Financial Futures

Peer-to-peer payment platforms aren't a new concept. In fact, we've had the ability to move money through apps as far back as 2008. But the system was fractured and only adopted by individual institutions or small groups. Now the P2P landscape is unrecognizable from what it once was. Zelle has unified credit unions and banks, offering a one-size-fits-all solution for peer-to-peer payments. And along with technological changes, attitudes towards the platform have changed too, thanks in no small part to the pandemic and people's need to transfer funds cleanly and conveniently.

In this episode, we take a look at how the pandemic has impacted P2P payments and ask what's in store for Zelle and the institutions using it. Al Ko, CEO of the company behind Zelle, Early Warning, says that, at just three years old, Zelle is 'a large toddler', but with over 800 banks and credit unions using its platform already, it's growing fast. Al guides us through the opportunities P2P offers to credit unions and what the future of peer-to-peer payments could look like. We talk about:

• How the pandemic has prompted credit unions to increase digital engagement through Zelle.
• Why the nature of transactions made through P2P are changing.
• How Zelle can help credit unions to remain competitive and relevant.
• Why credit unions need to offer digital P2P services and why digital members offer more value.
• What the current trends in the adoption of Zelle indicate about the platform and the technology's future.

AI is inching more and more into our daily lives, and one area it's having a profound impact on is our financial institutions. With its ability to learn from interactions and mimic human behavior, credit unions in particular stand to benefit the most from this rapidly advancing technology. And with uses in both customer-facing roles and behind the scenes, AI is looking set to elevate the member experience of credit unions. 

In this episode of “Financial Futures,” we find out what exactly AI is, where the technology can be deployed, and how credit unions can take advantage of it. 

Jill Mason, Director of Business Transformation, Robotics and AI for FI Payments at FIS, explains how humans and artificial intelligence will work together within institutions, what AI can do to improve security, and how machines will deepen relationships between members and credit unions. 

We'll also discuss: 

• How AI will better account-holder experience. 
• Why better chatbots are key to a more personal service. 
• How FIS' AI chatbot, Mel, is already helping its customers. 
• The areas in which credit unions can adopt AI to benefit both their employees and members. 

Over the last few years, contactless card payment adoption has skyrocketed thanks to universal concern over hygiene and the need for convenience. As we explore the technology and issues that are shaping the credit union industry, we'll ask Matt Collicoat, VP of Strategy for Cards and Money Movement at FIS what some of the emerging technologies are and how they will benefit credit unions and their members.

Over the last few years, contactless card payment adoption has skyrocketed thanks to universal concern over hygiene and the need for convenience. But the digital payment landscape is still adapting and advancing. Even the once futuristic contactless cards now look relatively low-tech thanks to digital wallets and the ever increasing integration between our phones and our plastic.

In this season of Financial Futures, we'll be taking a look at the technology and issues that are shaping the credit union industry. Today, we'll be exploring the continually evolving card payment landscape alongside FIS' VP of Strategy for Cards and Money Movement, Matt Collicoat.

We'll be asking Matt what the emerging technologies are and what advances he thinks will be made over the coming years. We'll also discuss some of the hurdles that these innovations will face as well as the opportunities they could present to credit unions and their members. We'll also talk about:

• What controls do these new card technologies offer?
• What functionality do members expect from their cards?
• How will these innovations make our money safer?
• How can credit unions position themselves to take advantage of improving payment technology?

Last but not least in our series on how the generations shop and pay, we get to know the Beyond Boomers. They’re our “wisdom keepers” who grew up in a time when life and business moved at a slower pace. Beyond Boomers have the lowest rates of digital payment adoption, and for many of them, technology is like a foreign language. But with a little patience, they too can become fluent.

In this episode, Danny Russell, a payment technology strategist at FIS, joins us to talk about how to empower more Beyond Boomers to use digital payment tools, why financial inclusion is so important for our elders, and how to design e-commerce experiences with the personal touch they need.

Danny Russell, a payment technology strategist at FIS, and host Erin Dangler compare notes on their Beyond Boomer relatives and talk about how to support our elders as they learn to shop and pay in the digital age:

• Why Beyond Boomers still have a fondness for cash
• How to relate the benefits of contactless payments to their interest in security and financial responsibility
• Why financial inclusion should be a priority
• How to approach our elders with empathy when teaching them tech tools

Ok Boomers, it’s your turn. Having grown up during a time of rising prosperity, the Baby Boomers value quality, service, and convenience. But this aging generation can be finicky when it comes to online shopping. Whether because of old-school preferences or a little impatience with technology, companies have to make the experience as seamless as possible to get the Baby Boomers on board with digital shopping trends. 

In this episode, FIS Worldpay’s Pinar Alpay and Maria Prados join us to talk about why convenience and trust are essential to tap the unmatched spending power of this generation.

