The Customer Effect

‘The biggest challenge is the distraction over disruption’: FIS chief product officer Rob Lee

  • Rob Lee, chief product officer of banking technology company FIS, spoke to Tearsheet about the biggest issues in banking and how banks can most effectively work with startups.
  • While there continues to be a lot of discussion about blockchain, the use of voice is likely to transform the banking experience in the next few years.
close

Email a Friend

‘The biggest challenge is the distraction over disruption’: FIS chief product officer Rob Lee

Fidelity Information Services, one of the world’s largest banking technology companies, provides the back-end software and financial services technologies for 20,000 clients in 130 countries. Headquartered in Jacksonville, Florida, FIS’ main clients are banks. The company runs a Little Rock-based startup accelerator program, which just selected its second class of mentees.

Rob Lee, chief product officer for banking and payments and a mentor for the financial technology accelerator program, spoke to Tearsheet about the biggest issues affecting banking, what motivates the company to support startups through its accelerator program, and the biggest trends affecting the industry. Here are excerpts, edited for clarity.

What’s the biggest issue banks face with the proliferation of startups developing competing lines of business?
The biggest challenge is the distraction of the discussion over disruption. Banks are every day faced with what are they doing with new technologies how are they blocking disruptors or embracing disruptors. I don’t think that our bank clients are being impacted from a transaction perspective with disruptors going into their business.

What’s the biggest bottleneck affecting how banks operate today?
The biggest problem is that the information [about customers] tends to be siloed across the organizations.

Is the purpose of your startup accelerator program to allow others to build software products that can seamlessly interact with bank platforms run by FIS?
We bring 10 new companies that are building things around the financial services world. All those apps need data and customer information to drive their value proposition and our API gateway provides a way to build on top of that.

So you’re really looking for startups that can partner with the banks?
We invest in research and development and innovation and startup companies not in the accelerator — the accelerator is just one way to do that. [The startups] are really pushing the envelope; for example, we have a company called Alpharank, and they’re using the Facebook social graph paradigm and applying that to financial services.

Is there a trend that is overhyped or has lost your attention?
There was a lot of hype about blockchain a year ago when it was seen as a panacea, and we’ve seen that subside somewhat. We’ve seen a lot of public proof of concepts, a lot of consortiums, and not much actually happening to manage real transactions.

What’s the next big thing?
You’ll see massive changes in the use of voice as an input. Today Siri and Alexa are about 95 percent accurate — there is some latency in that but in the next few years, with all the investment, it’s predicted that it will get to 99 percent accuracy with close to zero latency.

 

 

 

 

0 comments on “‘The biggest challenge is the distraction over disruption’: FIS chief product officer Rob Lee”

Member Exclusive, The Customer Effect

Inside ‘climate fintech’: The fintech firms using carbon offsets to address climate change

  • Financial institutions are increasingly rallying around environmentally friendly initiatives.
  • Startups are turning towards carbon offsets to build a carbon-neutral future.
Rimal Farrukh | June 07, 2021
The Customer Effect

‘It’s the unifying login layer for commerce’: Bolt’s new SSO product eliminates the need for guest checkout in online shopping

  • SSO Commerce by Bolt enables smooth checkout for shoppers and higher conversion for retailers.
  • Consumers can open a store account and save their payment credentials in a single click at checkout.
Ismail Umar | May 20, 2021
Member Exclusive, The Customer Effect

‘What gets measured gets done’: The steps B2B fintechs are taking to improve customer success

  • It looks like B2B fintech is booming this year.
  • To stay in the game, B2B fintechs need to keep their customers happy. Here’s how they’re doing that.
Rivka Abramson | April 15, 2021
Member Exclusive, The Customer Effect

‘Like sneaker culture’: Are gimmicky debit cards overplayed or a smart business decision?

  • Revolut’s glow-in-the-dark debit card is the latest in a series of flashy debit cards to hit the market.
  • Experts say it’s a smart, cost-effective strategy that builds customers, brand equity and culture.
Shehzil Zahid | April 13, 2021
Member Exclusive, The Customer Effect

E-signatures are still spreading in the financial industry, but not really maturing

  • The pandemic has accelerated the adoption of e-signatures in the financial industry.
  • But while use is spreading, e-signature tech hasn’t changed so much since it first started.
Rivka Abramson | March 31, 2021
More Articles