By FintechOS - March 6, 2024
Navigating Embedded Finance: Profitable Strategies for Credit Unions and Regional Banks
Embedded finance is already shaking up financial services. How can regional banks and credit unions tap into this new opportunity?
The FintechOS fintech enablement platform is now leaner and more focused. We’ve ensured the new Version 22.R3 provides you with the value you need to thrive in difficult times ahead. Let’s see what the release has in store.
In the not-too-distant future, I believe nearly every company will derive a significant portion of its revenue from financial services
Non-financial companies are increasingly entering the fintech market. To remain competitive, traditional banks and insurers need to not only digitize their product offerings, but also put innovation at the heart of their business. To enable this at scale and pace, we’ve organized the FintechOS platform into three functional areas.
Define differentiated financial products and services, and go-to-market quickly. Whether crafting new or re-inventing existing financial products, Launch enables customers to create personalized digital customer journeys that harness innovation from their financial services ecosystem.
Address gaps in your existing legacy platforms and service the new financial products you define. Start small, with only those business capabilities you need now, and add more as you scale, minimizing risk and cost.
Grow your customer relationships, cross-selling new products to increase your share-of-wallet. Experiment with new value propositions, leverage customer data, and define and launch campaigns over digital channels to promote personalized financial products.
We complement our Launch, Service, and Expand functionality with an underlying Fintech Operating System, providing a set of common capabilities that enable any company to operate like a fintech.
Whatever you need from our platform, we’ve got you covered:
So, let’s explore our latest release with this new information architecture.
With our spring 2022 release, we introduced journey analytics to help you understand where customer drop-off is impacting your journey conversion rates. With 22.R3, we’re including product analytics.
These new features will track the contract value and performance of the financial products you defined within our platform, including:
With 22.R3, we’re introducing re-usable user interface (UI) libraries that separate UI logic from journey logic, enabling teams to manage their design assets independently. A new design kit built using industry best practices serves as a starting point that can be extended with other components.
We expect this to reduce UI overhead by up to 90%, with faster UI development, lower maintenance effort, and a shorter enablement cycle for new team members. Features include:
With this release, we’re introducing new underwriting features for small business lending. These capabilities support a 20% faster time-to-market for customers deploying lending solutions and improve risk assessment and control.
This release lays the foundation for a complex underwriting solution that enables companies to run efficient risk assessment processes for any financial product or service. New features include:
Supporting the rapid launch of financial products and services, our set of pre-built solutions cover industry data models, financial products, customer journeys, and ecosystem connectors for a broad spectrum of innovative use cases. Explore more than 90 Accelerators in the FintechOS Marketplace.
With this release, we’ve created a complete, end-to-end solution for small and medium-sized business (SMB) commercial combined insurance. This key market is set to thrive over the coming years, so we want to make sure you’re ready to enter this growing space, and offer the following new accelerators:
This release includes a complete solution for SMB insurance Quote & Bind. Using our low-code interface, you can customize this template and launch a mobile-first, self-service product with automated rating, pricing, and proposal generation within days.
This includes:
This release also includes a solution for the first notification of loss (FNoL). Customize this template product without technical support and launch an online FNoL process immediately.
This mobile-first, self-service journey will take your customer through a step-by-step process to report a loss, including:
With this release, we’re making it easier for organizations to extend our out-the-box servicing capabilities to support their unique business needs. Service extension apps enable organizations to easily extend service functionality with a no-code/low-code approach. This can be applied to loan management, sub-ledger, billing and collection, policy management, and more. Features include:
Enterprise-grade hyper-scaling servicing solutions are necessary to enable our growing customers to launch and service innovative products in the market faster and more efficiently. With this release, we’ve focused on performance improvements and proven the power of our infrastructure at a Black Friday scale of over 3,000 contracts per minute and over 10,000 server requests per minute.
Enhancements include:
New loan and distribution management capabilities are included with this release, ensuring higher back-office productivity and open loan management operations. New features include:
We’re adding a new policy re-instatement capability to policy administration. The re-instatement can be fully processed after the customer has paid the installment that they missed. Features include:
To make sure our customers are getting updates to their financial products and services to market as quickly as possible, we’ve spent time eliminating manual steps to reduce operational risk and save up to 15% of the effort to package solutions and export/import.
With this release, we see an overall time reduction in package redeployment (including associated downtime) of up to 95%. New features include:
We’ve made several improvements to task management with this release, including new features to enhance routing and delegation rules, saving employees time when handling tasks:
Any reduction in coding effort will be a relief for developers! With this release, we’re introducing new features to make it easy.
Our developers tell us this new capability saves them 20% of the effort required to write server-side code. For good measure, we’re also including ES6 support and improved error-handling flows.
To streamline the troubleshooting of performance issues across journeys, we’re introducing new observability and telemetry features with this release.
Best of all, they are built directly into our Innovation Studio. We estimate that this reduces cuts troubleshooting effort by more than 10% for developers and includes the following capabilities:
No release would be complete without surprises from our Academy team, and this is no exception. To get the Digital Makers in your business excited about their new capabilities, we’re introducing a new product certification program. Those who sign up will also get access to a full self-service training sandbox to try out their skills.
Upon successful completion, they’ll be issued certification to license them as a Digital Maker and set them on the path to financial services innovation.
As if that wasn’t enough, we have more coming later in the month, including:
We’re proud of our new release and we’re certain it will offer our customers the value they need to thrive in any market.
To find out more about what we’re working on in our platform, visit our documentation site.