Community banks and credit unions are eager to innovate, but technology upgrades must be done first, says Bruce Lowthers, FIS banking solutions president.
A combination of mutual and clashing interests has driven many players — big banks, community banks, credit unions and fintechs — to offer high-interest, digital-only savings and checking.
Salaryo and Joust are among the companies catering to a clientele of underbanked entrepreneurs, Uber drivers and the like. Venture capital dollars are starting to follow.
The bank's innovation arm is developing a mobile-only account for gig-economy workers, and a real estate service to help companies analyze the long-term viability of properties.
