FIS: Engaging Customers Wherever They May Be

“Omnichannel payment solutions of the future will need to be built for maximum flexibility within existing channels, with an emphasis on digital-first and, when needed, digital-only,” says Royal Cole, senior vice president and head of FI payments for FIS. In “A Look Forward: What Executives Wish for America and the World in 2021, Cole shares his reflections on how 2020 transformed the payments landsape, and what he anticipates for 2021.

When asked to reflect on the year that was 2020, I couldn’t help but think of the messaging that FIS and other organizations published in late 2019. Inspiring slogans and taglines such as “Forging into the New Decade!” or “Catapulting into the New Roaring 20s” seemed to be everywhere. Then we were all introduced to COVID-19, which has affected just about every single person, industry and business on Earth. Organizations have been forced to adapt and change in almost every way. For example, FIS, like many companies, had to take on the challenge of moving a global workforce to work from home in a matter of days in order to keep processing transactions and powering the financial ecosystem.

Despite these turbulent times, organizations have kept to their 2019 messaging. This year has spawned innovation and creativity that has not been seen for some time. Financial institutions are now offering and accepting close to every form of payment type, from person-to-person payments to real-time payments. These types of solutions have gone from an upcoming convenience to an absolute necessity to face the new normal. Earning and retaining consumer loyalty requires engaging digital experiences that serve customer needs for safety, reliability, service and overall experience. That means meeting customers and engaging them on their terms, where they are, when they need you.

Omnichannel payment solutions of the future will need to be built for maximum flexibility within existing channels, with an emphasis on digital-first and, when needed, digital-only. Some organizations have even gone so far as to revamp their entire loyalty programs in order to offer consumers rewards that are customized to fit what they need. In some cases, this has allowed individuals to use their loyalty points as actual currency to buy essentials at a time when we all may be watching our spending very closely.

With all that being said, my hope for 2021 is that we can get back to seeing the faces of our family, friends and colleagues safely. The ability to build relationships with face-to-face contact will not only improve people’s headspace, but will help with business-related activities as well. It cannot be said enough how proud and thankful I am for how each of us has been able to overcome the many challenges of the past year — and to have done all of it virtually. I look forward to building and improving relationships in 2021 so that we may capitalize on the innovations that have come as a result of this past year.