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The demand for more data and the importance of data continues to grow and expand to nearly all industries, but especially in financial services. For some, the trend is driving the adoption of a handful of disparate data tools to help with specific problems. However, the most forward-leaning banks and credit unions have come to understand that along with omni-channel cloud-based digital banking comes the need for not just centralized access to different data sources, but a consolidated view provided by a synergy of data tools.
The trend toward 360 vs. 180
Not long ago it was an advantage to have just a few data analytics and insights tools to help propel strategic areas of the business. But even as those narrow views expanded to more 180-degree views, that is no longer enough to stay in the game. Banks and credit unions can’t afford to simply see what’s in their periphery in the present moment – they also need to unlock the power of their historical data to look behind them, providing key insights into what’s coming next.
A call to data arms!
You’ve read more than enough about fintech disruptors coming from all directions. You’ve seen the very dramatic consumer changes in just the past year from the pandemic. So, the question now is how do you get the insights and analytics to get underneath surface trends to understand exactly what it all means for your institution, what opportunities you have and how you act on them? What data is feeding your strategic and tactical decisions right now? What about tomorrow? Do you have a data strategy? Does it include macro- and micro-level indicators? In short, are you thinking about data with a 360-degree perspective? If not, it’s time to ring the bells and send out a call to arms to get your organization thinking and moving on holistic data solutions and strategies.
One of the toughest steps is just getting started, due to information overload and all the decisions that need to be made. But don’t let this prevent you from moving forward – begin with a “first things first” approach and focus. Start with a basic, high-level analysis of your institution’s strategic growth goals and each of your departments’ role in meeting these goals. Next, decide on a simple, single solution so that everyone is working with the same data and information that aligns to your objectives.
Once you identify the data solutions that meet those needs, it’s easier to assess how well each solution fits with each other, as well as with your existing platforms and systems. Do these solutions help modernize your operations and improve productivity and performance, reduce risk and help drive strong ROI? Answer these questions and you’ve cleared one of the toughest parts of overcoming the inertia to transform into a data-driven organization.
Bundled solutions can help you consolidate efforts
The FIS® Ethos™ data ecosystem offers clients the flexibility to comprehensively solution a data strategy that most effectively meets your institution’s needs. The intent is to help clients with holistic solutions through one consistent access point in the Ethos Portal. These include solutions that address the modernization of tools such as portfolio management, payments strategies, customer engagement and risk mitigation in lending.
As more data solutions are added to the Ethos ecosystem, new bundles will address the need for 360-degree views. These bundles will be key in helping clients become a data-driven organization.
At the heart of this 360-degree views are two critical levels of data insights and tools:
- Micro-level insights – Unified card analytics, trending, confirmed fraud, fraud alert analysis, real-time declines and period over period comparisons
- Macro-level insights – Expert industry analysis, peer benchmarks and real-time consulting with key macroeconomic indicators to help you stay relevant and maintain a competitive edge
If you haven’t spoken with your FIS Account Executive about your data needs, now is the time. We can help your figure out a data strategy that meets your specific needs and works within your time schedule. Please reach out and let Ethos help you grow and thrive.