Banking as a service

FIS wants to help community banks launch a DTC offering in less than 90 days

  • FIS supplies banking technology to banks.
  • Its new SaaS solution enables them to quickly launch digital offerings.
close

Email a Friend

FIS wants to help community banks launch a DTC offering in less than 90 days

With FIS’s new Core on Demand, the banking technology firm is introducing a digital platform that enables financial institutions to launch a direct-to-consumer digital bank in as little as 90 days.

What’s going on: Challenger banks globally are opening millions of new accounts every year. While it’s not clear that these accounts are actually stealing assets from incumbent banks, they might be.

Core on Demand offers online account opening and consumer online and mobile banking, delivered via a software as a service model. It also provides access to an API library. The solution is available to both existing and new FIS core banking clients.

“We have developed Core on Demand in direct response to the needs we’ve heard from community financial institutions to grow market share and better promote their brands among today’s increasingly digital-savvy consumers,” said Rob Lee, evp of digital and banking solutions at FIS.

Smaller FIs can punch above their weight: The introduction of banking as a service and cloud banking platforms enables smaller banks and financial institutions to compete with larger financial institutions and upstart challenger banks with deeper pockets and stronger technical capabilities.

“We expect this new solution to be a good match for smaller financial institutions that are looking to offer a direct-to-consumer digital bank to grow their customer and deposit base,” said David Albertazzi, senior analyst at Aite Group

0 comments on “FIS wants to help community banks launch a DTC offering in less than 90 days”

Banking as a service, Sponsored

Banking as a Service unlocks opportunities for brands, bigtechs, fintechs, and banks

  • BaaS is a gamechanger for more than the end-users, but the entire financial ecosystem: distributors, enables, and providers.
  • According to Finastra’s latest research, 85% of senior executives are already implementing BaaS solutions, or planning to within the next 12-18 months.
Finastra | March 28, 2022
Banking as a service

Quick take: Piermont Bank eyes embedded business with Unit partnership

  • Piermont Bank announced a new partnership with Unit to expand its product capabilities.
  • The bank says it has an active waitlist of fintechs and it expects to onboard more clients in 2022.
Subboh Jaffery | March 04, 2022
Banking as a service, Business of Fintech

‘People don’t care about privacy’: How payment app Mezu pivoted to become embedded finance platform Alviere

  • Mezu, a privacy-focused payments app, didn't manage to catch on - so the management team decided to turn it into an embedded finance platform - Alviere.
  • Alviere focuses on big brand companies with an existing customer base that want to add banking services to their toolkit.
Iulia Ciutina | December 29, 2021
Banking as a service, Sponsored

Wildfire: The industry-by-industry spread of banking as a service

  • Banking as a service has progressed from its original role enabling neobanks to investing, PFM, and more.
  • One can look at how banking as a service has performed in nearby industries to gauge whether it’s worth adopting.
Q2 | November 09, 2021
Banking as a service, Member Exclusive

Synctera is creating a marketplace model for its banking as a service platform

  • New BaaS firm Synctera is differentiating itself from competitors by giving fintechs options from more than one bank.
  • Still, platform risk could slow the company’s progress.
Rivka Abramson | July 07, 2021
More Articles