. How Zelle can help credit unions to remain competitive and relevant. Why credit unions need to offer digital P2P services and why digital members offer more value. What the current trends in the adoption of Zelle indicate about the platform and the technology's future.
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 scenes, AI is looking set to elevate the member experience of credit unions. In this episode of “Financial Futures,” we find out what exactly AI is, where the technology can be deployed, and how credit unions can take advantage of it. Jill Mason, Director of Business Transformation, Robotics and AI for FI Payments at FIS, explains how humans and artificial intelligence will work together within institutions, what AI can do to improve security, and how machines will deepen relationships between members and credit unions. We'll also discuss:  How AI will better account-holder experience.  Why better chatbots are key to a more personal service.  How FIS' AI chatbot, Mel, is already helping its customers.  The areas in which credit unions can adopt AI to benefit both their employees and members. 
Card Payment Evolved

Card Payment Evolved

2021-02-2530:44

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 and how they will benefit credit unions and their members.Over the last few years, contactless card payment adoption has skyrocketed thanks to universal concern over hygiene and the need for convenience. But the digital payment landscape is still adapting and advancing. Even the once futuristic contactless cards now look relatively low-tech thanks to digital wallets and the ever increasing integration between our phones and our plastic.In this season of Financial Futures, we'll be taking a look at the technology and issues that are shaping the credit union industry. Today, we'll be exploring the continually evolving card payment landscape alongside FIS' VP of Strategy for Cards and Money Movement, Matt Collicoat.We'll be asking Matt what the emerging technologies are and what advances he thinks will be made over the coming years. We'll also discuss some of the hurdles that these innovations will face as well as the opportunities they could present to credit unions and their members. We'll also talk about: What controls do these new card technologies offer? What functionality do members expect from their cards? How will these innovations make our money safer? How can credit unions position themselves to take advantage of improving payment technology?
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 patience, they too can become fluent.In this episode, Danny Russell, a payment technology strategist at FIS, joins us to talk about how to empower more Beyond Boomers to use digital payment tools, why financial inclusion is so important for our elders, and how to design e-commerce experiences with the personal touch they need.Danny Russell, a payment technology strategist at FIS, and host Erin Dangler compare notes on their Beyond Boomer relatives and talk about how to support our elders as they learn to shop and pay in the digital age: Why Beyond Boomers still have a fondness for cash How to relate the benefits of contactless payments to their interest in security and financial responsibility Why financial inclusion should be a priority How to approach our elders with empathy when teaching them tech tools
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 possible to get the Baby Boomers on board with digital shopping trends. In this episode, FIS Worldpay’s Pinar Alpay and Maria Prados join us to talk about why convenience and trust are essential to tap the unmatched spending power of this generation.FIS Worldpay’s Pinar Alpay, senior vice president of global payment solutions, and Maria Prados, vice president of global retail and e-commerce, join us to talk about trends in how the Baby Boomers like to shop and pay: Why they still prefer traditional payment methods like credit cards How to build trust in the online shopping experience The rise of one-click checkout and its allure for Boomers How data and AI can be used to offer the personal attention and convenience they value
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 Erin Dangler and fellow Gen-Xer Jason Pavona, senior vice president and general manager of global e-commerce at FIS, hash out why their generation prizes independence and security, still clings to their credit cards, and remains loyal to trusted brands.  FIS’s Jason Pavona shares the Gen-X perspective as we continue to explore trends in how different generations like to shop and pay. Topics include: How brands can connect with this supposedly “marketing-resistant” generation Why Gen-X’s has been slow to adopt digital payments, and how to win their confidence around security issues What Gen-X’s extensive use of social media means for future payment trends Why they love their credit cards How to design rewards programs to attract Gen X customers
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 versatile crowd.We talk with a member of the millennial generation today as we continue our series on how the generations like to shop and pay. Ellen Straus, the strategic sales director of global e-commerce and retail at FIS Worldpay, tells us why she and her peers embrace digital payments but still like to shop in stores, and how retailers can use data to engage millennials with the meaningful online and “IRL” experiences they seek. FIS Worldpay’s Ellen Straus is our insider guide to millennials as we explore trends in how her generation likes to shop and pay. Topics include: Why millennials like to research online but shop in stores How brick and mortar stores contribute to the brand experience What millennials expect from an omnichannel shopping experience How data can help brands engage millennials at every touchpoint 
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 the generations unique, and which global trends unite us all?First up: Gen Z. Phil Pomford, general manager of global e-commerce at FIS Worldpay joins us to explain why social media is the new shopping mall for the youngest generation, why they like to “buy now, pay later,” and why trust and personalization are so important for connecting with Gen Z. FIS Worldpay’s Phil Pomford joins us as we explore trends in how the digital natives of Gen Z like to shop and pay. Topics include: How Gen Z is driving the rise of social commerce Why winning the trust of social shoppers is essential How culture and local forms of payment complicate global trends Why the youngest generation is embracing a very old idea in retail How brands can reach Gen Z now and in the future
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