Headquarters: Jacksonville, Florida
Category: Multinational Corporation
Industry: Financial Technology
Stock Exchange and Ticker Symbol: NYSE: FIS
FIS is a leading global provider of technology and services to the financial services industry. Over the past decade it has acquired leading payment companies including e-funds, NYCE and Metavante. FIS had revenues of $9.2 billion in 2016 and employs over 56,000 people globally.
How does your company fit into the card-linking or online-to-offline commerce ecosystems?
FIS is the world’s largest global provider dedicated to banking and payments technologies. FIS empowers the financial world with payment processing and banking solutions, including software, services and technology outsourcing. FIS’ more than 53,000 worldwide employees are passionate about moving our clients’ business forward. FIS has played a crucial role in both the card-linking and online-to-offline commerce ecosystems, working with over 3,100 financial institutions and retailers, providing mass enabled card-linked offers. The emergence of our Premium Payback network leaves a highly recognized footprint within the card-linking ecosystem.
This innovative network has revolutionized loyalty reward redemptions. FIS technology has linked millions of credit cards with loyalty programs, enabling redemptions at point-of-sale and significantly increasing the buying power for loyalty members. FIS initially entered this space by providing loyalty members the ability to redeem loyalty points as currency at integrated fueling stations. Since then, FIS has continued to grow and build an expansive network through a variety of other spaces including the retail landscape and mobile wallets, while continuing to explore new verticals.
Who are you trying to reach?
Our reach is multi-faceted. While our ongoing goal is to reach and engage the cardholder, our focus also includes continued innovation with new and existing strategic partners. We always seek to educate our clients, bringing in our knowledge and expertise to help determine where the industry is heading. Since there is no one-size-fits-all approach, our steps to extend our impact are proactive, rather than reactive.
How will your company approach online-to-offline commerce that is new or different?
As the world of online-to-offline commerce grows and extends beyond traditional outlets, FIS remains agile, changing with the industry. In the Financial Institution space, our ScoreMore merchant funded card programs proved successful. However, we knew adaptation would be necessary in order to achieve consumer adoption and further engagement. As a result, we added analytics-based targeted offers through our ScoreMore Deals product, providing cardholder-specific offers based on spending habits. In 2017, we also began a partnership with Best Buy that allows cardholders the ability to redeem online or pickup in-store. This eliminated the wait time for mail delivery, tying back to online-to-offline commerce concepts. Our most recent developments have seen massive success, allowing card-linked offers to be presented at point-of-sale.
What are some insights or challenges in implementing of your solution?
Our latest innovation, Premium Payback, has garnered insight into consumer spending behavior. Like the ScoreMore example above, it has provided the ability to shift competitive spending from one retailer to another through card-linked offers being presented at point-of-sale. Additionally, we see a new unique ecosystem where consumers, financial institutions and retailers benefit from the same opportunities.
What are some new projects for this year?
The focus for new FIS projects in 2017, and into 2018, is largely centered around the expansion of card-linked offers through our Premium Payback network. Our focus is to create new and unique opportunities to engage consumers in real-time with targeted card-linked offers that drive increased spending and engagement. This networkexpansion will focus on partnerships with new verticals. This includes big box retailers, pharmacies and grocery stores. A significant, additional focus will be made on mobile wallet and online integrations, expanding our reach of consumers.
How will the online-to-offline commerce industry develop over the next five years?
As consumer spending and behaviors change, the industry will evolve to include a broader focus on digital and mobile spending. Additionally, new and creative market partnerships will emerge, and continue to drive revolution and increased consumer engagement.