Fis strategic insights vol 2 september 2011

FIS ENTERPRISE STRATEGY VOLUME 2 • SEPTEMBER 2011

The “Global” Trends in IN THIS ISSUE

the Big, Global and Digital • The “Global” Trends in

Banking Marketplace the Big, Global and Digital
Banking Marketplace
• Customer Loyalty Does
Not Translate to Cross-
By Fred Brothers sales for Community
EXECUTIVE VICE PRESIDENT, ENTERPRISE STRATEGY Banks
• The Value Proposition
In last month’s article, I talked about two trends related for U.S. Mobile Payment
to how the concept of “big” is dominating banking
Adopters
(http://www.fisglobal.com/solutions-insights). These
two trends — competing in the land of the giants • The Cost of Uncertainty …
and customer expectations being defined outside of And the Impact on Bank
banking — are among eight trends highlighted in a Earnings
presentation I delivered at FIS Client Conference and
FIS InfoShare entitled “Competing in a Banking Market
that Is Big, Global and Digital.”

In this month’s article, I’m digging further into the two “global” trends from that presentation, specifically: 1) we operate
in a global — not a U.S. — banking system, and 2) we can build personal relationships with customers from anywhere.
These are two important trends reshaping your financial institution’s market and deserving of more attention than I could
provide during a 10-minute presentation segment at the conferences.

The U.S. banking system has evolved into a global banking system. The biggest U.S. banks are multinational. Despite
the fact that the U.S. is the most over-served banking market in the world, numerous Global 100 banks have purchased
mid-tier U.S. banks (Figure 1). Foreign-owned banks are buying U.S. banks because having a U.S. market presence is
critical to their business strategy. Although the U.S economy is not growing as fast as other markets, our economy still
accounts for 23 percent of global GDP. And as money transforms from paper to digital, the global movement of money is
becoming faster, cheaper and even more strategically important.

FIS STRATEGIC INSIGHTS • V 2 SEPTEMBER 2011 ©2011 Fidelity National Information Services, Inc. and its subsidiaries.

1

Here’s one example of how important the
global movement of money has become. Figure 1: Top-50 U.S. Bank Holding Companies Owned
About $50 billion is remitted to other or Substantially Owned by Foreign Banks
nations from the U.S. annually versus about
$3 billion of inward flows. U.S. banks only Number of Deposits
Institution
process about 3 percent of outward flow Offices ($B)
FIS ENTERPRISE STRATEGY much of the VOLUME 1 •
dollars — largely because TD Bank 1,121 $128 2011
JULY
foreign-born population sending money
back home is unbanked or underbanked in
RBS Citizens 1,524 $94
the U.S. The rest of those dollars are moved HSBC 486 $92
by global banks and non-bank providers Union Bank 400 $66
such as Western Union and MoneyGram. BBVA Compass 759 $49
From the foreign-born worker’s perspective,
the process of sending funds to relatives is M&T Bank 759 $47
as easy as sending a MoneyGram at the Sovereign Bank 747 $46
Walmart Money Center, where they’re Bank of the West 721 $46
already going to buy groceries and goods at
Harris Bank 356 $31
the same time. It’s not cheap, but it’s easy.
RBC Bank 427 $19
Global remittance growth was on a rapid
Source: FDIC, Summary of Deposits, 2010
growth track until the recession slowed down
cash flows (Figure 2). As global economies Figure 2: Total Global Remittance
recover, we expect growth to rebound. Figure 2: Total Global Remittances
Estimates for 2011 indicate that global
$445 $441
remittances have nearly reached the amount $420 $425
registered in 2008 prior to the recession.
$380
Next, I’d like to offer a few thoughts on $325
how banks can provide personalized
service to their customers from anywhere.
I believe customers care less about the
Billions

home location of their services than they
care about the quality of the services they
are receiving. This enables banks to build
personal relationships with their customers,
even when they’re using remote and virtual
technologies (more about that in my column
next month).

Online banks, self-service merchandise
check-out, in-store kiosks, and automated 2006 2007 2008 2009 2010(e) 2011(e)
recommendation engines have introduced
consumers to building personal relationships
Global
with companies that don’t interact with them
recession effect
physically in person. As an industry, this
trend can benefit us. Bank transactions are Sources: The World Bank, 2011; eCommLink, 2009; SWIFT, 2010
on the increase via Web and mobile while
the number of branch visits is decreasing.
Branches won’t go away, but the branch
system is already evolving into a more
rationalized one.

