December 4, 2024

The Rising Tide of Banking Personalization: Insights from FIS CTO Firdaus Bhathena

By Jody Bhagat, President of the Americas, Personetics 

I had the pleasure of speaking with Firdaus Bhathena, Chief Technology Officer at FIS—one of Personetics’ long-term partners—about how this major technology provider is helping financial institutions deliver more impactful customer experiences. With FIS supporting thousands of banks globally, Firdaus brings unique insights into the digital future of banking, drawing on his diverse experience in both early-stage startups and established enterprises. 

A Customer-Driven Journey: From Healthcare to Financial Services 

Firdaus brings an interesting perspective to banking technology, having spent the first half of his career in venture-backed software startups and later in healthcare technology. “One thing remains constant across industries,” he noted. “If you don’t understand your customer well enough, if you don’t live in their shoes, it’s hard to make meaningful progress.” 

This customer-first mindset now shapes FIS’s approach to banking technology. Under CEO Stephanie Ferris’s leadership, FIS has strengthened its focus on becoming a high-performing technology organization that empowers banks to deliver enhanced customer experiences, continually evolving and innovating to meet society’s changing needs.  

Transforming Banking into a Daily Essential 

“Gone are the days when people say, ‘I’m going to do some banking,'” Firdaus explained. “These days, financial transactions, banking, investing, managing your money – that’s all part of everyday life.” 

This observation comes from personal experience. “I’m so shocked at myself sometimes on how many financial products I actually use,” he shared. “When I was just coming out of college, I had a bank account and that was about it. Now, I have my little research lab in my family – I have three kids between the ages of 20 and 26. I look at how they engage with the world of finance and it’s so interesting. There’s big differences between my 26-year-old and my 20-year-old in levels of sophistication and understanding in the tools they use.” 

Based on firsthand experience, Firdaus shared a key insight: “Our mandate as an industry is to fit into the lives of this next generation of customers, as opposed to forcing them to modify their behaviors into the world that we come from.” He emphasized that for many companies, this represents a fundamental shift in how they approach customer relationships.  

This shift requires banks to naturally integrate into customers’ daily activities. The challenge, as Firdaus sees it, is “how to personalize those experiences and make them part of somebody’s life in a natural, non-disruptive, unobtrusive way.” 

This aligns perfectly with banking’s fundamental promise to customers: to know them, value them, and advise them. As I discussed with Firdaus, it’s about both providing immediate, actionable insights and supporting customers’ longer-term financial journeys. True personalization means not just suggesting what customers should do, but explaining why it matters for their financial wellbeing.  

As Firdaus emphasized, “Everybody needs guidance, everybody needs personalized advice, and that should not be the domain of people who can afford a professional advisor or have a certain amount of money. We will change the world for the better when people are able to make financial decisions by being better informed by the right tools, with the right guidance and advice, and having their best interests in mind.”  

The Power of Personalization at Scale 

On the topic of delivering personalized guidance at scale, Firdaus emphasized a crucial point: “If you are going to make a difference in the lives of your customer today, really truly knowing them in a personalized manner is not optional anymore. That transformation is the next big change that will happen, and it will use data, AI, and platforms. But most importantly, it will tie together different parts of the consumers’ lives.” 

This understanding needs to go beyond simple product recommendations to create true value and trust. “It’s one thing to be told, ‘Well, based on what you did yesterday, here are three things I’m going to recommend,'” Firdaus explained. “It’s different to say, ‘We understand the phase of life you’re in, this is the journey you’re on, and here are three or four things that could make your life better – and here’s why.'” This focus on explaining the ‘why’ behind recommendations helps create a foundation of loyalty and trust with customers. 

Firdaus continues, “It’s not just about developing the insight, it’s about making it actionable. In the moment, giving people the ability to act – that’s personalization. This is what we hope we can do with Personetics. Based on this persona and demographic, we can demonstrate the next best action and tie it into their long-term journey.” 

Building Foundations for Innovation 

To help banks deliver on this vision, FIS takes a comprehensive approach to technology transformation. “We look at Cloud, Data, and AI as a continuum,” Firdaus shared. “If you haven’t made the investments in cloud-based technologies, if you’re not investing in data platforms where you have rock-solid governance, cleansing, and lineage, you’re only solving part of the problem.” 

This foundation allows banks to move faster in developing and deploying new capabilities that enhance customer experiences. As Firdaus said, “When you create those enabling platforms, you accelerate people’s ability to solve user problems.” 

Looking Ahead: Democratizing Financial Guidance 

Firdaus believes this transformation is essential for the future of banking. “Everybody needs guidance at some point. Everybody needs personalized advice. That shouldn’t just be the domain of people who can afford to hire a financial advisor. We will change the world for the better when people are able to make financial decisions by being better informed, with the right tools, with the right guidance and advice, and with their best interests in mind.” 

The path forward requires industry-wide collaboration. As Firdaus emphasized, “It’s going to take all of us. This is an effort to move the whole industry forward. I don’t think any one company can make all the change that’s required. But if we truly lock arms and progress the industry, that rising tide will lift all of our boats.” 

Through our long-standing partnership with FIS, Personetics is proud to be part of this industry transformation. To learn more about how FIS and Personetics are working together to transform digital banking experiences, read about Union Savings Bank’s success with FIS Spending Insights powered by Personetics.

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