FinTech competition is pressing card issuers to give customers real-time information, account controls and faster access to new products.

FIS’ Troy Mann said older issuing systems can stretch product launches across months while leaving useful transaction data difficult to retrieve.

AI is moving into product configuration, portfolio analysis and customer offers, but its usefulness depends on accessible data and connected systems.

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Card issuers once had more time to introduce products, process transactions and tell customers what had happened to their money. FinTechs helped shorten that timetable.

Consumers accustomed to real-time digital services don’t necessarily understand why a card account can’t show an available balance, a pending balance and a statement balance at the same time. They want to know what they can spend and what is happening in the account when they look at it.

“They need control, they need transparency,” Troy Mann, senior vice president, product management at FIS® Total Issuing™ Solutions, told PYMNTS. “When they can’t find it in their legacy banks, they go find it with FinTechs.”

For banks and credit unions, competing on that basis reaches beyond the mobile interface. The issuing platform determines how quickly an institution can introduce a product, what information it can put in front of a customer and how readily it can change an account or offer.

Mann said he has seen the product-launch process from inside that machinery.

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