The 4 Steps to Future-Fit SME Banking
November 2021: we’re excited to announce the immediate availability of FintechOS 22, the latest major upgrade to our new-generation financial technology solution and a huge leap forward in delivering on our mission of empowering digital financial makers to build value faster.
With a slew of new features, detailed below, FintechOS enables established financial institutions to modernize legacy architectures with reduced risk and cost, and to launch new, differentiated digital financial offerings at far higher speed than can be achieved when dependent only on traditional technology.
Banks, insurers, lenders, ecommerce firms, telcos and more can take advantage of a cloud-native, data at the core architecture that helps break down financial product siloes and opens up exciting new innovation possibilities by empowering digital makers to collaborate through a highly documented and supported self-service and low-code platform.
With the FintechOS toolkit, multi-disciplinary digital teams help their brands move ahead of competitors by building value faster, iterating with new ideas faster, and bringing differentiated innovations to market faster.
We’re excited to launch FintechOS 22, our most advanced solution release to date, bringing the digital makers in the financial enterprise a whole new level of capabilities which both speed up time to value and empower multi-disciplinary teams and the wider fintech community to continuously innovate together on a uniquely open low-code platform.
Developers and system architects who are already working with FintechOS can find detailed technical release notes about the updated components included in the major FintechOS 22 release in the technical release documentation here.
The FintechOS solution features composable blocks for digital customer experience as well as core functionality, built on a platform that can be operated as a standalone stack or easily integrated with multiple external data sources. All components of the system can be configured using powerful low-code features of the Innovation Studio.
To access slides and further presentations from our 2021 annual summit event FintechOS Leap, register here.
The traditional categories of “bank” and “insurer” are rapidly becoming obsolete as financial brands blur their business models with unique mixtures of products and services, which are often new creations in themselves. Financial innovation now means the ability to create more unique offerings and bring them to market more quickly. The quality and success of these digital financial offerings depend on their novelty and relevance to the rapidly-evolving expectations of consumers and modern business stakeholders.
We built FintechOS 22 to support the digital innovation strategy of modern financial brands with a unique toolkit that makes it faster and easier to bring new products and services to market, and empowers multi-disciplinary digital teams to collaborate on making those offerings more personalized and valuable for the financial lives of the end customers.
Instead of viewing digital transformation as a one-off effort or acting to defend existing market share, modern financial brands are looking to:
Financial brands which perform well in these areas will leapfrog over digital laggards in their industry and position themselves in emerging categories with fresh opportunity to win market share from new customers. In a fast-evolving and increasingly complex world of financial services, the winners will be the firms which are most agile in launching new, lean propositions and most adept at gaining feedback and improvement ideas directly from their customers.
A competitive strategy for modern financial brands includes unleashing the innovative spirit of digital makers within the organization, while ensuring a smooth transition away from legacy systems and constant attention to compliance and high IT management standards.
Gaining these advantages, realizing faster time to value and the competitive advantages of continuous innovation, is what we term high-productivity financial infrastructure. Read on to discover what FintechOS 22 delivers in this release, and sign up for our newsletter to get updates each time we release new capabilities in our unique financial innovation platform.
Gaining fast time to value in digital financial services means delivering a well-designed user experience through potentially multiple channels, as well as ensuring that the underlying business processes work well and achieve an overall high quality and efficient customer experience (CX). Architecturally, our approach in FintechOS is to ensure you are supplied with a highly flexible array of composable blocks so that you can take advantage of pre-built functionality while still being able to orchestrate and modify these components into a solution uniquely suited to your goals.
In FintechOS 22 we’ve made it even easier to build customized, personalized user journeys for every part of the customer lifecycle, from quotes and applications through onboarding, self-service, and renewals. Read on for details.
FintechOS 22 makes it even easier to build unlimited variations of customer journeys, including advanced features in remote customer interaction, API-based data services, and dynamic personalization.
Our focus on modular composability continues lower down in the stack, empowering you with an unprecedented flexibility in creating unique solutions from pre-built parts. With this architectural approach, it’s not only easier to get started with the FintechOS platform, but the costs of ownership and change are greatly reduced as you are in control of a system that is far more open and flexible than any other financial technology alternative.