FIS Worldpay’s Pinar Alpay, senior vice president of global payment solutions, and Maria Prados, vice president of global retail and e-commerce, join us to talk about trends in how the Baby Boomers like to shop and pay:

• Why they still prefer traditional payment methods like credit cards
• How to build trust in the online shopping experience
• The rise of one-click checkout and its allure for Boomers
• How data and AI can be used to offer the personal attention and convenience they value

As the first generation whose parents often both held jobs outside the home, members of Generation X are known for having a healthy distrust of authority and for doing things their own way. Gen-Xers tend to be ambivalent about entrusting their money with digital payment technologies, but that doesn’t mean they’re tech-averse. 

In this episode, host Erin Dangler and fellow Gen-Xer Jason Pavona, senior vice president and general manager of global e-commerce at FIS, hash out why their generation prizes independence and security, still clings to their credit cards, and remains loyal to trusted brands.  

FIS’s Jason Pavona shares the Gen-X perspective as we continue to explore trends in how different generations like to shop and pay. Topics include:

• How brands can connect with this supposedly “marketing-resistant” generation
• Why Gen-X’s has been slow to adopt digital payments, and how to win their confidence around security issues
• What Gen-X’s extensive use of social media means for future payment trends
• Why they love their credit cards
• How to design rewards programs to attract Gen X customers

Born between about 1980 and 1996, millennials saw the advent of the internet--unlike Gen Z, who were born after it became a household term. Living online comes naturally to millennials, but they still remember and value older ways of doing things. That means companies have to up their omnichannel marketing game if they want to win over this versatile crowd.

We talk with a member of the millennial generation today as we continue our series on how the generations like to shop and pay. Ellen Straus, the strategic sales director of global e-commerce and retail at FIS Worldpay, tells us why she and her peers embrace digital payments but still like to shop in stores, and how retailers can use data to engage millennials with the meaningful online and “IRL” experiences they seek. 

FIS Worldpay’s Ellen Straus is our insider guide to millennials as we explore trends in how her generation likes to shop and pay. 

Topics include:

• Why millennials like to research online but shop in stores
• How brick and mortar stores contribute to the brand experience
• What millennials expect from an omnichannel shopping experience
• How data can help brands engage millennials at every touchpoint 

This season, we’re taking a closer look at each of the five generations alive today and how they like to shop and spend their money. Armed with survey data from 15,000 consumers in 15 countries, experts from FIS will tell us how the way we pay is changing across generations and around the world. How do age, culture, and technology interact to make the generations unique, and which global trends unite us all?

First up: Gen Z. Phil Pomford, general manager of global e-commerce at FIS Worldpay joins us to explain why social media is the new shopping mall for the youngest generation, why they like to “buy now, pay later,” and why trust and personalization are so important for connecting with Gen Z. 

FIS Worldpay’s Phil Pomford joins us as we explore trends in how the digital natives of Gen Z like to shop and pay. Topics include:

• How Gen Z is driving the rise of social commerce
• Why winning the trust of social shoppers is essential
• How culture and local forms of payment complicate global trends
• Why the youngest generation is embracing a very old idea in retail
• How brands can reach Gen Z now and in the future

As the ways we spend and move our money go ever-more digital, fraud and identity theft have followed not far behind. The technology revolutionizing financial services has created new opportunities for fraudsters to exploit. But it also brings new tools that we can use to protect ourselves--including identity safeguards that are more high-tech, and definitely more convenient, than the passwords and nostalgic security questions of yore.

Eric Kraus, vice president of fraud, risk, and compliance solutions at FIS, believes that the benefits of our new financial technologies ultimately outweigh the risks. But he says consumers and financial institutions still have a long way to go to fully mobilize fraud prevention measures.

In the Season One finale of “Financial Futures,” FIS’ Eric Kraus joins us to discuss fraud in the digital age. Topics include:

• How fraudsters have adapted to new digital payment technologies
• How the COVID pandemic has fueled fraud trends
• Why some of the most tech-savvy people among us are at the greatest risk for fraud
• How financial institutions can up their game to protect customers
• Tips for good “password hygiene” and other ways to avoid falling victim

Corporate credit cards can be a win-win for companies and their employees. For employees, they’re a convenient and rewarding way to pay for expenses, and for companies, they provide better transparency and control over their spending. So why aren’t more companies using them? 

While overall commercial card spending is growing, a lot of small and medium-sized businesses still haven’t adopted them. But Ellen Winterod, senior product manager at FIS, says that’s starting to change. As the COVID crisis shakes up ways of doing business, companies have new incentives to embrace commercial credit cards and their evolving digital capabilities. 

Will commercial cards continue to catch on with the middle and lower ends of the market? Is catering commercial card offerings to this segment a risky play for financial institutions, or an untapped opportunity?

In this episode of “Financial Futures,” Ellen Winterod, senior product manager at FIS, joins us to discuss:

• Why COVID is forcing companies to rethink how they pay for expenses
• The advantages of using commercial cards vs. personal cards for business spending
• The digital trends driving commercial card adoption
• How financial institutions can reach untapped markets for commercial cards
• and design products that cater to the digital age