The 2018 winners are: PurePoint Financial, Seacoast Bank, Spectrum Pension Consultants, LinkedIn, UMB Fund Services, HSBC, the Annuity Division of Great American Insurance Group, Security First Bank, CenterState Bank and State Bank of India-California.
The annual FIS Impact Awards, independently judged by leading industry analyst research group Celent, recognize organizations that are using FIS technology or services in innovative ways to better serve their customers and drive tangible business results. Entries were judged on the criteria of applied innovation, tangible return on investment and enhanced customer service.
For each of the winning entries, the FIS Foundation is making a $10,000 donation in the client’s name to charitable organizations designated by the clients.
“I am excited to recognize the ten winners of this year’s FIS Impact Awards,” said Gary Norcross, president and CEO, FIS. “Each of these winning clients showed creative thinking in applying financial technology to achieve their business goals and meet the changing needs of their customers. We are pleased to honor the innovative work they have done, while giving back to the community.”
“The innovation demonstrated by these firms was impressive,” said Dan Latimore, senior vice president, Banking, Celent. “This year’s field of winners span a wide range of projects and technologies, but the common theme is finding breakthrough ways of using technology to enhance customer experiences and drive business value.”
The following clients were recognized with awards at the annual FIS Connect Conference, held this week:
- PurePoint Financial, a division of MUFG Union Bank, was recognized for the successful recent launch of its “hybrid digital bank,” based on FIS technology. PurePoint’s model, which combines the convenience of online banking services with high-touch physical centers at select U.S. locations, has allowed Union Bank to expand its footprint beyond the West Coast to serve clients in all 50 states.
- Seacoast Bank, a leading community bank based in South Florida, was recognized for its use of advanced data analytics to enhance decision-making and optimize its customer relationships. Seacoast Bank’s Customer Lifetime Value (CLTV) modeling tool uses machine learning and predictive modeling techniques to analyze transactional data on its FIS core banking systems, helping the bank identify and retain its most valuable customers, while optimizing its branch network for growth.
- Spectrum Pension Consultants was recognized for its innovative use of FIS technology to simplify origination and servicing of individual retirement accounts (IRAs). The solution, developed to meet the needs of a key Spectrum client, allows individual investors to originate and manage IRAs online. The solution has allowed Spectrum’s client to grow its IRA business while significantly reducing account origination times and telephone support requests.
- LinkedIn, the world’s largest professional network, was recognized for the innovative use of FIS technology to transform its credit and collections operations. The project involved integrating and automating manual processes for managing credit reviews and collections. By implementing improved collection processes and real-time credit checks, the solution has enabled LinkedIn to reduce days sales outstanding and improve cash flow, while providing sales teams greater visibility to status of customer accounts.
- UMB Fund Services, a leading provider of services to the fund industry, was recognized for its innovative use of FIS technology to automate processing of alternative investment transactions. Seeing an opportunity to serve the growing market for unlisted closed-end funds, UMB Fund Services developed a fully automated recordkeeping and transaction system for its clients and broker-dealers. The technology has helped the firm position itself as a leading administrator and transfer agent for closed-end products.
- HSBC, one of the world’s largest banking and financial services groups, was recognized for its work with FIS to create a strategic IT roadmap to enhance the bank’s fund accounting services operations. By automating middle-office functions, the initiative has increased operational efficiency, reduced cost and risk, streamlined workflow, and accelerated development of new products and services. The initiative has also helped HSBC prepare and leverage reporting requirements under the European Union’s MiFID II directive, which went into effect in January.
- The Annuity Division of Great American Insurance Group was recognized for its use of FIS technology to transform its monthly bank reconciliations process. Great American Insurance Group was able to fully automate this labor-intensive process, enabling the division to significantly improve turnaround times and reduce costs, while meeting regulatory requirements.
The following community bank clients will be recognized with awards at the annual FIS InfoShare Conference on May 14-16:
- Security First Bank, a community bank serving Nebraska and southwest South Dakota, was recognized for its innovative use of FIS technology to provide instant-issue debit affinity cards to customers in rural locations. The custom-designed debit cards, featuring high school mascots, are printed on demand for schools in many towns and villages served by the bank. The cards have helped the bank increase income and customer retention.
- CenterState Bank, one of the largest community banks in Florida, was recognized for its innovative new construction lending solution. Working with FIS, the bank rolled out a cloud-based lending solution for its various markets that gives borrowers, builders, inspectors and architects real-time access to loan activity via mobile devices. The solution has helped CenterState reduce cycle times, increase interest income and improve efficiency.
- State Bank of India (California), a subsidiary of State Bank of India, was recognized for its work with FIS to develop an innovative new solution for allowing its U.S.-based customers to quickly and seamlessly transfer money to family members in India. Unlike competing services, the solution transfers money within minutes and handles both rupees and dollars. The technology has helped the bank increase remittance transactions, while meeting BSA and AML requirements.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.