2

For example, a study conducted by the Marriott School of Business at Brigham Young University recently found that
four out of five consumers are willing to use a video banking system to receive personalized banking services, and one
in three would switch banks for after-hours access to a video banking service. The use of video via ATMs and kiosks
is becoming more common and could help banks gain more efficiency from their investment in “brick and mortar”
locations. Imagine visiting a small, well-located bank branch that services its customers either mostly or solely via video,
call center and sophisticated ATMs. Or imagine using video banking to communicate from home or work to an individual
FISaENTERPRISE STRATEGY
at bank branch or call center. We’re in a world where this is not far-fetched. Skype reportsVOLUME 1 30 million users
that it has • JULY 2011
online during peak times.

Remote and virtual channels can be serviced personally — at a lower cost — from anywhere. The FIS™ people services
business is one of the fastest-growing lines in the company because financial institutions are outsourcing front-office and
back-office process that are: 1) expensive to operate internally, and 2) don’t help them differentiate themselves from
competition. They are outsourcing a range of functions ranging from mobile tech support to after-hours and overflow call
support to fraud management to item processing. Most customers who need to resolve an issue after normal banking
hours don’t care if the customer service rep works in Milwaukee or Manila. They care that someone who’s competent and
courteous is available to fix their problem.

The new global marketplace is both bad and good news. The bad news: your competition is bigger and broader —
often not a bank, and very possibly not down the street from your branches. The good news: tools are available to help
your bank remain competitive while enabling you to focus resources on strengthening your real, compelling competitive
advantages that are visible to your profitable customers.


3

Customer Loyalty Does Not Translate to
Cross-sales for Community Banks
FIS ENTERPRISE STRATEGY VOLUME 1 • JULY 2011

By Paul McAdam
SENIOR VICE PRESIDENT, RESEARCH & THOUGHT LEADERSHIP

Community banks generally have a customer loyalty advantage over their large bank competitors.
Whether the metric is customer satisfaction, likelihood of repeat purchase, or Net Promoter
Score®1, community banks consistently receive higher marks. Numerous consumer surveys have
demonstrated this over the years, including research conducted by the FIS Enterprise Strategy
team.2

But, unfortunately for community banks, customer loyalty advantage does not translate to superior cross-sales performance.
Our analysis reveals that customers of large banks3 hold an average of 3.13 deposit and lending services with their primary
checking account provider, compared to only 2.61 among community bank customers (see Figure 1). Community banks
experience a similar disadvantage in terms of deposit balances per primary checking account household, with average
balances that are 14 percent lower than those captured by large banks.

Figure 1: Although Community Banks Enjoy a Customer Loyalty Advantage,
Cross-sales Performance Lags Large Banks
Comparison of Net Promoter Score® and Cross-sale of Deposit & Loan Services

25% 23% 3.50
Deposit & Loan Services per DDA

20% 3.00
3.13
Net Promoter Score

Household

15% 14% 2.50
2.61
10% 2.00

5% 1.50

0% 1.00
Community Bank Customers Large Bank Customers

Net Promoter Score® Services per DDA Household

Source: FIS Enterprise Strategy, September 2010; n = 1,808


4

While cross-sales is not the only metric that matters, it’s certainly a key indicator of a competitive retail banking franchise.
Plus, from an efficiency standpoint, it’s also less expensive to sell additional products to an existing customer than to
generate a new customer. Dick Kovacevich, former chairman and CEO of Wells Fargo, reminds us of this in his renowned
quote, “The cost of us selling a product to an existing customer is only about 10 percent of selling the same product to a
new customer.”4

FIS ENTERPRISE STRATEGY cross-sales performance falling short? Community banks generally achieve higher customer
But why is community bank VOLUME 1 • JULY 2011
loyalty due to their high-touch service and emphasis on local community involvement, ownership and decision making.
Many community bank customers consciously select a smaller bank over larger bank options in the marketplace for these
reasons. This generates tangible customer longevity advantages. According to our research, 68 percent of consumers who
hold their primary checking account with a community bank have had that relationship for five years or longer, compared to
58 percent for customers of large banks.

Despite these advantages, community bank cross-sell performance falls short. Product selection is a key factor as larger
banks generally possess a broader suite of product offerings. Larger institutions certainly have the ability to leverage their
scale to invest more in advertising and analytic marketing capabilities. They also benefit from expansive branch and ATM
networks and some are consistently on the leading edge of self-service banking and electronic payment deployments.

