FIS: A 360-Degree Wealth Management Solution

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Gary Norcross, Chairman, President & Chief Executive Officer, FISGary Norcross, Chairman, President & Chief Executive Officer As a provider of retail, corporate and investment services across Arab republic and internationally, Credit Agricole Egypt recently jumped on the bandwagon of digital transformation to meet the heightened customer expectations and efficiently handle the complex internal workflow. In the process of the adoption, Credit Agricole increased its count of ATMs, and at the same time, launched innovative wallet services along with debit and credit card services. Despite having a full spectrum of private, personal and business banking services, the bank struggled to process the reconciliation. Rising transaction volumes overburdened the workforce, pushing the bank to look for a technology-driven, full-automated solution. Credit Agricole overcame the hurdle by implementing FIS IntelliMatch, automated reconciliation software that reduces costs and risks while improving the efficiency, agility, transparency, and control across an organization’s reconciliation environment.

Thanks to FIS’ IntelliMatch solution, Credit Agricole Egypt has been able to automate the validation of millions of transactions comprehensively. And with FIS’ sophisticated yet highly user-friendly technology, staff can rapidly resolve even the most complex breaks and disputes. While reducing the errors and operational losses caused by manual reconciliations in disparate spreadsheets, IntelliMatch has helped the bank make the reconciliation process easier to manage and control. As a result, the bank’s staffs have become more productive with more power to respond to disputes in much shorter timeframes. This enhances not only the efficiency but also customer service. This is just one of the many solutions Florida-based FIS Global offers. FIS’ solutions are not limited to commercial banking alone. They cater overall to the entire universe of financial ecosystems and areas including Insurance, Investment Banking and Brokerage, Investment Management and Servicing, Payments, Retail Banking, among others.

It’s not uncommon that the desire for instant digital access to services from banks has grown multifold in recent years, as investors and corporate customers are adapting to more digital experiences. With little to no desire to visit the physical locations, the customers expect their banks to process all their services—be it loan application or mortgage—requests digitally. By leveraging FIS’ commercial lending solutions, FIS Commercial Lending Suite and Commercial Loan Origination, banks can deliver a delightful customer experience while mitigating the cost at the same time. Regardless of the size of the organization, whether it’s a small-to-medium enterprise or a multinational corporation, financial institutions can individually choose from a wide array of modules based on their needs.

FIS hits the bull’s eye by mercilessly targeting the expensive and horribly inefficient processes and systems

Harmonizing the Operational Workflow

As the backbone of any organization, operations technology must work efficiently and harmoniously without disrupting the organizational workflow. For most banks, the strain is predominant on their legacy systems, leading to manually intensive processes; the consequences lead to more significant inefficiencies and high cost. FIS hits the bull’s eye by mercilessly targeting the expensive and inefficient processes and systems. FIS addresses the operational challenges through its state-of-the-art IntelliMatch and XSP solutions. Whether bank reconciliation, tax reporting, data processing or collateral management, IntelliMatch and XSP raise the bar on operational control and efficiency as they take strides toward the future.

Complete Visibility into Liquidity Risks

In an environment of fluctuating rates unexpectedly, banks encounter a bevy of new risks that could inspire an outflow of customer capital, or challenge their overall liquidity in rare cases. For efficient management of the balance sheet and other financial statements, FIS’ risk management and reporting solutions aid in mitigating liquidity risk while guiding the bank with a strategic direction to address banking regulations like Interest Rate Risk in the Banking Book (IRRBB) and IFRS 9.

For a bank’s treasury management, FIS offers centralized treasury management solutions called “Ambit Treasury (Quantum)” and “Front Arena,” for better cash management, liquidity, foreign exchange, trading and more. Besides, FIS also provides commercial treasury solutions to support payments, account analysis and statements, plus outsourced treasury management solutions that include managed bank connectivity. Ambit Treasury (Quantum) and Front Arena allow banks to standardize workflows, streamline their treasury operations, and find opportunities to make the most of their institutions’ liquidity and capital.

Again, manual processes are historically cumbersome for businesses to manage operations, especially when resources such as money and time are inadequate. Credit and collections departments with limited staffs, for instance, cannot rely on the manual processes, requiring them to focus on bringing automation in the workflow. FIS’ credit and collections management solution brings a sigh of relief, helping businesses to mitigate credit risk and dispute cycle time by automating cash application. The result is lower days sales outstanding, and improved visibility into cash and risk.

FIS has picked on the challenges of the market very carefully, including that of the retail industry. In the blitzkrieg of digital transformation where shoppers expect increased customer experience, retailers need new solutions to meet the evolving consumer demands across channels. Coupled with this is a complex regulatory environment that can pose a plethora of challenges for banks to keep up with the new expectations.

FIS provides a merchant services suite— encompassing online payments, gift cards and charge backs— that helps retailers acquire, engage and protect customers as they conduct anywhere, anytime commerce. To increase the potential of retail businesses, FIS has introduced the Valutec gift card program designed to build brand awareness and provide a seamless customer journey through the sales pipeline, improve cash flow and generate more revenue. In partnership with Ethoca, FIS directly works with merchants and cardholders to quickly resolve chargeback disputes; the solution offers speedy resolution and better settlement timeframe management.

Lower your Ownership Cost with FIS’ Global Outsourcing Solution

Eventually, the primary responsibility comes down to the IT department in any business. Anywhere, IT departments sizzle under increasing pressure to meet the expectations of multiple stakeholders on the string. Be it dealing with ever-increasing security risks, bigger customer expectations or shrinking budgets. FIS, with decades of experience in global outsourcing capability, can significantly lower the cost of ownership and operational efficiency. With an army of over 15,000 personnel spread across continents, FIS has earned well-known clients including Seacoast Bank, Australian Bureau of Statistics, and Oriental Bank. The outsourcing services of FIS are categorized into IT Outsourcing, Application Services Outsourcing and Business Process Management. By leveraging its proven capabilities in Artificial Intelligence, Machine Learning, Robotics Process Automation and Advanced Analytics, FIS has built a unique digital product suite to help organizations create their digital twin.

With a fully-hosted and managed IT services platform, FIS powers all-encompassing IT outsourcing solutions. With a broad range of fully managed or hybrid solutions, FIS can help in transforming infrastructure environments, including Mainframe, Data Center Management, Cloud Services, Data Network Services, and Service/Help Desk. As a CMMI, ISO, PCI, MPM and CPDE-certified provider, FIS enables clients to make reliable technology decisions driven by well-defined outcomes that support business goals and objectives in various industries.

"It’s not uncommon that the desire for instant digital access to services from banks has grown multifold in the recent years, as investors and corporate customers adapt to more digital experiences"

Recently, FIS launched a FIS’ Director Access—a secure portal that provides a convenient, online platform for board members and executives. Director Access connects users to documents, contacts, calendars and more. By ensuring that board members have easy access to the latest company information they need to review, FIS’ Direct Access connects users to documents, calendars, contacts and more. Traditionally, communications to board members have been manually-driven, paper-based, but Director Access provides directors with more timely information and companies with more streamlined book creation and tighter information security.

- James Robertson
    July 26, 2019