Barclays and FIS Extend Partnership Supporting Bank's Online Deposits Growth
MWN-AI** Summary
Barclays US Consumer Bank has recently announced the multi-year extension of its core banking agreement with FIS, a prominent global financial technology leader. This partnership is pivotal in driving Barclays' ambition to enhance its retail deposits and modernize its digital banking capabilities.
As part of the agreement, Barclays will leverage FIS Profile, a cloud-ready core banking platform designed to optimize the management of deposits, accounts, and balances. This platform offers real-time, multi-currency processing, thereby streamlining operations and minimizing risks and costs. The open architecture of FIS Profile also facilitates real-time data streaming and seamless integration across Barclays' technology ecosystem, allowing for more flexible and effective solutions.
Barclays has reported significant growth in its online deposits, attributed to its innovative savings products, including a tiered savings program. With a portfolio that caters to over 25 million co-branded credit card members in the U.S., the bank's suite of online savings and Certificate of Deposit (CD) offerings is tailored to meet the diverse needs of its customers.
James Capolongo, Barclays' Head of Banking, emphasized the importance of enhancing digital capabilities and streamlining processes to improve customer experiences as the bank seeks to expand its deposits business. With over $25 billion in deposits, the need for a scalable core platform is critical for sustaining growth and serving the bank’s customers effectively.
FIS’s Head of Global Banking Cores, Andrew Beatty, noted that the collaboration is integral for Barclays as it embarks on its modernization journey. The partnership is expected to facilitate faster product innovation and provide valuable AI-driven insights, positioning Barclays favorably for the future of banking.
MWN-AI** Analysis
The recent multi-year partnership extension between Barclays US Consumer Bank and FIS marks a pivotal moment for both entities in enhancing their digital banking capabilities. This collaboration aims to bolster Barclays' online deposits growth strategy and streamline its banking processes through FIS's advanced Profile platform.
From a market standpoint, this extension aligns well with Barclays' objective of capturing a greater share of the competitive online savings space, especially given its established presence in serving over 25 million consumers. The deployment of FIS Profile, a cloud-ready core banking solution, allows Barclays to further innovate their savings products while ensuring robust, real-time capabilities. This positions the bank to deliver improved customer experiences and react promptly to market changes.
Investors should consider the implications of this partnership on Barclays’ growth trajectory. With over $25 billion in deposits and aspirations for expanding its product offerings, the integration of FIS's technology could lead to enhanced operational efficiency and reduced risk. Moreover, Barclays’ focus on modernizing its digital platforms is indicative of a commitment to remain at the forefront of evolving consumer demands, particularly in the wake of increasing competitors in the digital banking landscape.
For those currently holding shares in Barclays (or considering an entry), the partnership could prove beneficial, particularly as it enhances the bank's ability to compete with other significant players in the U.S. market. The collaboration not only aims to deliver immediate operational value but also sets the stage for long-term strategic growth through ongoing product innovation and a commitment to customer satisfaction.
In summary, the strengthened partnership between Barclays and FIS presents a promising opportunity for growth and market positioning in the competitive landscape of digital banking, making it a point of consideration for investors looking for exposure in this sector.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Key Facts:
- Barclays US Consumer Bank and FIS have signed a multi-year extension of their core banking agreement, selecting Profile to power the bank's deposit growth strategy.
- FIS Profile powers money at rest for approximately 30 direct and digital banks globally, including many of the leading digital banks in the United States.
Barclays US Consumer Bank , a leading digital banking partner, and FIS ® (NYSE: FIS), a global leader in financial technology, today announced a multi-year extension of their core banking partnership agreement, supporting the bank's retail deposits growth ambitions and continued focus on modernizing its digital platforms and capabilities.
As part of the agreement, Barclays will deploy the FIS Profile service, a cloud-ready, high-performance core banking platform that manages money at rest – deposits, accounts, and balances - while delivering real-time, multi-currency processing that reduces risk, costs and time to market.
FIS Profile's open architecture enables real-time data streaming, seamless integration with consumer-facing channels, and the flexibility to connect best-fit solutions across Barclays advanced technology ecosystem.
Over the past decade, Barclays has seen tremendous growth in its online deposits business in the United States through award-winning savings products, including its innovative tiered savings program. The bank’s suite of online savings and Certificate of Deposits (CDs) products supports the broader banking needs of its 25 million co-branded credit card cardmembers across 20 of America’s best-loved travel and retail brands.
"As we expand our deposits business and bring new products to market, we have invested in digital capabilities and are simplifying our processes to create a better customer experience," said James Capolongo, Head of Banking, Barclays. "With over $25 billion on deposit, we require a core platform that can scale with us to best serve our customers as the leading digital banking partner in the US.”
"As Barclays positions itself for its next phase of growth, FIS is helping the bank to unlock quick, measurable value throughout its modernization program." said Andrew Beatty, Head of Global Banking Cores, FIS. “From faster product innovation to smarter, AI-powered insights and reducing risk along the way, FIS and Barclays are stepping boldly into the future. After all, modernization isn’t a destination; it’s a continuous journey.”
FIS is a financial technology company providing solutions to financial institutions and businesses. We unlock financial technology to the world across the money lifecycle underpinning the world’s financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index.
To learn more, visit www.fisglobal.com . Follow FIS on Facebook , LinkedIn and X .
About Barclays
Barclays US Consumer Bank is a leading digital banking partner that provides award-winning credit card, personal loan and savings products to more than 25 million consumers. As one of the fastest-growing U.S. credit card issuers, the bank creates highly customized programs that drive customer loyalty for some of America's best travel, retail and affinity brands. Member FDIC. For more information, please visit www.BarclaysUS.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20260414429862/en/
For More Information
Nicole Alley
Vice President
FIS Global Marketing and Communications
904.438.6278
Nicole.Alley@fisglobal.com
Lauren Pozmanter
US & Corporate PR Lead
FIS Global Marketing and Communications
631.827.7963
Lauren.Pozmanter@fisglobal.com
George Caudill
VP, Media Relations
Barclays US Consumer Bank
george.caudill@barclays.com
FAQ**
How does the multi-year extension agreement between Barclays US Consumer Bank and Fidelity National Information Services Inc. FIS enhance Barclays' retail deposit growth strategy?
What specific technologies within the FIS Profile platform will Barclays utilize to modernize its digital banking capabilities and improve customer experience?
Can you elaborate on the benefits of real-time data streaming and AI-powered insights provided by Fidelity National Information Services Inc. FIS for Barclays’ core banking operations?
What measures will Barclays take to ensure that their investment in FIS's core banking platform effectively supports their ambitious growth plans in the U.S. market?
**MWN-AI FAQ is based on asking OpenAI questions about Fidelity National Information Services Inc. (NYSE: FIS).
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