Indeed, large institutions have some key advantages. But in most cases, community banks can obtain product, marketing
and delivery capabilities that are very competitive with those of the large banks. And, many community bank customers
aren’t interested in the expansive distribution networks of the large banks. They’re perfectly content with a local bank that
has servicing options convenient to their home or work. It’s also true that while large banks are more likely to be in the
enviable position of being able to afford highly-visible ad campaigns and sophisticated marketing capabilities, community
banks can counteract these advantages through superior local-market knowledge.

So why the cross-sales disadvantage? More than any other factor, the answer resides in the income and future earnings
potential of community bank customers. As demonstrated in Figure 2, community bank customers report significantly lower
annual household income and education levels than large bank customers. Thus, on average, community bank customers
have a lower degree of affluence, which leads to less demand for a wide range of banking services.

Figure 2: Community Bank Customers Are Less Affluent than Customers of Large Banks

Comparison of Education and Annual Household Income
40% 38% $60,000
College Graduate or Higher

Annual Household Income
Annual Household Income

$58,266
College Graduate or Higher

30%
$55,000
22%
20%

$50,000
10%
$48,948
0% $45,000
Community Bank Customers Large Bank Customers

College Graduate or Higher Annual Household Income



5

We also see this affluence gap in the total deposit balances consumers hold at all of their banking providers. Large bank
customers reported total deposit balances of $33,876 compared to $26,260 for community bank customers — a 22
percent difference. Even though community banks capture a larger share of their customers’ deposit wallets (66 percent for
community banks vs. 59 percent for large banks), the affluence gap translates into average deposit balances from primary
checking account households that are 14 percent lower than the average balances captured by large banks (see Figure 3
for comparisons of community and large bank performance).

Figure 3: Comparisons of Community and Large Bank Performance

Community Banks Large Banks Gap

% Customers Very Satisfied 54% 42% 12%

% Very Likely to Repeat Purchase 45% 38% 7%

Net Promoter Score® 23% 14% 9%

Deposit & Loan Services per DDA Household 2.61 3.13 (0.52)

% Primary DDA Households > 5 Years Tenure 68% 58% 10%

Deposit $s Held with all Deposit Providers $ 26,260 $ 33,876 $ (7,616)

% of All Deposit $s Held with Primary Bank 66% 59% 7%

Deposit $s Held with Primary Bank $ 17,284 $ 20,028 $ (2,744)

Annual Household Income $ 48,948 $ 58,266 $ (9,318)

% College Graduate or Higher 22% 38% -16%


These affluence differences represent a dramatic strategic disadvantage and significant headwind for community banks.
Investments by community banks to expand product offerings, sales and marketing capabilities will not realize their full
promise unless this strategic issue is addressed.

To be fair, there are certainly a number of community banks that outperform their larger bank brethren in cross-sales and
other relationship expansion metrics. It’s also the case that numerous community banks place a primary strategic emphasis
on small business and middle-market banking and also compete very effectively with larger banks. But taken as a whole,
our research reveals an urgent strategic priority for the community banking industry.

These research results have motivated FIS to launch a follow-up consumer research study to explore this issue more
thoroughly and specifically investigate differentiation strategies for community banks. This consumer research has recently
been fielded and we’ll be reporting results and recommendations in future newsletter issues.


6

I’d like to know what you think. Do you agree with the conclusion that community banks are at a significant cross-sales
disadvantage? What steps you think community banks can take to close the gap in cross-sales performance? E-mail me
at paul.mcadam@fisglobal.com to let me know.
1Net Promoter Score®, or NPS®, is a loyalty metric based on the survey question, “How likely is it that you would
recommend [Company] to a friend or colleague?” Developed by Satmetrix, Bain & Company, and Fred Reichheld, the
concept was first popularized through Reichheld’s book The Ultimate Question, and has since been widely embraced as a
standard for measuring customer loyalty.
2The research results cited in this article are based on a primary research survey fielded by FIS in September 2010 that was
completed by more than 1,800 consumers.
3 A large bank in our analysis is defined as both: 1) a national banking institution that operates in many states across the
country, and 2) a regional banking institution that operates primarily in a state or in neighboring states. A community bank
is defined as a banking institution that operates only in a local area.
4USA Today, “Wells Fargo’s Kovacevich Banks on Success as a One-Stop Shop,” March 26, 2007. Mr. Kovacevich also cited
this information in multiple analyst presentations.


