Consumers Want an All-in-One Platform to Manage Their Finances While Businesses Invest in Future Forward Tech, According to FIS Study
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Key facts and findings
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FIS Financial Services Expectations vs Reality research asked US and
UK consumers about their personal financial decisions and business executives’ investment and innovation plans. -
47% of consumers said access to a single platform to manage all their financial services activity from all their providers was their top priority. -
91% of financial services company executives in the US and78% in theUK say high interest rates are impacting their ability to innovate and invest.
FIS’ Financial Services Expectations vs Reality research asked consumers in the US and
The research revealed that high inflation and the rising cost of living (
Consumers want an all-in-one solution to manage their financial services, but executives at financial services companies are taking a broad-brush approach to investment and innovation:
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47% of consumers said access to a single platform to manage all their financial services activity from all their providers was their top priority when asked what features and services they were most interested in using if offered by their financial service provider. -
There was consistent interest across generations in having one platform to manage all their financial activity, with every cohort picking it as their top priority (Boomers
57% , Gen-X50% , Millennials43% and Gen-Z39% ). -
While consumers expressed interest in using a single financial services platform, only
51% of surveyed financial services executives stated they plan to increase investment in the “management of multiple accounts/financial services from different providers” in the next 12 months.
“This research shows that despite consumers wanting to be able to see and manage their financial services in a unified platform, financial services companies are still taking a broader approach to investment across fraud and risk mitigation, digital wallets, generative AI, metaverse and other areas in equal capacity,” said Tarun Bhatnagar, President, Platform and Enterprise Products at FIS. “As embedded finance and open banking mature across the US and
While business executives at financial services companies said that economic headwinds like high inflation and the rising cost of living (
Business executives are taking a future forward approach to investment with a broad-brush approach:
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91% of financial services company executives in the US and78% in theUK say high interest rates are impacting their ability to innovate and invest. -
However,
92% of executives across the US andUK said they plan to increase or maintain investment in each of the following: fraud/risk mitigation solutions, digital wallets, artificial intelligence (AI) and machine learning technologies for processing as well as91% increasing/maintaining their investment in generative AI and87% in metaverse.
“Executives are telling us that they’re feeling the crunch of the economic uncertainty every bit as much as consumers, which is affecting how they are investing. From this research we can we see many executives leaning into more future-looking tech like AI and digital wallets,” Bhatnagar added. “Further, technology like generative AI is extremely new and executives are just beginning to explore how they can use it to create improved customer experiences as well as enhancing self-service for those customers while seeking novel ways to reduce operational expenses.”
About the FIS Financial Services Expectations vs Reality Research
FIS conducted a survey of 4,000 consumers and 800 business executives in the financial services industry in the US and
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20230815126722/en/
Kim Snider, 904.438.6278
Senior Vice President
FIS Global Marketing and Communications
kim.snider@fisglobal.com
Source: Fidelity National Information Services
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