Continuing its industry recognitions for its mobile solutions, FIS, a provider of banking and payments technology, recently earned the 2014 Frost & Sullivan Customer Value Enhancement Award for FIS Mobile Wallet.
This prestigious recognition is based on extensive, independent competitive analysis of the North American mobile wallet market by Frost & Sullivan, an industry consultant with more than 1,800 analysts across 40 countries. In its report announcing the award, Frost & Sullivan described FIS Mobile Wallet in the following way:
“With FIS mobile wallets, banks, retailers, and merchants are assured of an adaptable and secure implementation that is extremely easy to deploy and can get them up and running in a few weeks – versus several months that it can take with competing implementations. Overall, FIS is helping to define the market opportunity by 1) proactively educating the industry about this ongoing shift in consumer behavior to mobile, and 2) bringing cutting-edge products to market to help merchants and retailers maximize the connected commerce and marketing opportunity.”
“This award is about putting a compelling customer experience in market and demonstrates the commitment that FIS has made to bringing innovative mobile solutions to market for financial institutions, merchants and their customers in a way that safely and securely benefits all,” said Doug Brown, SVP and GM, FIS Mobile Financial Services. “Mobile commerce is the future. To make it a reality, financial institutions and their customers must understand the benefits each receives.”
FIS Mobile Wallet, in particular, provides a security benefit by being cloud-based. Rather than keep a user’s credentials on the phone, they are stored securely in the cloud and transmitted only during a transaction. This prevents card skimming and many other types of fraud recently seen by some major retailers.