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EVOLV®

EVOLV is a proven, scalable platform for automating finance and risk processes while enabling the resulting reporting and analytics to be leveraged across a financial institution.  It implements end-to-end solutions for solving today's banking problems while also providing a framework designed to meet tomorrow’s challenges.

EVOLV is a proven, scalable platform for automating finance and risk processes while enabling the resulting reporting and analytics to be leveraged across a financial institution.  It implements end-to-end solutions for solving today's banking problems while also providing a framework designed to meet tomorrow’s challenges.

Platform-Driven Finance Architecture Product

The Problem

At almost all financial institutions, there are functions that are performed for the loan portfolio outside of a servicing system (or core banking system). These functions are typically the risk and finance processes associated with loans, which are handled through spreadsheets, manual processes, and/or point solutions that introduce significant risk to the institution.

CFO's / CCO's / CRO's at financial institutions typically express their frustration with particular focus on what they are "not getting" from a results, analysis, time, and cost perspective.

Why does reserving take so long?
Why can't I do non-accrual accounting?
Why do I have so many reconciliations?
Why do I need multiple applications?
Why can't I produce more meaningful analysis on my loans?

While most of these expressions focus on the specific rule that is not being fulfilled, the root cause for why financial institutions cannot address these is far deeper than better automation of a particular rule.

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The Root Cause

The risk and finance lifecycle of a loan is a complex process involving data capture, data transformation, event translations, models, computations that also feed other computations, journalization, and overall workflow. The true issue is that most financial institutions cannot efficiently and effectively integrate (1) the data portion of the problem with (2) the risk and finance function portion of the problem, and then merge everything to complete (3) the backend reporting and analytics portion of the problem.

The diagram below illustrates a typical risk and finance process at a financial institution, where accounting, reserving, and stress testing are used as functional examples. Disparate data sources feed a process that must adequately centralize and stage the data to then feed various risk / finance functions, which are each mini workflows in and of themselves. These functions are NOT mutually exclusive and require significant coordination and orchestration. The results of these functions are then require further re-aggregated and organization to support reporting and analytics.

The mathematics are straight-forward, but understanding when the math is applied, to what loan population it applies, and how the results feed other rules, is complex. The true issue is that most financial institutions cannot efficiently and effectively integrate (1) the data portion of the problem with (2) the risk and finance function portion of the problem, and then merge everything to complete (3) the backend reporting and analytics portion of the problem.

While financial institutions may initially express the pain / problem as a computational problem or reporting problem, the real root cause involves the lack of integration across the end-to-end process. Many institutions initiate projects to address the symptom, but fail to address the root cause. For example, many institutions initiate a loan data mart project to "automate the reporting," but realize far too late that the reason the reporting was manual was due to issues way upstream that cannot be addressed by a data mart. Another example is to purchase a "point solution" that automates a reserve model or that performs non-accrual accounting. These solutions focus on automating the mathematics but do nothing to address the data integration upstream or the reporting / analytical needs downstream. For a point solution to be effective, financial institutions need to spend lots of money addressing all components, as well as the required reconciliation activities, of the process to make each point solution work.

A more holistic approach needs to start all the way back at the source data and go all the way to the end stakeholders. Solving for the data component vs. the functional component vs. the analytical component are by themselves difficult, without then adding the burden of reconciling amongst the various components. . In the end, those institutions that have taken an integrated view of solving for all three by solving the root cause have yielded the highest returns and now have an architecture that is far more adaptable to future needs. This is the approach that serves as the foundation for how Primatics architected EVOLV.

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The EVOLV® Solution

EVOLV is a comprehensive solution for financial institutions consisting of cutting-edge software and advanced support for end-to-end risk and finance processes, from data to functions to analytics, all integrated on one enterprise platform. EVOLV is the only solution in the market that integrates risk and finance capabilities across data, functions, and analytics.

As shown in the above diagram, EVOLV integrates the end-to-end process on one platform, thereby enabling far greater efficiencies, scale, flexibility, reporting, and analytical capabilities. The EVOLV Solution leverages our unique platform components and delivers solutions to your more challenging loan processes. The diagram below introduces these components:

EVOLV includes a robust set of core engines , which interacts and enriches our (1) EVOLV SMART Data, which encompasses both a data integration layer on the front-end and a robust business intelligence / analytical layer on the back-end, and (2) Robust set of Core Engines, and (3) EVOLV's Integrated Risk and Finance Solution for Loans. SMART Data addresses all needs around data sourcing, normalization, transformations, and enrichment necessary to feed loan accounting functions. It also addresses all the reporting and analytical requirements. The Integrated Risk and Finance Solution addresses all the specific loan accounting, reserving, and stress testing rules and calculations, completely integrated with the data and analytics, thereby serving as the single source subsidiary system for all loans at the loan level.

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The Benefits

Overall, EVOLV enables financial institutions to most effectively and efficiently execute their business strategies in the following way:

  • Enablement:  Better decision-making through more advanced analytics and elimination of time-consuming “processing” steps
  • Compliance:  Enables more automated and defensible compliance of critical current and potential future regulations over financial institutions
  • Efficiencies:  Through the integration of data, applications, and analytics, greatly consolidates and/or eliminates needs for point solutions, hand-offs, reconciliations, manual steps, etc.
  • Adaptability:  Enables financial institutions to quick adapt to changing strategies and to scale their operations quickly and efficiently

See how financial institutions have used EVOLV to solve their specific needs.

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