By FintechOS · February 10, 2022
5 minute read

Our latest release: FintechOS 22.w introduces new features for BNPL, pet insurance, SME lending

FintechOS 22.w

FintechOS is on a continued mission to empower our customers to innovate at speed and bring products and services to market quickly, with the least amount of disruption to business operations.   Built on the latest version of our High Productivity Fintech Infrastructure (HPFI), FintechOS 22.w promises faster and more seamless solutions, making the FintechOS experience better than ever before.   

Some highlights we’re excited about include Accelerators for SME bank account onboarding and lending applications, with an Experian Connector for credit data, and a pet insurance Accelerator for digital quote and buy, complete with AI-driven breed recognition via a Connector to Siwalu.  

Scroll down to learn more about our newest updates and capabilities. 

Lighthouse  

FintechOS Lighthouse is our revolutionary retail and commercial banking platform that can empower you with all the benefits of a complete digital transformation without the complexity or expense. Our latest release adds new capabilities to Lighthouse for key use cases, ensuring you keep pace with industry trends. 

SME Lending and Onboarding 

SME financing needs are significantly underserved with a global financing gap estimated at USD 5.2 trillion. With this release, we introduce an Accelerator for SME Mobile Onboarding that provides a simple digital journey for small and medium-size companies, allowing them to open a checking/current account in under 15 minutes. This is a great starting point for banks and credit unions to rapidly implement a modern UX and easily configure any details of design, content, journey sequence, and product logic.   

Additionally, our Accelerator for SME Mobile Lending will give small businesses the financing solutions they want in minutes, not days. With self-service and rapid decision-making in mind, we’ve prepared a ready-made mobile-accessible SME loan origination journey. As with all our Accelerators, the details of the journey are easily configurable.  

FintechOS Lighthouse

Buy now, Pay later 

Buy now, Pay later (BNPL) or point of sale lending is a rapidly growing new paradigm in consumer payments, enabling shoppers to complete a purchase instantly without having to spend cash or use a traditional debit/credit card, and then pay for what they’ve bought across several easy installments, interest-free. Consumers appreciate the new level of choice and convenience, while merchants – particularly when BNPL is embedded in ecommerce checkouts – benefit from higher conversion rates, higher average order value, improvements in frequency and loyalty, and more efficient administration around order payments and returns. 

Creating a new BNPL solution requires merchants, checkout solution providers, and lenders to enter into partnerships built around closely integrated technology, data, and business workflow automation. With a track record of providing BNPL solutions to leading ecommerce brands in Europe, FintechOS now offers this functionality to all clients within the current platform release. Established banks and lenders worldwide can work with FintechOS to develop, roll out, and iterate differentiated new embedded finance solutions that allow them to make a strong entry in this exciting new space.  

Discover what you can build and ship faster with FintechOS Lighthouse.

Northstar 

FintechOS Northstar is our innovative insurance platform designed to empower insurers with best-in-class digital tools to create customer-centric, hyper-personalized insurance solutions for the modern market.  With a pet insurance market fuelled by significant growth due to Covid, and valued in excess of USD 7 billion, we have integrated new solutions for Pet Insurance into Northstar. 

Pet Insurance 

Our Accelerator now speeds up the process of bringing a self-service quote and buy to market, with an initial focus on cats and dogs. A ready-made mobile UX is also available.    

We also have a new connector to Siwalu, which offers a ready-made integration to search databases based on an uploaded picture of a pet, allowing the system to instantly identify the pet’s breed and species (dog, cat, or horse).  As insurance prices can vary depending on these specifics, this connector will allow insurers to validate the necessary pet data, saving time and enhancing customer experience.  

Discover the insurance products, journeys, and insurtech innovations you can build and ship faster with FintechOS Northstar.

Ecosystem Connectors 

Apart from Siwalu for pets, we’ve also introduced a new Experian Connector. Experian is a credit bureau that collects credit information, allowing banks to rate an applicant’s creditworthiness and their ability to pay back a debt. This Connector can access multiple databases to retrieve customer information on loan account summaries, bankruptcy records, previous credit checks, commercial credit and risk information, director or owner information and credit scores, and so on.  The Experian Connector is used at various points during the new SME Lending Accelerator mentioned above.  

We’ve also expanded ID verification and document recognition with better Onfido and ARIADNEXT integrations.  Additionally, we’ve ensured that the following FintechOS Connectors are compatible with the latest version of our HPFI: Companies House, LexisNexis, Ideal Postcodes, KeysFin, Dun & Bradstreet.  

Academy 

Through open registration, instant access to self-led onboarding programs, and self-evaluation, the FintechOS Academy is your one-stop shop and central hub for the latest FintechOS training resources. 

With this release you can now register for a new series of virtual classroom events with FintechOS Academy. Learn about industry-specific Product Factory toolkits that allow you to create and maintain personalized products within your customer journeys.  

Additionally, and by popular demand, the latest five courses covering the FintechOS Foundational Platform capabilities are now available. This fully self-paced program is available online so you can learn from whenever and wherever it suits you. 

View our training agenda, and for more training resources, access the FintechOS Academy catalog. 

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Book a FintechOS demo now, and find out how we can help you launch cutting-edge products and services for banking and insurance in weeks, not months.

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Documentation 

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