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

‘New, different, and easy to say’: How fintechs go about choosing their names

  • Standing out as a company in an industry as fast-growing as fintech is no easy task.
  • Finding the right brand name can be a make-or-break for a lot of aspiring startups.
Rivka Abramson | December 02, 2021
The Customer Effect

How local culture is shaping retail investment platforms globally

  • Retail investment apps may serve the same purpose, but no two are alike.
  • Depending on a country's culture and financial literacy, investment products are designed quite differently from another.
Subboh Jaffery | November 30, 2021
Sponsored, The Customer Effect

The Publicis Sapient Digital Life Index: Learnings from people’s choices and purchase decisions

  • Frictionless, personalized digital experiences are no longer nice -- they’re a must-have
  • While digital financial services still have ways to go, the financial industry is beating retail, travel, auto, and health in consumer satisfaction
Publicis Sapient | November 29, 2021
Sponsored, The Customer Effect

Digital engagement with Gen Z

  • Finance continues to evolve and build sustainable relationships with Gen Z
  • Regardless of age, trust and security remain the most important factors for choosing a financial provider
MX | November 23, 2021
The Customer Effect

Fintech claims 88% of US consumers versus 95% by traditional banking: new Plaid report

  • Fintech is becoming increasingly central to American lives, helping people reach goals, improving inclusivity, and contributing to consumers' overall financial well-being.
  • At 40%, fintech adoption among boomers grew the most of all age groups over the last year.
Subboh Jaffery | November 12, 2021
More Articles