FintechOS Updates Platform to Boost the Productivity of Financial Technology

FintechOS, a global technology provider for banks, insurers, credit unions and other financial services companies, unveiled its latest product release FintechOS 22. FintechOS 22 combines composable digital and core business blocks with a no-code/low-code approach, underpinned by cloud-native, data-at-the-core architecture, that allows institutions to modernize legacy systems and launch new, differentiated digital products faster, more effectively, and more efficiently.

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Many financial service providers have embarked on digital transformation projects. But 70% of these projects fail to meet their digital transformation aim and providers received almost no return on their investments (BCG, 2021). FintechOS helps financial service providers overcome these obstacles so that they can build, test and scale new digital products and services in weeks rather than months. With FintechOS 22, the company is delivering the first ‘high productivity financial infrastructure platform’, making it easier for internal teams to launch digital projects without needing significant resource or specialised knowledge.

Updates to the platform for banks includes:

• New vertical, end to end solutions such as Buy Now Pay Later and split payments loans, overdraft and credit facilities.
• Ready-made UX journeys for first-time-buyer mortgages, personal loan applications, split payments, and onboarding for digital bank accounts including SME banking.
• Connectors to exploit API data sources including LexisNexis Bridger Insight, Companies House, and postal address databases.

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Updates to the platform for insurers includes:

• Pre-built UX journeys for personal health insurance self-service quote and buy, property and casualty first notification of loss, transparent policy version history tracking, multi-policy contracts.
• Enhanced Proposal Configurator allows firms to create automated rules to offer more personalized cover to applicants, presented as offer cards, and aids compliance with IDD (Insurance Distribution Directive) and FNA requirements where DNT (Demands and Needs Test) and consultancy are mandatory.

In addition, FintechOS is launching FintechOS Academy which allows its customers and implementation consultants to learn how to create and edit financial products independently of IT teams. This self-service model alleviates the reliance on overburdened internal software development and IT teams for change requests.

FintechOS 22 is underpinned by four main pillars:

• Composable digital CX – Ready made customer journeys across onboarding, banking, lending, insurance, and claims that can be easily personalised to boost UX and engagement.
• Core business capabilities – Pre-built vertical-specific components from loans to insurance with faster integration into third-party ecosystems allow institutions to tailor existing, best-in-class innovations and speed time to market.
• Enabling a makers’ community – FintechOS platform is built for builders: the ‘digital makers’ within institutions and their integration partners. The Innovation Studio combined with the Academy and the newly launched Marketplace allows non-technical teams to create and launch truly personalized products and customer journeys.
• Cloud-native, data at the core infrastructure – This brings major improvements in the Software Development Lifecycle management and guarantees operational efficiency, regulatory compliance and ensures data-driven personalization is built into all the products, services and experiences being offered.

“Too often, financial institutions embarking on a digitalisation strategy find themselves tasked with replicating competitors’ technological capabilities just to catch up,” said Teo Blidarus, CEO and Co-founder at FintechOS. “This burden is made worse by the heavy technical knowledge and financial commitment that organisations have needed to make only to then have to reinvent the wheel each time a new product is created. With FintechOS 22, institutions can finally overcome these inefficiencies and develop products that are truly personalised to the needs of their customers.”

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“But this is just the start. As Embedded Finance begins to reshape our markets and blur the lines between providers, industries and technologies, financial service providers must change. They need to be able to rapidly build new and differentiated products that can be easily integrated into third party offerings. And this can only be achieved through high productivity financial infrastructure and a low-code innovation approach. The era of IT-centric monolithic technology architectures must end,” concluded Blidarus.