**Global financial sector**: FIS is reshaping financial services by emphasising collaboration and transparency during system implementations. VP Meghan Oakes highlights their ‘show, tell, show’ approach, KPI-driven insights, and proactive client engagement, leading to improved user adoption, risk mitigation, and stronger client-vendor relationships.
Fostering a collaborative environment is increasingly recognised as vital for assisting clients in navigating challenges within the financial services sector. Meghan Oakes, Vice President of Customer Success at FIS, elaborates on this concept in a recent PYMNTS eBook titled “The Listening Economy: How Customer Conversations Are Transforming Financial Services.” Oakes highlights the importance of addressing frequently asked client questions such as the process during the configuration phase of projects and the user-friendliness of these configurations. Understanding how a project unfolds is critical, as it assists clients in training both current and future users.
In her discourse, Oakes emphasises the necessity for clients to not only understand how systems work, but also the rationale behind certain decisions made during implementations. This understanding is crucial, given that clients are often adjusting complex processes and technologies. To facilitate positive outcomes, Oakes advises leveraging both internal and external resources to optimise return on investment (ROI) within the shortest timeframe possible.
FIS adopts a “show, tell, show” methodology during the implementation process, allowing clients to experience the system comprehensively. This approach comprises an initial demonstration of the system, an explanation of the underlying reasons for specific decisions, and a final demonstration of the results achieved. Additionally, FIS encourages clients to utilise the expertise of its implementation team, which comprises former practitioners who contribute valuable insights based on real-world experience.
Oakes underscores a principle adhered to by FIS: “What gets measured gets improved.” The organisation relies on comprehensive key performance indicator (KPI) reports to deliver crucial data regarding client product utilisation. Specific metrics include the effectiveness of implementations and services, as well as improvements in client-defined success factors, all of which contribute to the overall health of client relationships. In the wake of project completions, FIS further engages with clients to assess adoption rates among their teams and evaluate whether strategies should be refined.
One notable incident involved a large client whose software licence was nearing expiration. This situation presented a potential risk to access and cash flow. In response, the Customer Experience (CX) team promptly arranged for an extension of the licence and collaborated with the client to update contract terms, thereby averting an issue that could have had far-reaching consequences. The client remarked, “Best support from a vendor” they had ever experienced.
Feedback from another sizable client highlighted improvements in their interactions with FIS support teams. Key areas of enhancement include a more streamlined approach to ticket handling, which ensures issues are resolved swiftly and effectively. Additionally, the support team has developed a more agile capability for problem-solving, allowing them to overcome obstacles with creativity and confidence. Engagement within the support team has also seen a boost, fostering a proactive and collaborative spirit in addressing ticket issues. The level of product knowledge among the support staff has improved, transforming their expertise into a valuable resource for clients.
To further cultivate collaboration, FIS has hosted advisory boards, client summits, and user groups, proving instrumental in demonstrating the benefits of peer interaction. These platforms allow clients to share best practices and address industry challenges, facilitating networking and ongoing dialogue among participants in an uncertain economic landscape.
As industry leaders, Oakes stresses the importance of recognising that clients often face significant change management during system implementations, which may bring unexpected difficulties. FIS positions itself as a partner in overcoming these hurdles by sharing techniques for innovative solutions grounded in industry expertise. By maintaining consistent communication and a collaborative framework, FIS fosters a sense of mutual trust, reinforcing that its success is intrinsically linked to that of its clients.
Source: Noah Wire Services
