Frost & Sullivan Applauds FIS for Establishing Itself as a Single-source Provider of Integrated, Holistic, Flexible and Open Mobile Wallet Solutions
Adoption of FIS Mobile Wallet among leading banks and retailers is a testament to the company's implementation capabilities.
MOUNTAIN VIEW, Calif., Jan. 27, 2014 /PRNewswire/ -- Based on its recent analysis of the mobile wallet market, Frost & Sullivan recognizes FIS with the 2014 North American Frost & Sullivan Customer Value Enhancement Award for its white-label, cloud-based mobile wallet platform. Frost & Sullivan attributes FIS' exceptional performance to a comprehensive product portfolio, proven capabilities and a singular focus on driving innovation in mobile wallets.
With FIS Mobile Wallet, banks, retailers and merchants are assured of adaptable and secure implementations that are easy to deploy and operational in a few weeks, in contrast to the several months needed for competing implementations. Additionally, FIS' performance-based business model ensures that customers get the best value for their money.
Owing to the white-label approach, banks and retailers have full control over the customer experience without being disintermediated by other wallet solution providers. FIS Mobile Wallet offers top-class security and privacy protection, as the solution does not store sensitive customer data on the device or on the point of sales (POS) terminal. Additionally, customers do not have to deal with the cost and complexity of complying with payment card industry (PCI) security standards.
Frost & Sullivan notes that simply extending the plastic card issuance model into mobile is not likely to be a successful strategy in this market. It is critical for mobile wallet platforms to be 'open' and integrate data from other platforms, such as third-party marketing systems, in order to deliver multiple value-added services (VAS) to consumers. Participants that deliver omni-channel banking, payments and marketing are likely to experience higher adoption of their services.
"FIS is ideally positioned to make the most of market opportunities, as its cloud-based solution works with existing POS terminals and ATMs through a software push and processes consumer transactions via secure cloud computing," said Frost & Sullivan Principal Analyst Vikrant Gandhi. "It is also compatible with popular smartphones, and leverages its camera and the data connections."
FIS has future-proofed its mobile wallet solution by enabling it to support a number of connectivity options, including quick response (QR) codes, near field communication (NFC), Bluetooth low energy (beacon) and other technologies as they become available. It also drives new revenue opportunities by delivering advertising, couponing and relevant real-time offers to consumers directly through the wallet application. FIS also has a software development kit (SDK) strategy to allow industry participants to integrate its mobile wallet capabilities into their own implementations.
"In addition, FIS has successfully developed an entire ecosystem for mobile wallets, which Frost & Sullivan firmly believes is a sensible approach to managing the complexity of this space," noted Gandhi. "Overall, FIS is helping to define market opportunities by proactively preparing the industry for the rising consumer preference for mobile wallets and providing cutting-edge products to help merchants and retailers optimize opportunities in connected commerce and marketing."
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers, with a focus on improving the return on the investment that customers make in its services or products. This Award recognizes the company's inordinate focus on enhancing the value that its customers receive beyond simply being a good customer.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research in order to identify best practices in the industry.
FIS™ (NYSE: FIS) is the world's largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 37,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor's 500® Index. For more information about FIS, visit www.fisglobal.com.
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