On 10th April 2014, one of the largest providers of banking and payments technology – FIS – announced a new solution that enables credit unions and banks to compete efficiently with alternate financial services. FIS GenNOW was launched at the company’s InfoShare 2014 conference and will also will be featured at FIS Client Conference in May.
While often currently overlooked, young, mobile and entrepreneurial customers provide a large and growing market, as well as the opportunity to build long-term banking relationships as Generations X and Y become the main earners in the U.S. economy. According to the company, FIS GenNOW Financial Services allows financial institutions to capitalize on these customers by providing real-time access to funds via mobile or prepaid cards.
This video gives you an overview of FIS GenNOW:
- GenNOW customers can easily track their spending and manage their finances on the go.
- Users are allowed to make expedited bill payments using a mobile app and avoid late payment charges.
- They can load money to their prepaid cards via mobile app and have immediate access to their funds.
- They can get rewards for usage and meeting budget and savings goals.
- Users can track spending and balances with personal financial management tools and alerts.
- Users also obtain real-time notifications of offers reflective of their buying habits and interests.
Bruce Lowthers, FIS’ EVP of North American Card Solutions said: “One in four U.S. households conducts at least some financial transactions outside of the mainstream banking system. 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.”
FIS says that it is the world’s largest global provider dedicated to banking and payments technologies. The company serves over 14,000 establishments in around 110 countries. FIS is headquartered in Jacksonville, U.S and employs over 37,000 people worldwide.