FIS, the world’s largest provider of banking and payments technology, announced a new solution on Thursday that allows banks and credit unions to effectively compete with alternative financial services
“One in four U.S. households conducts at least some financial transactions outside of the mainstream banking system,” Bruce Lowthers, the executive vice president of North American Card Solutions at FIS, said. “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’ GenNOW Financial Services allow financial institutions to capitalize on currently overlooked young, mobile and entrepreneurial customers that provide a large and growing market by providing real-time access to funds via mobile or prepaid cards.
GenNOW customers can also track their spending and manage finances on the go, load money to prepaid cards through a mobile app the provides immediate access to the funds, make expedited bill payments using a mobile app to avoid late payment charges, track spending and balances, get rewards for usage and meeting budget and savings goals, and receive real-time notifications of offers reflective of their buying habits and interests.
GenNOW was launched at FIS’ InfoShare 2014 conference, which highlights technology, trends and opportunities for the community bank sector.