Fintech giant FIS has adopted the subscription model that has proven popular in selling everything from wine to digital media to diapers. The Florida-based company launched a subscription core banking solution today called ClearEdge.
ClearEdge is geared specifically to serve community banks and offers a bundle of technologies to help them modernize their operations and provide a better customer experience. The flat-fee, month-to-month subscription model doesn’t require lengthy terms and it eliminates liquidated damages and exclusivity requirements.
“We are committed to making it as easy as possible for our qualifying community bank clients to access the advanced technology they need to offer modern, differentiated products and services to their customers,” said Head of Global Core and Channels, Americas at FIS Rob Lee. “ClearEdge takes that commitment to the next level with a powerful offering that we believe will be a game-changer for many community banks.”
“The ability to bundle solutions relative to our business needs creates the opportunity for us to be more creative and flexible while better controlling our back-office expense,” said John Dickson, chief operations officer at Coastal Community Bank. “Plus, it just makes sense in today’s volatile market.”
As the bank-fintech partnership ecosystem strengthens and the uncertainty of the COVID-19 economic environment persists, we can expect to see more subscription-type models from tech providers. The increased flexibility, combined with the ability to pick-and-choose solutions that are tailored to each individual organization, is a model that is better suited to modern banking requirements.