7

The Value Proposition for U.S. Mobile
Payment Adopters

By Mandy Putnam
DIRECTOR, RESEARCH & THOUGHT LEADERSHIP

Several years ago I worked on a project that involved watching commuters at Japanese train
stations touch their DoCoMo mobile phones to vending machine readers to buy a Coca-
Cola. Mobile payment offers great convenience to consumers in markets such as Japan with
relatively underpenetrated consumer credit payment systems — not to mention an urgent
need to make a quick payment before the train leaves the station. Japanese consumers
understood the value proposition offered by mobile payment.

The value proposition for mobile payment is not as clear to U.S. consumers, who have a
multitude of payment options — many offering rewards beyond convenience — at their
fingertips. Still, our online survey of 4,000 mobile phone owners in February 2011 conducted by FIS™ Enterprise Strategy
found more than one-quarter of U.S. smartphone owners indicated they would be “extremely likely” or “very likely” to
adopt mobile payment during the next year if near-field-communications (NFC) technology was available to enable it
(Figure 1). That translates into an estimated 17 million plus consumers who are prepared to exchange their cash-and-
card laden wallets for a different payment method.1

Figure 1: Likelihood of Using Mobile Payment During the Next Year

Likely Unlikely
27% 30%

Neutral
43%

Source: FIS Enterprise Strategy, February 2011; n = 4,002


8

The U.S. mobile payment landscape
changes continuously with new Figure 2: Key Stakeholder Segments in Mobile Payments
entrants and occasional exits. It
includes a wide range of stakeholder
segments, often with competing
agendas (Figure 2). Also, many
FIS ENTERPRISE STRATEGY do not seem
stakeholders’ game plans VOLUME 1 • JULY 2011
Payment
to be consumer-centric — based on a
clear value proposition to consumers
networks
— and could fail as a result. Mobile
Merchants network
operators
Payment networks and
mobile network operator
(MNO) alliances Smartphone
Recently, Isis™ — the mobile
owners
commerce venture among AT&T
Mobility, T-Mobile USA and Verizon Smartphone Financial
Wireless — added Visa, MasterCard manufacturers institutions
and American Express as additional
payment networks beyond Discover Payment
Financial Services. This event likely terminal
ups the ante for Google’s Google suppliers
Wallet, which has partnerships with
Citigroup, MasterCard and terminal
manufacturer VeriFone to offer
contactless payment on Android
devices. Source: FIS Enterprise Strategy

Financial institutions
Looking to preserve as much payment revenue as possible, financial institutions are seeking alliances such as Citigroup’s
partnership with Google and MasterCard that enable their debit and credit cards to retain or achieve “top-of-wallet”
status.

Payment terminal suppliers
VeriFone’s CEO Douglas Bergeron told NFC World last spring that the company will include NFC technology in all new
point-of-sale hardware, thereby removing some of the onus of reader technology investment from retailers’ plates.
However, small independent retailers do not update their POS systems often and will not likely be ready to accept
contactless payments for several years.

Smartphone manufacturers
Smartphone manufacturers are taking NFC into consideration in developing next-generation models but seem to be
following the lead of the MNOs in terms of launching NFC-enabled phones. Google has installed NFC in its next-
generation smartphones and RIM Blackberry Bold 9900 series will be NFC ready, but Sprint is the only carrier at this
point promoting NFC in its version of the Bold 9900 according to Near Field Communications News. Google’s pending
acquisition of Motorola could pave an easy path for Google to load Google Wallet features into its Android phones.
However, Apple continues to keep speculators guessing about if and when it will release an NFC-enabled iPhone.
A mid-May report from Business Insider indicates that the next-generation iPhone will not include NFC technology.


