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Prepaid NOW - FISempower.fisglobal.com/rs/134-VDF-014/images/2108-Prepaid NOW Join...Prepaid NOW:...

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Prepaid NOW Join the Evolution April 2017 Tracy Kirkland, VP of Prepaid Products
Transcript

Prepaid NOW

Join the Evolution

April 2017 Tracy Kirkland, VP of Prepaid Products

Prepaid NOW: join the evolution

2

The Evolution of Prepaid is NOW.

As an industry, we have matured and evolved significantly in the last 20

years.

• Are you caught up on the latest innovations?

• Do you know today's prepaid consumer?

• Are you prepared for tomorrows?

Learn more about Prepaid' s past, present and future and engage in

open discussion on this dynamic industry.

20 years of prepaid

3

The evolution

of prepaid

4

CFPB encourages banks to offer lower-risk deposit services…

“…urging all financial institutions to make [these]

lower-risk offerings broadly available…”

“…estimated 10M Americans are “unbanked”…”

Regulations

5

Healthy Not healthy 43% 57%

68 million are “underbanked” or “unbanked”

138 million people are struggling financially

6

Get to know your customer

and EMPOWER them to live a

financially stronger and healthier life

Your customers are changing

7

Sources: 1FIS actual prepaid platform data; 2FDIC study on U.S. Financial Landscape – 2014; 3BI Intelligence Prepaid Report November 2015; 4Consumer payments monitor.

Definition of Millennial: Age 18-30 or 18-34 (depending on source).

42% of all prepaid

spending is done by millennials1

27% of millennial prepaid

cardholders earn more than

$100k/year3

60% of “millennials

with money” own a prepaid card4

1/3 of millennials

are underbanked or unbanked2

80% of prepaid cards

are owned by millennials3

Customers need an alternative banking experience that mimics the way they live

8

58%

cannot meet minimum banking

requirements1

51M

underbanked Americans2

86%

own a smartphone3

71%

would rather visit a dentist than

a bank4

39%

of U.S. households used alternative financial

services in 20142

.

Sources: 1FIS market study, 2014; 2FDIC study on U.S. Financial Landscape – 2014; 3Nielsen

2014 Millennials study; 4Forbes – Millennials And Money: How Banks Are Missing The Mark – 2015

9

GenNOW

A Solution for your customers

10

Providing options that we are all used to having

Ways to use account (card and application):

• Shop anyplace Visa®/MasterCard® are accepted

• Use mobile bill pay (with same day posting)

• Send card-to-card money transfers

• ATM withdrawals

Load options

11

Mobile check

deposit In-branch check

deposit*

Cash in-branch

Direct

deposit

MoneyGram® 350,000 agent locations

in over 200 countries

ACH

Mobile and web

12

App, mobile web and web – all in one • Real-time balance/dynamic transaction history

• PFM/budgeting tools/up to 9 ‘set-aside’ accounts

• “Near-me” location services

Security/accessibility • Thumbprint authentication

• Same login, mobile and web

• SSO integration to ScoreCard® Rewards

• Cardholder can ‘suspend’/’un-suspend’ card

A solution for your institution

13

Turnkey go-to-market solution

• Attract younger client base and identify your brand

• Fully brandable white-label (mobile, web, card)

• Marketing materials to help lower customer acquisition costs

• Loyalty rewards to help retain and attract millennials

• Complementary to other bank services

• Program management – call center/cards/compliance

14

BizNOW

Expense management gap

15

Businesses need a better solution

Expense Management

Approximately 35% of business expenditures in the U.S. still occur via:

Source: FIS Analysis

Employees sharing

corporate cards

Employees using personal

cards and filing expense

reports

Cash handed out with paper

receipts filed

Voice of the market There is a high level of interest

* 2015 Qualtrics Survey of managers and executives from 500 companies with at least 10 and up to 40,000 employees.

85% are interested in such a solution

80%

believe this solution can replace part of their current card program

believe this solution can complement their current card program

68% use American Express® Corporate Cards

16

90%

Expense management anywhere, anytime

17

No need for credit

checks, cosigners or

card sharing

Time and money

savings

with elimination of

manual processes

High level of security,

flexibility and control

Easy to use with

mobile account

access

User-friendly online

administrative portal

and mobile app

Simple ACH funding

and

online bill pay

BENEFITS

Tailored to business spending

Complete control over employee spending

• Attractive program for business customers

• Strengthen business relationships and increase stickiness

• Implementation is handled completely by FIS

• FIS provides marketing materials (www.biznowcard.com/ABCBank)

• Low cost, one-time start-up fee with no additional costs and no liability

Simple

Enrollment

Financial software

integration

Incentives

Flexibility, security, control

Simple enrollment

No credit

checks

18

Mobile account access

Reporting and

administrative tools

How it works

Payments and expense management

Payment card + mobile application

Cash flow management – distributed

employee solution

Meeting the requirements for:

manager | controller | employee

19

BizNOW prepaid card: key features

20

Feedback from pilot participants

21

“… as the owner of a new startup, it’s great to have absolute control

of my budget from the get go.”

21

“I love this product … it will

help me save time in support of my

clients’ accounting needs.”

“It’s great … to know what my field

agents are up to anywhere in the country at anytime all from my

smartphone or computer.”

“Production increased

five times …”

“Thank goodness … I don’t have to

use my own personal credit cards for

product supplies anymore.”

“Finally … a product that can help me manage my employees’

expenses.”

22

The evolution continues… ShareNOW

How do families and groups share funds?

23

ShareNOW™

Their son, Mark,

is off at college

and needs funds

Mike & Lia

Open a

ShareNOW

account

Their mom’s elder care provider,

Ruth, takes her

shopping and to

her medical

appoints

Mike & Lia use

the account to

help with daily

budgeting

Complete control over group spending

24

Flexibility, security, control

Loyalty

Simple enrollment

No credit

checks Mobile account access

Administrative Tools

Tailored to small groups, families and community organizations

• Attractive program for families, small groups and community organizations

• Strengthen relationships and provide accountability

• Implementation is handled completely by FIS

• FIS provides marketing materials

Market opportunity

25

• 1.6M U.S. nonprofit organizations

• 87K charitable foundations

• 124M families in the US

• 100K public schools

• 2,818 accredited four year colleges

• 6,616 national fraternity chapters on ~ 800 college campuses

• 5,384 national sorority chapters on ~ 800 college campuses

26

“Meaningful” loyalty

Low cost redemption options

27

Sweepstakes – point burners and gamification

28

Engagement for low points

Low CPPR

Point burner strategy

Redemptions for stocks

29

Tracy Kirkland, VP of Prepaid Products

©2017 FIS and/or its subsidiaries. All Rights Reserved. FIS confidential and proprietary information.


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