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FIS Launches Ethos Data Ecosystem Unlocking Data Insights
July 09, 2020
- Ethos is an innovative data ecosystem that will support every aspect of data management, products and solutions for financial institutions.
- Ethos products will provide data insights and unified views of a client’s data across multiple channels.
JACKSONVILLE, Fla., July 9, 2020 – FIS® (NYSE: FIS) today 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.
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.”
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.”
Also within Ethos, Tax Intelligence enhances 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. Currently, IRS tax record acquisition is onerous and can take days to complete, whereas with Tax Intelligence, financial institutions can access a full history of records, receive summary reports, request real time updates and alerts, all via an intuitive web portal, offering a broader view into loan-associated risk.
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook Facebook, LinkedIn and Twitter (@FISGlobal).
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Kim Snider, 904.438.6278
Senior Vice President
FIS Global Marketing and Communications