FIS is continuing its investment in AI as it sees higher client retention rates and improving risk management.
“We anticipated that AI would transform financial services, but the pace and depth of adoption have exceeded our expectations,” Chief Executive Stephanie Ferris said during the company’s third-quarter earnings call on Nov. 5. “Our clients are leaning in and asking us to help shape their AI journeys, viewing us as a strategic partner.”
The Jacksonville, Fla.-based company is deploying new AI-driven tools for their clients, which boosts client retention, Ferris said, adding that an increase in the bank’s tech spend will be a tailwind for its growing business.
“We’re achieving [revenue growth] through our investments in AI, which are fundamentally transforming how we operate and improve everything from client support to risk management to product development, modernizing our solutions to help our clients run, grow and protect their businesses more effectively,” she said.
FIS reported banking solution revenue of $1.8 billion for the quarter, up 6.5% year over year, partly driven by high demand for AI solutions, while its recurring revenue also increased 6% YoY, according to the Q3 earnings report.
Working with the industry
While FIS develops some AI solutions in-house, it also forms partnerships with other fintechs and explores acquisitions that aid its long-term strategy, Ferris said.
FIS teamed with AI-driven chatbot service provider Glia to provide its financial services clients with improved chatbot capabilities, according to an FIS release published Oct. 9.
Digital is rapidly becoming the default experience for retail banking customers and they expect personalized interactions, Shane McWilliams, head of retail banking for Digital One at FIS, told FinAi News.
“That is difficult to do at scale, and the more cutting-edge AI-driven chat bots are helping to bridge that gap,” McWilliams said. “Both internal and external chat bots are gaining traction, but the demand is far more for external given the demand for more personalized customer service.”
FIS’ third-party partnership strategy is to offer the core capabilities that banks want and partner with providers for them, McWilliams said.
Glia is an omnichannel provider and will be “integrated into many of the central functions at FIS to create a higher level of integration for our digital banking customers,” he said.
FIS also announced the acquisition of AI-driven onboarding and lending service provider Amount for an undisclosed price, according to FIS’s Sept 25 release.
The Amount “acquisition is a perfect example of how we are using AI to help clients grow their business,” Ferris said. “Amount’s platform fundamentally changes how banks acquire and onboard customers while helping to grow revenue and reduce friction and risk.”
The acquisition is expected to contribute around 20 basis points of additional growth in the coming quarters, Ferris said.
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