FIS debuts subscription-based core banking for US community banks
ClearEdgevFIS has launched a new subscription-based core banking solution aimed at community banks in the US.
FIS wants community banks to access “advanced technology”
The new service, named ClearEdge, offers a bundle of pre-integrated technologies. The vendor will charge an “affordable” month-to-month subscription for access to the package.
Qualifying banks can choose from pre-defined and pre-priced solutions. These include core processing, payments, digital front office, and compliance.
FIS head of global core and channels for the Americas, Rob Lee, says his firm understands the “unique challenges” of the community bank market.
FIS says it will protect ClearEdge clients with its service level agreement, which covers select service outages.
A survey from the Conference of State Bank Supervisors (CSBS) in 2019 says only 6% of bankers feel it’s very important to be a leader in technological change.
Despite this, more than half said that market competition was a major factor in any failure they may have to attract and retain customers.
Lee states that community banks should have access to advanced technology to offer “modern, differentiated products and services”.
FIS debuted its Modern Banking Platform at the start of the year, with longstanding client Union Bank.
The system was the culmination of three years of research and development into new platform options.
Related: How smaller banks can take control of their role in the US open banking movement
Sounds like a great idea. FIS has the goods, the wealth, the geographic scope, the management, the entrepreneurship, the global market. All it needs is 3 things to capture community banks: cheap, cheap, cheap.