Attracting and retaining young and mobile consumers is a highly competitive environment, particularly for financial institutions.
™ (NYSE: FIS), the world’s largest provider of banking and payments technology, today announced a new solution that allows banks and credit unions to compete effectively with alternative financial services.
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.
FIS GenNOW™ Financial Services allows financial institutions to capitalize on these customers by providing real-time access to funds via mobile or prepaid cards. GenNOW customers can easily track their spending and manage their finances on the go, as well as:
Watch GenNOW in Action
- Load money to their prepaid cards through a mobile app and have immediate access to their funds
- Make expedited bill payments using a mobile app and avoid late payment charges
- Track spending and balances with personal financial management tools and alerts
- Get rewards for usage and meeting budget and savings goals
- Receive real-time notifications of offers reflective of their buying habits and interests
A turnkey, brandable solution, GenNOW enables financial institutions to effectively compete in a disruptive market where their customers are being lured to conduct alternative financial services outside of the traditional banking system. By offering a GenNOW account, financial institutions will be able to capture new revenue and retain customers with state of the art financial services and tools.
“One in four U.S. households conducts at least some financial transactions outside of the mainstream banking system,” said Bruce Lowthers, EVP, 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.”