FIS unveils Ethos, a comprehensive FinTech data ecosystem

Source: IBS Intelligence 2020-07-10

Bob Legters, Chief Data Officer, FIS

Financial services technology company FIS has announced the launch of Ethos, an innovative new data ecosystem that gives clients the benefit of a unified view of data across their entire enterprise.

The platform provides clients with a single point of access through which they can view data from across multiple channels using fully integrated tools that power data-driven insights and actions.

The Ethos ecosystem aims to unify and maintain data portfolios which are segmented across channels, such as credit, debit, fraud, core and loyalty into a single platform environment which can be accessed via a user-friendly portal for application and analysis. Among its capabilities, Ethos will help financial institutions (FIs) automate reporting, reduce operational costs, and mitigate risk while streamlining the lending process.

“Our goal with Ethos is to turn data into highly-refined and actionable intelligence for our partners. 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,” said Bob Legters, Chief Data Officer, FIS.

The first tools within the Ethos platform include Current Expected Credit Losses (CECL) View and Tax Intelligence. Ethos CECL View helps FIs fulfil 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 expects to enable FIs to perform this predictive modeling on an outsourced basis seamlessly.

The Tax Intelligence tool is aimed at enhancing lenders’ underwriting efforts by providing real-time identity verifications and one-touch requests for income verifications, tax returns, IRS account status, payment and lien information, and other data critical to evaluating loan-related risks. It provides FIs access to a full history of records, summary reports, request real-time updates and alerts, via an intuitive web portal, offering a broader view into loan-associated risk.

“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. 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.,” added Legters.

Established since 1968, FIS is a provider of technology solutions for merchants, banks and capital markets firms globally. The firm recently partnered with FICO to build a new financial crime management solution.

FIS

Ethos

FIS unveils Ethos, a comprehensive FinTech data ecosystem

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