By FintechOS · August 05, 2022
6 minute read

FintechOS Summer Release with digital mortgage and pet Q&B

FintechOS Summer Release with digital mortgage and pet Q&B

Bring on the summer, and with it, our new FintechOS Summer Release Version 22.S. The new version includes self-service digital mortgage automation, pet insurance FNoL, and AriadNext integration.

These include new features for banking and lending services, and insurance innovations, for each respective platform. Let’s look at the highlights…

FintechOS Summer Release highlights

FintechOS Summer Release Version 22.S
FintechOS Summer Release Version 22.S

Realize digital mortgage automation with the Lighthouse FintechOS Summer Release and its complete, end-to-end self-service mortgage journey. Launch an online mortgage application process immediately, including a decision-in-principle, formal approval, insurance, and conveyancing validation.

This mortgage journey accelerator also offers a back-office dashboard for underwriters, which brings together the data they need to make critical decisions on mortgage request instantly.
On the other hand, our Northstar insurance platform now includes customer journeys for pet insurance Quote and Bind, and first notification of loss (FNoL). This means the service now comes complete with a full user journey from onboarding to claims.

Lastly, the FintechOS Summer Release sees all our platforms integrated with the latest version of AriadNext. This is aligned with ETSI 119-461 regulations and ADR compliance to ensure all your video identification and liveness detection services are compliant.

FintechOS Summer Release Version 22.S | Northstar insurance platform | KYC customer identification
KYC customer identification

Let’s look at what other features have been added in the new FintechOS Summer Release.

FintechOS Lighthouse platform Version 22.S

Obviously, our most-exciting update for the Lighthouse platform in the FintechOS Summer Release is the completion of our digital mortgage offering with our self-service mortgage application journey. This empowers mortgage lenders to offer an online, self-service journey through application, approval, insurance, and conveyancing.

FintechOS Summer Release | Version 22.S | Lighthouse banking platform | digital mortgage automation
Lighthouse banking platform – digital mortgage automation

Using our latest Accelerator as a template, you can add a digital mortgage application process to your offering almost instantly. Just add the Accelerator to Lighthouse, customize it and launch.

FintechOS Summer Release | Version 22.S | Lighthouse banking platform | mobile-first mortgage applications
Lighthouse banking platform – mobile-first mortgage applications

Desktop and mobile banking

Elsewhere, Lighthouse Version 22.S now offers an improved user experience (UX) on mobile and desktop. A new user interface (UI) makes it easier for customers to view a loan repayment schedule and repeat payments using existing details.

FintechOS Summer Release Version 22.S | Northstar insurance platform | repeat card payments
Northstar insurance platform – repeat card payments

The FintechOS Summer Release also includes a core banking integration, security improvements, and a range of performance updates and bug fixes.

Core banking

The FintechOS Summer Release includes our new Version 3.3 of our Core Banking system. This includes the automated settlement of repayment notifications, improved validations for interest rates, and the capability to associate transaction types at the product level. This includes:

  • multiple interest rates on contracts
  • automated settlement of repayment notifications at the contract and customer level
  • manual repayment notifications
  • a specialized dashboard for loan admin officers
  • a report for contracts that can be closed
  • automated processing of clawback-generating events for third-party entities
  • and more

Single customer view

Our single customer view has an improved private individuals module in the FintechOS Summer Release. The new dashboard allows you to navigate from the customer’s profile to specific data using interactive widgets.

FintechOS Summer Release | Version 22.S | Lighthouse banking platform | Single customer view
Lighthouse banking platform – Single customer view

The new data is displayed at the customer account level, and includes:

  • source of funds
  • risk class
  • public function
  • sensitive information (politically exposed person list, terrorist list, embargo list, etc)
  • documents or agreements
  • transactional profile
  • and more

FintechOS Northstar platform Version 22.S

The star of the FintechOS Summer Release of the Northstar insurance platform is our new pet insurance FNoL Accelerator. This mobile-first customer self-service journey allows retail customers to notify an insurer of a possible claim from their phone as a loss occurs.

The journey takes the user through a series of steps, including:

  • identifying the customer
  • matching the policy
  • providing pet details
  • receiving a claim registration confirmation

Pet insurance Q&B

The FintechOS Summer Release includes a new Accelerator for pet insurance Quote and Bind (Q&B). This mobile-first customer self-service flow allows retail customers to rapidly acquire a pet insurance quote.

Pets are rated for risk based on age, breed, and size through artificially intelligent (AI) image recognition. Customers simply need to hold the pet up to their desktop or mobile camera and our AI algorithm will automatically determine the breed of their pet.

FintechOS Summer Release | Version 22.S | Northstar Insurance Platform | AI breed detection
Northstar Insurance Platform – AI breed detection

The journey also includes steps like policy offer and selection, payment method and frequency, and document generation. It’s an end-to-end customer journey for entering this thriving market.

Billing and collection

The FintechOS Summer Release Version 22.S comes with an improved broker payment returns process. Whenever a broker payment is returned, the outgoing payment request has the beneficiary type and category already filled in.

In addition, an update was made to invoice generation for master policies with DIDE payment type. If the reference number for a mandate represents a master policy number, then the invoices generated include the installments from all the single policies within the specific master policy.

Core policy admin

The core policy admin facility in the FintechOS Summer Release now includes master policy renewal offers. This means customers can be automatically offered a renewal or new policy prior to the existing one’s expiry date.

In addition, the defined insured object types for the product can be used, such as policy generation, policy form or renewal. The new policy type data mapping can also be used for calculated premium amounts, and underwriting rules are available for master policy mid-term adjustments.

Proposal configurator

Lastly for this roundup, the FintechOS Summer Release for Northstar comes with formula and product versioning. This means any changes that are made are tracked and can be rolled back.

In addition, card versioning has been improved. The card name can be automatically sent as a parameter to the formula for calculating the premium per coverage tariff.

Find out what the FintechOS Summer Release can do

That’s quite a list, but it’s still just a fraction of the capabilities of the FintechOS platform’s high-productivity fintech infrastructure (HPFI).

To find out more about what we’re working on in our platform, visit our documentation site.

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