Member Exclusive, Payments, Podcasts

FIS’ Nicole Jass on helping SMBs with new products and features during this crisis

  • Small businesses have taken the pandemic on the chin.
  • FIS has been tweaking its products and roadmap in an effort to better serve them.
close

Email a Friend

FIS’ Nicole Jass on helping SMBs with new products and features during this crisis

SMBs have taken it on the chin during this crisis.

Nicole Jass, senior vice president of small business and fraud products at FIS joins us to discuss how small business needs have changed and how FIS has responded with product and an evolving product roadmap. The payments and financial technology firm has rolled out upgrades and new products for customers in the past couple of months and Nicole checks in to describe how they’re being used.

SubscribeApple Podcasts I SoundCloud I Spotify I Google Podcasts
The following excerpts were edited for clarity.

From adtech to fintech

I see more overlap between adtech and fintech. I came into FIS to run and drive data products. The thesis was that I had been helping marketers understand data and build data where there wasn't any before to understand media effectiveness. I came in and looked at transaction data to see how it could help our clients better understand their customers and how they spend. We quickly connected that to fraud to understand what good and bad transactions look like. The need in today's world to best leverage data and plug it in across product lifecycles is very important both in adtech and fintech.

SPONSORED

Changing client needs

Both small and large companies have been affected. The impact is different, of course. Many companies have had to adjust to new ways to stay in business -- that includes accepting contactless and remote payments, and curbside delivery to meet customers where and how they want to transact. Some businesses were more ready for this moment than others. They wanted help staying in business.

Businesses need capital and access to cash flows. And a secondary need -- something we're seeing more and more -- is help fighting this new fraud and attack risk.

Helping customers

Luckily, we have products, like our virtual terminal, that many businesses had access to -- it just wasn't the most important thing they needed to know about before March of this year. Our first approach was to give free access to our virtual terminal and to let our merchants know it was there and what it could do. It accepts remote transactions.

We have a large merchant that was really all card-present transactions. It needed to all of a sudden stand up a call center, take and accept payments from customers and ship product. Giving them access to the virtual terminal enabled them to do that. Luckily, we had products at the ready -- it was more about making sure our customers knew how to use them.

Product roadmap

Our immediate response was to look at this in stages. The first stage was relief -- not building or imagining or creating, but getting our tools out to our customers quickly. Then, there would be a recovery phase where we could build and repurpose things. The last phase was rebuilding, where we could reimagine our roadmaps. We had to see COVID's impact and how it changes things. We're still working through these three stages.

We partnered with CardFlight to put offers out for mobile SwipeSimple devices for curbside and mobile use cases. Our customers could pick these kind of devices up quickly. We also worked out gift card solutions for both in-store and online so customers could keep transactign through that channel. We have a partnership with ReviewTrackers where they stood up a quick solution so businesses could, in one place, update their business hours and payment acceptance listings in Google Maps and Apple Maps. In the early days, I remember going to the bank. Google said it was open, but it wasn't.

New products

On the banking side, we had a product called the Real Time Lending Platform for banks. Very quickly, we added some functionality to help with the PPP program. So, we were indirectly able to help thousands of small businesses as banks leveraged our platform to serve SMB PPP loans. It was very impressive to see a company of this size pivot so quickly and get a product out that our banks could use. From community banks to larger banks we served, there were changing protocols intra-daily.

Our banking solutions team quickly took in the requirements and connected into the SBA APIs. Our sales team took that quickly to our banking clients. The magic was our very quick integration window. We couldn't do a three month integration -- it had to be days to integrate into this platform to make use of it.

For merchant solutions, we're adding enhancements to Virtual Terminal, allowing more ways to accept remote payments. We are making great strides around offering online use cases for EBT.

0 comments on “FIS’ Nicole Jass on helping SMBs with new products and features during this crisis”

Podcasts

‘There’s been a shift in what banks want to work on versus what consumers are driving’: Mambu’s Robin Smith

  • Mambu's Robin Smith has been through a cycle or two with core banking software.
  • He joins us on the Tearsheet Podcast to discuss what the evolution of banking software has to tell us about banks' needs today.
Zachary Miller | February 01, 2023
Payments, Power of Payments Podcast

Power of Payments Ep. 22: ‘Frankly, the most important asset for SMB owners is time’ – Chase’s Brad Brodigan

  • Brad Brodigan, managing director and global head of SMB payments at Chase, joins host Ismail Umar on this week’s podcast.
  • He discusses the most important trends he’s seeing in SMB payments, the kinds of attributes SMBs look for in a payment processor, and how their needs differ from those of enterprise and retail customers.
Ismail Umar | January 27, 2023
Podcasts

Behind the launch of the QuickBooks Business Network with Intuit’s Juliana Berger

  • Intuit is looking to get a bigger payments chunk of the $2 trillion in invoices it tracks on QuickBooks.
  • The firm has launched a B2B business network aimed at targeting larger firms with payments automation.
Zachary Miller | January 26, 2023
Podcasts

Behind Citi’s move to become a global partner bank, with Chafic Haddad

  • If 2022 was the year of launching partnerships between FIs and tech firms, this year is more about fine-tuning them.
  • Tearsheet sat down with Chafic Haddad to discuss what Citi offers fintechs and the challenges and opportunities in providing these firms with global transaction and trade capabilities. 
Zachary Miller | January 18, 2023
Podcasts

Steez Podcast #5: Gen Zers – the sustainable generation

  • Gen Z and Millennials make up 50% of the world’s population. And 75% agree that their investment decisions can influence climate change.
  • They are not just investing to align with their values. They're actively driving change with their purchasing preferences and with every transaction.
Tearsheet Editors | January 18, 2023
More Articles