Digital banking software company FIS has added a new tool to its financial wellness suite called Spending Insights, designed to give customers a better look at their financial activity.
“Customers with Digital One Spending Insights-enabled accounts will receive tailored suggestions for transaction monitoring, balance and cashflow trackers, reminders to set budgets, nudges to better financial choices, and more,” the Jacksonville, Florida, company said in a news release Wednesday (March 23).
Spending Insights is in use at more than 85 banks around the country. The solution also employs the data-driven personalization platform from FIS partner Personetics to deliver insights.
“As the digital transformation of the world’s banking and financial services industry accelerates, smaller banks looking to offer an experience on par with their largest bank and FinTech competitors will need to build out their digital banking strategy,” the company said.
The company points to research from Gartner that says that by 2030, 80% of legacy banks that fail to embrace digitization will either go out of business, become commoditized or exist only as a formality.
Read more: As Banks Go Digital, Onboarding Can Still Feel Analog
One of the challenges facing banks moving towards digitization is the onboarding process, as PYMNTS research has found.
Many corporate banks still put up hurdles for the customers that try to interact with them, which leads to significant dropout levels as these customers attempt to open accounts.
What can banks do to address this issue? Among the solutions is to minimize or eliminate the need for customers to go to physical locations. Digital banks are not the only ones that can provide fully online account opening, as many physical banks provide customers with this option. Completely digital onboarding can also boost overall speed from start to finish, even aside from ruling out trips to branches.
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