Financial services technology provider FIS has announced the opening of a new Digital Innovation Lab in San Francisco. This is the fourth of the company’s Innovation Labs, the first three having popped up in Bangkok, London, and New York City.
The company has its eye on what it calls a “seismic shift” currently taking place in the financial and retail sectors interact with consumers. Its new Innovation Lab will serve as an R&D center to help the company keep on top of that shift. In a statement, FIS SVP Doug Brown said that the “Digital Innovation Lab will serve as an entrepreneurial ‘garage’, where our engineers build new product prototypes with cutting-edge technologies,” adding that with its placement in the tech hub of Silicon Valley, “the lab is empowering FIS to set the pace of digital developments for the financial industry.”
It’s a prudent move on the company’s part, as it is undeniably true that there is a major shift underway in the market sectors with which FIS is concerned. Studies have indicated that more and more consumers are doing financial transactions online and often via mobile, for example, and that is changing how companies interact with them, spurring them to create web portals and mobile apps. Of course, the digital world brings its own unique security threats, but in this area FIS has already proven to be forward-thinking, having embraced mobile biometric authentication in its recently-announced cardless ATM banking system. Assuming the new Innovation Lab will further enhance the company’s adaptability, FIS should have little trouble staying ahead of the shift underway.