9

Merchants
Figure 3: Main Reasons Preventing Use of Mobile Payment
Most merchants have been resistant
to the idea of upgrading their POS
terminals to accommodate NFC mobile Stores where I like to shop might not
61%
payments, but will likely be changing have readers
FIS ENTERPRISE STRATEGYof recent
their perspectives in light VOLUME 1 • JULY 2011
developments from VeriFone and Visa. Might not get points for using certain
34%
At the early May Smart Card Alliance credit/debit cards
Conference, Walmart’s director of
payment services indicated that Would be less secure than other
29%
Walmart’s payment initiative is clearly payment methods
targeted toward bringing EMV (chip-
and-pin technology) to the U.S. market
Would still have to carry identification 24%
to boost transaction security, not toward
enabling NFC. All of Walmart’s terminals
support EMV cards. Walmart Director
Jamie Henry responded to a question Would still have to carry loyalty cards 21%
about the role of NFC in the POS
environment by stating, “There’s Would be too easy to lose track of how
no business case for NFC yet.”2 20%
much I spend
With Visa’s recent announcement to
I would rather use other payment
accelerate migration from magnetic 14%
methods I'm more comfortable with
strip cards to EMV contact and
contactless chip technology in the U.S.,
I only use my phone or other mobile
the adoption of mobile payments via 7%
device for calls and/or email
NFC chip-based technologies will likely
speed the adoption of mobile payments.
In a contrarian perspective to Walmart’s I don't see the value in using it for
6%
stance, merchant Kevin Knight, executive payments
vice president of Nordstrom, views Visa’s
Source: FIS Enterprise Strategy, February 2011; n = 4,002
move as laying the groundwork for
mobile payments and a positive
development.3

The mobile payment ecosystem will ultimately evolve and sort out various players’ roles within it. However, it must be
shaped by a value proposition that resonates with consumers and offers them a good reason to change their payment
behaviors. Even enthusiastic early adopters will need a reason to exchange their current credit or debit cards for a mobile
wallet, since it will take years for a large number of retailers to install new readers. Early adopters’ top concern about mobile
payment — “stores where I like to shop might not have readers” — is justifiable (Figure 3).

Another barrier to consumer adoption is the fear that mobile payment is less secure than other payment methods. Though
security risk is not perceived as an impediment to usage by a large percentage of likely early adopters, superior security
offered by NFC-enabled payment could be coupled with the benefits of reducing time at checkout and wallet bulk to build
a stronger value proposition for adoption across a broader group of smartphone owners.

This article is derived from the recently published white paper, “A Value Proposition for U.S. Mobile Payment Adopters.”
Please follow this link to access the full report: http://www.fisglobal.com/Insightspapers/index.htm
1 The Nielsen Company, “Q2 Mobile Media Marketplace,” 2010.
2 Jamie Henry, director of payment services with Walmart treasury organizations, quoted by NFC News, May 2011.
3 Kevin Knight, executive vice president with store chain Nordstrom, quoted by nfcworld.com, Aug. 9, 2011.


10

The Cost of Uncertainty …
And the Impact on Bank Earnings
By Jim Gamble
DIRECTOR, RESEARCH & THOUGHT LEADERSHIP

Unprecedented events of the past few weeks — the impasse in Congress, the downgrade in
the U.S. credit rating, the European debt crisis —have called the economic recovery into
question. So what does this mean for bank earnings in the U.S.?

In last month’s edition, http://www.fisglobal.com/solutions-insights, I talked about how U.S. bank
earnings are recovering and undoubtedly the riskiness of the forecast has increased since then
(Figure 1). But, it is too soon to conclude that the bank earnings outlook will become as grim as
the outlook for a continued turnaround in the economy.

Figure 1: Forecasted Bank Earnings Before Tax
250
Estimated Bank Earnings (Index 2000 = 100)

200

150

100

50

-
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

(50)

Bottoms Up Estimated Bank Earnings Before Tax
(100)
Macro Based Top Down Estimated Bank EBT

Sources: FDIC, Moody’s Analytics, Standard & Poor’s, FIS Enterprise Strategy


11

Uncertainly Reigns
One need look no further than Standard & Poor’s 500 stock market index to see that uncertainty reigns (Figure 2). The VIX
index — a measure of stock market volatility — jumped as it has during previous times of distress. Yet there hasn’t been the
corresponding drop in expected earnings per share. In fact, corporate earnings have been the bright spot in the economic
recovery. During the second quarter of 2011, 70 percent of the companies in Standard & Poor’s 500 Index beat their
FIS ENTERPRISE STRATEGY
estimated earnings. Something other than a drop in expected earnings has occurred. VOLUME 1 • JULY 2011

