Vendor Analysis
published on Oct 27, 2021
Report Overview:
This NelsonHall vendor assessment analyzes FIS' offerings and capabilities in Digital Banking Services.
Who is this Report for:
NelsonHall’s ‘Digital Banking Services: Transforming the Financial Services Industry’ Vendor Assessment for FIS is a comprehensive assessment of FIS’s banking industry digital services offerings and capabilities designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of digital processes and identifying vendor suitability for digital services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the support services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of digital services offerings, capabilities, and market and financial strength, including:
- Identification of the company’s strategy, emphases and new developments
- Analysis of the company’s strengths, weaknesses and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery locations.
Key Findings & Highlights:
FIS has been delivering digital services, starting with BPaaS, to banking clients for the last two decades. It began its BPaaS initiative with deposit services for Wingspan Bank, a Bank One subsidiary. Since then, FIS has delivered digital banking services to many other tier-one bank subsidiaries and regional banks. It has also delivered digital services to tier-one banks for individual product lines. Over time FIS has expanded its digital services to include SaaS and pure servicing (emerging functionalities).
The pandemic has changed the marketplace for digital services. Today FIS and its clients are delivering in a WFH environment. FIS moved 97% of its workforce into a WFH environment within six weeks while continuing to meet its contractual SLAs. Many banks were challenged to make the transition to a WFH environment, which provided FIS with an opportunity to support its clients in making the transition. The EPIC platform (see Delivery for description) has allowed FIS to track worker processing and experience. In addition, the pandemic has necessitated that operations change how humans and machines work together to deliver operational execution. To enhance the human-machine partnership, FIS has been expanding its PreBots offerings to automate processes and support human execution of processes.