FIS announced Ethos, an innovative new data ecosystem that gives clients the benefit of a unified view of data across their entire enterprise. Through a single point of access, clients will see data from across multiple channels using fully integrated tools that power data-driven insights and actions. Among its capabilities, Ethos will help financial institutions automate reporting, reduce operational costs, and mitigate risk while streamlining the lending process.
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An institution’s data portfolio is often segmented across channels, such as credit, debit, fraud, core and loyalty. The Ethos ecosystem unifies and maintains those data assets in a single platform environment which will be accessed simply via a user-friendly portal for application and analysis.
“Our goal with Ethos is to turn data into highly-refined and actionable intelligence for our partners,” said Bob Legters, Chief Data Officer, FIS. “With real-time data feeds, advanced analytics and improved modeling, financial institutions will not only see better outcomes from risk assessment and reporting, but also can expect reduced operational overhead and streamlined processes.”
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The first tools within the Ethos platform include Current Expected Credit Losses (CECL) View and Tax Intelligence. Ethos CECL View helps financial institutions fulfill the new financial reporting requirements introduced by the CECL regulations, whose standards require institutions to estimate their credit losses over the life of their loans and book the losses upfront. CECL View enables financial institutions to seamlessly perform this predictive modeling on an outsourced basis.
“Ethos CECL View is an affordable, turnkey solution that gives financial institutions assurance that their forecasts are compliant, while preventing the severe costs that come with the significant operational lift required to prepare for CECL,” Legters said. “Additionally, in volatile times like we are in right now due to the COVID-19 pandemic, knowing where an institution stands with regard to expected credit loss is critical to staying competitive in the market.”
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