In 2016 FedFis created the FinTegration Ecosystem© and populated it for each FI in the U.S. THE FEDFIS FINTEGRATION ECOSYSTEM© reveals the complex digital vendor mix of each Financial Institution’s:
FI OR SPONSOR ISSUER
MERCHANT SERVICES PROVIDER
BILL PAY VENDORS & more for every Financial Institution in the U.S.
The primary digital footprint is Core, Online, and Mobile. The payments footprint is Debit Processor and Credit Processor, for both consumer and business. Combined, you have vital information for digital integration decision making.
TO GO A STEP FURTHER, FedFis blends the FI’s financial data with the digital footprint, that is the power of the FedFis FinTegration Ecosystem©. It is the very definition of data driven strategic market intelligence.
The FedFis FinTegration Ecosystem© is the integration platform for an FI. It was built to help firms make tactical and strategic decisions for their organizations, bringing together FinTech and Banking. FinTegration is created to replace disruption with cooperation, through FI integration.
The word “FinTegration” is catchy. It contains both “fintech” and “integration”. Much like the word “finTech” is built of “financial” and “technology”. The term itself, points to the next level of digital integration, in financial services.
A top FinTech sales person said, “If I see the qualifier sheet of digital vendors, I can tell if we will win this deal. If we don’t win it, I can tell within 85% certainty, who will.”
For bankers, it answers questions like, “What mobile vendor will work with my core processor?” Or “Will I have to convert my Bill Pay users if I change Online Vendors?”
For FinTech companies, it shows them the FI’s they are most likely to win as customers.
For FinTech to be successful, it must integrate into existing banking.
Is Fiserv a FinTech firm? Yes, they would be a key part of Core, Online and Mobile, and they are also in Debit processing, Credit processing, Bill Pay and P2P. They are a major player in, and an early adopter of, the FedFis FinTegration Ecosystem©. Knowing that information for each FI has tremendous value. In fact, it is essential information for digital integration between FI’s and FinTech.
Built by a team of FinTech Data Experts and FI Financial Data Experts, we understand the complexity of these relationships and the usefulness of this information. Data like this has been sought after for over 35 years and FedFis has made this available to the public for the first time. As with any new information, it is hard to see 100% of the value at first glance. Yes, there is a lot more behind it than just who the vendors are. For example, the interchange fees for Debit by vendor by asset class of institutions. Or market share of Core Processors by geography or size of institutions or number of clients.
In the world of financial APIs, to bring benefits requires smart and relevant integration to be done. Digital integration is currently both the challenge and the opportunity for FinTech companies. That’s why this integration is worth its own term and “FinTegration Ecosystem” seems to be a very appropriate one. It has the potential to become a hashtag: #FinTegrationEcosystem.
Dave Mayo, CEO of FedFis says, “Regardless if you sell direct or through partners, you must have visibility on the existing FI vendor ecosystem. We call it the Fintegration Ecosystem©. It is vital information that guides both FI and FinTech firms together. FinTech firms know who they compete with and which existing vendors they are compatible with, but they do not know which FI has which vendors! So, just as FI’s need a digital strategy, we need to talk more about FinTech Firm's lack of their own digital strategy. Digital Adoption starts with digital compatibility.”
Copyright FIS FedFis, LLC