Figure 2: New Risk Prompts a Flight to Quality

90 4.5
80 4

10 Year Treasury Yield (%)
70 3.5
60 3
VIX Index

50 2.5
40 2
30 1.5
20 1
10 0.5
0 0
12/31/07

10/31/08
12/31/08

10/31/09
12/31/09

10/31/10
12/31/10
2/29/08
4/30/08
6/30/08
8/31/08

2/28/09
4/30/09
6/30/09
8/31/09

2/28/10
4/30/10
6/30/10
8/31/10

2/28/11
4/30/11
6/30/11
VIX Index 10 Year Treasury Yield
Source: Capital IQ

The decline in the stock market must be attributed, therefore, to a lower price-earnings multiple for the stock market as
a whole. In order to remain within their fiduciary mandates, large investors are selling off some of their riskier holdings
and rebalancing portfolios.These market moves, however, generally have a short-lived impact on the market. A better
explanation for the reduction in the market price-earnings multiple is widespread perception that investing in the stock
market has become riskier.

Tough Decisions Required
This perception of increased risk could be blamed on several factors: the U.S. credit ratings downgrade, acrimonious
uncertainty surrounding the U.S. budget, the European debt crisis and disappointing jobs numbers. Many of these market
influences can be directly correlated to actions, or more precisely, the inaction of lawmakers both here and abroad. While
it is unusual for the market decline to be so directly attributed to the actions of lawmakers, it appears that is exactly what
has happened. The highly visible and ugly process of the last-minute raising of the debt ceiling took its toll. And, despite
the temporary resolution, the net reduction in the budget was insufficient to avoid a credit ratings downgrade for U.S.
treasuries. Unlike prior occasions when the market has fallen sharply, lawmakers were in a position where they had the
power to directly affect the direction of the market.


12

Ironically, U.S. 10-year treasuries have risen in the midst of this flight to quality. In a somewhat contrary opinion to Standard
& Poor’s analysis, large investors still see U.S. debt as the best means to mitigate risk in their portfolios (Figure 3).

Figure 3: Current 10-year Treasury Yield vs. Forecast
7.00

6.00

5.00

4.00
Yield (%)

3.00

2.00

1.00 10 Year Treasury
Yield on 08/19/2011
0.00
Jan-2000

Jan-2001

Jan-2002

Jan-2003

Jan-2004

Jan-2005

Jan-2006

Jan-2007

Jan-2008

Jan-2009

Jan-2010

Jan-2011

Jan-2012

Jan-2013

Jan-2014

Jan-2015
Fed Funds Rate 10 Year Treasury Yield

Sources: Moody’s Analytics, Capital IQ

The immediate concern for financial institutions is that the economy could slide back into recession. As consumers lose
confidence and feel their wallets shrinking, they buy less and are less willing to assume debt. As consumers cut back, so do
businesses. Adding to the pain for financial institutions, low interest rates on both the long and short end of the yield curve
squeeze the net interest margin.

It’s premature to say the economy is headed back into a recession and too soon to conclude that the outlook for bank
earnings should be downgraded and, if so, by how much. Corporate earnings have been very strong and balance sheets
remain healthy. Even if the economic recovery slows, companies are more prepared to endure a downturn now than they
were three years ago.

Policy makers in the U.S. and abroad must craft credible strategies to solve their respective countries’ debt problems.
Developing budget plans won’t be easy, nor will the solutions be popular among many constituencies. However, restoring
this credibility of lawmakers and re-establishing rational policy would go a long way toward removing the uncertainty now
driving the market down, and toward restoring the confidence necessary to resume the economic recovery.


13


Strategic Insights is a monthly newsletter that provides research, thought leadership and strategic commentary on recent
events in banking and payments. The newsletter is produced by the Enterprise Strategy team at FIS. FIS is one of the
world’s top-ranked technology providers to the banking industry. With more than 30,000 experts in 100 countries, FIS
delivers the most comprehensive range of solutions for the broadest range of financial markets, all with a singular focus:
helping you succeed.

If you have questions or comments regarding Strategic Insights, please contact Paul McAdam, SVP, Research & Thought
Leadership at 708.449.7743 or paul.mcadam@fisglobal.com.


14

Fis strategic insights vol 2 september 2011

Recommended

Recommended

More Related Content

Viewers also liked

Viewers also liked (20)

Similar to Fis strategic insights vol 2 september 2011

Similar to Fis strategic insights vol 2 september 2011 (20)

More from Paul McAdam

More from Paul McAdam (19)

Recently uploaded

Recently uploaded (20)

Fis strategic insights vol 2 september 2011