Fidelity National Information Services: Data ecosystems will drive the success of digital banking

Successful in a data-driven culture

Digital transformation is currently driving the entire banking industry, and while financial institutions want to keep up with the accelerating pace of this change, data is scattered everywhere. To effectively manage a digital banking world, we all need more centralized access to data that helps with overall business strategy. This involves more than just the data your institution creates, but the effective development of huge data sources that we do not produce ourselves.

Right now the exploitation of data diffusion is like in the plains of Texas during the oil rush. It can be a little messy out there, so where do we start drilling? When FIS decided to take on this challenge, it became clear that bringing these different data sources together in a central repository was crucial. That vision was accelerated during the pandemic when this new ecosystem called Ethos came to life.

Better decisions through smarter data

As financial institutions continue their migration to digital-first strategies, a multitude of decisions must be made, all of which have implications and consequences. The quality of the data to support these decisions is critical as the landscape changes.

Which systems remain? Which go? Do some have to run in parallel? And for how long? These are some of the big decisions banks and credit unions face. For Ethos, the questions focus on how the data in this ecosystem helps make the decisions financial institutions must make to effectively implement sound business strategies. More importantly, this new ethos ecosystem offers continuous insights that are the lifeblood of our new digital world. The data will essentially determine the success of these digital strategies as they play out in the real world.

Ethos helps you find out which direction the wind is blowing from and in which direction it will blow next, and answers questions such as: What is happening in my portfolio right now? What do my customers really want and need? How high is the risk? How can I address customers holistically and act faster? Can I be more efficient and increase the productivity of my employees?

A trusted partner and administrator of financial data

We know that financial institutions adding new systems and upgrading existing systems means transactions are faster, farther and farther away, and require less human touch. It also means that the risk increases and becomes more difficult. The Ethos Ecosystem is designed to increase the speed and efficiency of your business by helping you make informed, data-driven decisions faster and more confidently.

In fact, the Ethos Ecosystem was designed to help financial institutions with business strategy across the enterprise by helping them act faster, with less risk, better results, and higher productivity. It is a space that solves many complex problems such as governance, security, automation and scalability for you. The solutions within the Ethos data ecosystem help to solve a multitude of challenges, regardless of which phase of the digital transformation the customers are in.

Three realms of golden opportunity

Regardless of where your institution is in the digital transformation, there are critical areas of data access that Ethos can help you with, including:

  • Management of the loan portfolio – Tools that dramatically improve the way you review income and risk for credit and credit decisions, ensure the correct level of loan loss reserves, and automate the bankruptcy recovery process.
  • Payment strategy – Access your transactional data with account-level visual KPI dashboards and drill-down capabilities so you can easily identify what action is required.
  • Engagement strategies – Whether you need a bespoke, AI-driven, on-site engagement platform or just need to focus on turnkey marketing programs, Ethos will help you spot the trends, connect to APIs to feed your existing systems, or Providing “always” on services that help you to ensure holistic views of your portfolio and to promote successful customer relationships.

The possibilities are real

Ethos enables FIS to offer a wide variety of services to its customers, including niche data products that meet immediate needs, products that span multiple data sets, and full professional service capabilities. It is an important time to engage your FIS sales rep to understand what data solutions are available to you as you modernize and take the next step on your digital journey. Grow with us as we add more data solutions and we’ll help you thrive in this new digital world.

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