The backbone of the defined contribution (DC) industry—recordkeeping technology—is finally getting a long-overdue upgrade. For decades, legacy systems built on outdated infrastructure have limited innovation, making it difficult to integrate new tools, streamline data, or fully support the evolving needs of over 100 million participants. As the industry continues to grow in size and complexity, the demand for more flexible, connected, and intelligent systems has become impossible to ignore.
Now, with FIS introducing a new cloud-based platform that brings together Omni and Relius, the landscape may be shifting. By incorporating AI and enabling easier integration with third-party applications, this evolution could unlock new efficiencies, improve data flow, and create a more seamless experience across providers. More importantly, it opens the door to solving long-standing challenges like account fragmentation, portability, and the delivery of in-plan retirement income solutions at scale.
Read further insights from Fred Barstein in his latest article, “FIS’ New Cloud-Based Record-Keeping System Could Unlock the Potential of 401(k) Plans.”
