Gary Norcross, President and Chief Executive Officer of banking and technology payment solutions services provider FIS, says cyber security risk poses the single biggest threat for global financial services companies.
In an interview with Business Today on Wednesday, Norcross said the financial sector will witness more cyber attacks in 2015 compared to 2014. "Data compromise severely impacts the confidence of financial services consumers," he says. "As we roll out new technologies, we will have to do our best to try to minimise such events (cyber attacks) to ensure consumers remain confident that their data and transactions are secured."
The new banking entrant, Bandhan Financial Services , has outsourced its technology operations to FIS. The company will provide and manage a fully integrated banking payments platform that would operate Bandhan's core banking, channel solutions, treasury and debit card management, among others. It has also built a technology platform for the first women-centric bank, Bharatiya Mahila Bank. FIS partners non-banking finance companies such as Muthoot Finance , Bank of Maharashtra and Shivalik Mercantile Cooperative Bank as well.
Fidelity National Information Services is an international provider of financial services technology solutions and outsourcing services. Headquartered in Jacksonville, Florida, FIS employs more than 55,000 people worldwide. FIS provides payment processing and banking solutions, software, services and outsourcing of the associated technology. FIS has over 14,000 clients in more than 130 countries. FIS is 426 on the Fortune 500 and is a member of Standard Poor’s 500 Index. Although the company retains the word "National" in its name, its stock is now traded under the ticker FIS, and this is also the preferred abbreviation. FIS was ranked the #1 Financial Technology company on the FinTech100 in 2013 and 2014.