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FIS Rolls Out New PFM-Based Mobile Solution

GenNOW is intended to allow banks to compete with alternative financial providers.

Jacksonville, Fla.-based FIS has released a new solution it says will help financial institutions to compete with alternative financial providers.

FIS GenNOW is a turnkey, brandable solution designed to help banks provide real-time access to funds via mobile or prepaid cards to customers.

Via the solution, banks can also allow their customers to load money to their prepaid cards through a mobile app, make expedited bill payments using a mobile app and track spending and balances with personal financial management tools and alerts, FIS said. Further, GenNOW allows for banks to offer their customers rewards for usage and meeting budget and savings goals and receive real-time notifications of offers reflective of their buying habits and interests,

[See Also: Mobile Commerce: A Boon for Banks]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
4/11/2014 | 7:21:48 PM
re: FIS Rolls Out New PFM-Based Mobile Solution
I think this is a good move for a vendor. It's important to recognize how competition is driving the mobile space. For instance, brick and mortar retailers would be happy to hop on a mobile payments solution that could actually improve the purchasing experience because those retailers need to compete with the seamless online shopping experience that Amazon and others provide. The same is true in financial services. Banks need to compete with the customer experience of Simple, PayPal and other innovative players.
Byurcan
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Byurcan,
User Rank: Author
4/11/2014 | 8:31:52 PM
re: FIS Rolls Out New PFM-Based Mobile Solution
Yes, it is definitely a good move, will hopefully allow smaller-mid size banks also compete in this area
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