Architecturally, FintechOS provides functionality in composable blocks which can be assembled to achieve unique results in a huge range of digital financial contexts.
FintechOS 22 brings a new level of core business functionality, allowing financial enterprises to build lean full stack solutions in a number of key verticals such as SME and retail lending, and property and casualty insurance. While all FintechOS clients can build solutions on top of existing digital estate, including data interoperability with legacy systems, we now offer the opportunity to radically cut costs and increase agility by launching new standalone solutions entirely independent of legacy core systems.
FintechOS Lighthouse is our package of core business capabilities accelerating time to value in building new digital propositions in banking and lending. In FintechOS 22 we have improved the Product Factory capabilities to support no-code configuration of a wider range of financial products including:
Configuration management has been strengthened for pre-existing Product Factory areas including personal term and revolving loan, mortgages, unsecured term and revolving loans for SMEs, and secured business loans.
FintechOS 22 expands full stack capabilities for banking and lending, with low-code configuration available from front end UX journeys through to core product management.
Digital Interaction Layer
FintechOS 22 strengthens functionality and low-code configurability across the full spectrum of digital insurance product building and administration.
With FintechOS 22, digital insurance teams can build unlimited variations of DNT questionnaires and create automatic recommendations connecting to the most relevant policies – which can also be designed through the low code platform.
The rise of BNPL and embedded insurance represent the start of a major revolution in financial services, as old categories of product and provider break down and get recomposed in more customer-centric, context-relevant ways.
The new digital financial services are built around customers’ Jobs To Be Done – meaning that they are designed to solve particular challenges people (or businesses) have, in the most specific and successful way, without being bound by pre-existing categories.
Until now, financial services have placed a burden of interpretation on consumers, forcing them to search and compare providers and offers in many separate categories of their life’s financial needs.
Consumers and businesses increasingly encounter financial services “ambiently” wherever they are already working in digital contexts. Successful distribution and growth strategies will come from packaging dynamic financial products and services that suit external customer experience contexts, not only relying on customer engagement through branded channels.
In practical terms, this means that financial innovators need to be able to build more smart and dynamic offerings, with more customer-centric thinking behind product design, and deliver these new offerings to market through both branded channels and external contexts included embedded finance partnerships. FintechOS 22 brings established financial brands a huge leap forward in being able to participate in this new wave of innovation.
Now, the most valuable digital providers are those who can put the right offer in front of the customer at the right time, improving convenience and reducing or eliminating the need for lengthy searching or advice.
FintechOS empowers digital makers inside financial institutions – and those working in their technology partner businesses such as digital consultancies and integrators – to collaborate through our low-code platform. With a growing and diverse community of innovators, all financial brands will benefit from more tried and tested answers to common use cases and faster access to smart new ideas emerging in the fintech ecosystem.
With the launch of FintechOS Marketplace, it’s now easier than ever to access pre-built components and integrate with leading API-enabled services.
With a choice of self-led training and formal instructor-led training, FintechOS Academy offers architects, administrators, and low-code developers working with our platform a fast path to enablement and an easy way to stay up to date in future.
The FintechOS platform is used in over 50 global financial enterprises and these environments are highly demanding in terms of performance, compliance, and security. In FintechOS 22 we have delivered a range of architectural improvements and new features targeting CTO and CISO requirements in the financial enterprise, addressing areas such as high availability, identity and access management, containerization, and observability.
FintechOS provides peace of mind for enterprise IT and security leaders, whether self-hosting or opting for our cloud managed services.
FintechOS 22 brings new features for teams working on CI/CD and for technology leadership targeting improvements in SDLC management.
FintechOS clients benefit from access to our growing network of consultancy and delivery partners, as well as access to new technology through pre-built integrations in composable blocks of our platform.
For digital integrators and consultants, the FintechOS platform offers a valuable set of tools for standardizing and accelerating transformation work within a huge range of product and stack contexts.Find out more about partnering with FintechOS here
FintechOS offers a uniquely open architecture – allowing consultants and integrators to work with our platform to accelerate their digital services, and integrating with a growing list of fintech providers.
Book a demo with FintechOS and our solution partners to discover how to prioritise and accelerate your digital roadmap: