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FintechOS 22

Low-code platform for banking and insurance

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.

– Teodor Blidarus, CEO and Co-Founder, FintechOS

FintechOS 22: key points

  • New composable customer experience (CX) blocks that make it easier and faster for digital teams to build personalized user journeys for common financial services use cases such as self-service quotes and product applications, account onboarding, and claims or other customer service case processing.
  • More powerful core banking and core insurance capabilities, delivered in a modular SaaS approach to allow an unprecedented level of self-service composability in building lean full stack solutions.
  • Performance updates to Innovation Studio as well as new portals supporting the growth of a community of no-code / low-code digital makers, including an all new Marketplace, Academy, and Ecosystem Partner Portal.
  • A slew of upgrades to technical architecture to support demanding performance and compliance requirements in enterprise IT deployments, including FintechOS Cloud – a new managed service offering for financial services built on Microsoft Azure.
Read the press release announcing FintechOS 22 here

Platform and component documentation for FintechOS 22

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.

Video overviews: FintechOS 22

To access slides and further presentations from our 2021 annual summit event FintechOS Leap, register here.

Why modern financial brands need high-productivity financial infrastructure

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:

  • Re-think and reshape customer interactions
  • Experiment with entirely new business lines
  • Leverage partnerships in a vibrant fintech ecosystem
  • Automate business processes with a focus on efficiency and scalability
  • Empower enterprise IT to support digital experimentation and growth rather than being positioned as a friction to innovation

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.

FintechOS 22 – overview of new features and enhancements

Composable digital CX blocks

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.

FintechOS 22 updates – digital CX blocks

  • New ready-made customer journeys for banking onboarding (both retail banking and SME account opening), personal lending applications, savings account opening, mortgage applications, Buy Now Pay Later, health insurance, and pet insurance. These and other UX journeys are available as pre-built Accelerator templates via FintechOS Marketplace, and can be easily modified using our low-code Innovation Studio.
  • Pre-built API connectors to leverage leading external data services, including Oney Trust, Onfido, LexisNexis, and Experian.
  • Pre-built remote customer collaboration features including embedded video streaming and co-browsing.
  • New pre-built digital banking app that can be used by financial institutions to prototype and showcase new front-end features, including standard transactional banking interfaces but extending much further into embedded finance capabilities.

Composable core business capabilities

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 22 updates – core capabilities in banking and lending

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:

  • BNPL
  • Merchant loans
  • Overdrafts
  • Flexible credit facilities for SMEs

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

  • Banking front-ends for customer portals and professional staff brokers
  • API connectivity to other front-end channels
  • Low-code retail banking UX prototyping environment

Customer Journeys

  • Pre-built but easily editable customer journey templates e.g. loan application
  • Ready-made fintech functionality e.g. digital signatures, video liveness checking
  • Ready-made connectors to work with third party data and services

Contract administration

  • Management interfaces for live financial products and customers
  • Use pre-built employee portal or API connecting to existing front ends
  • Low-code process design, management, and automation for authorizations, transactions, notifications

Product factory

  • Pre-built financial product templates e.g. SME loan, overdraft, embedded e-commerce loans (BNPL)
  • No-code product configuration for administrators

Operational ledger

  • Creates and manages accounting entries for transactions related to financial products

FintechOS 22 updates – core business in insurance and claims

  • FintechOS Northstar is our package of core business capabilities for insurance and claims. In FintechOS 22 we have improved the Product Factory capabilities to support no-code configuration of a wider range of insurance product management needs including:
    • Coverage attributes
    • Premiums
    • Underwriting rules
    • Grace periods
    • Renewals attributes
    • Implicit reserves
  • New business rules engine for tariff and underwriting rules
  • Low-code builder for Demand and Needs Test questionnaires and automated matching to personalized, persona-based proposal cards
  • New configurable business flows for invoice generation, write-offs, suspensions, and different renewal types

FintechOS 22 strengthens functionality and low-code configurability across the full spectrum of digital insurance product building and administration.

  • Improved capabilities in API-enabled core admin areas, including:
    • 360-degree policy management
    • Policy event management
    • Policy cancellation and refunds
    • MTAs and flexible policy alterations
    • Master policy issuance and lifecycle management
  • Extensive improvements to billing and collection processes including:
    • Automation of invoicing
    • Wider range of collection types including cards and Direct Debit
    • Outgoing payments management
    • Automated incoming payments matching
    • Automated refunds
  • Improvements in administration around QS and XL reinsurance processes

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 embedded, ambient future of financial services

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.

Community of digital makers

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.

FintechOS 22 updates – self-service

  • An all-new FintechOS Marketplace
    Roll out personalized digital products and customer experiences as quickly and efficiently as your technology driven competitors.​ Take advantage of Accelerators, which are initial templates for building UX journeys, and Connectors, which allow you to use third-party APIs for commonly needed tools and services, as well as a number of other Composable CX Blocks available through the Marketplace.
  • From this exciting starting point, Marketplace will grow in scope as a community repository: all FintechOS users and developer / ecosystem partners will have the opportunity to share their approved scripts and components through a central secure download store.​
FintechOS Marketplace
  • An all-new FintechOS Academy
    All customers and partners of FintechOS can now gain instant access to 24/7 self-led training in our new learning management portal. By getting hands-on with the low-code user journey and product-building capabilities of the FintechOS platform, digital makers can rapidly skill up and support the vision of more empowered, collaborative digital innovation teams in financial enterprises.
  • In addition to self-led training, we are hosting virtual instructor-led training (ILT) events for practical, hands-on training – sign up in Academy for updates.
  • Innovation Studio empowers non-technical teams to create and launch truly personalized products and customer journeys: this latest update delivers digital makers new and improved powers around:
    • Portal branding
    • Data model and user journey diagramming
    • Form design
    • Task management and decision automation
    • Code quality checking
    • Integration with CI/CD pipelines

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.

Cloud-native, enterprise-ready architecture

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 updates – architecture and cloud services

  • FintechOS Cloud, our recommended managed service hosted in Microsoft Azure, is now available to clients in new and existing FintechOS deployments, with high-availability service levels.
  • The FintechOS 22 release brings major performance improvements under load for production systems including both front-end CX and underlying core components.
  • Major improvements in security strengths including:
    • Redesigned identity management ensuring compatibility with industry standards such as FIDO2, OpenID Connect, and SAML
    • Pre-built integrations with popular identity platforms including Azure AD and Okta, plus multifactor authentication via TOTP verification such as via Google Authenticator

FintechOS 22 brings new features for teams working on CI/CD and for technology leadership targeting improvements in SDLC management.

  • Major improvements in SDLC management including:
    • Redesigned configuration and version management allowing for improvements in agile development and releases
    • Easier deployment across different environments
    • Improved analytics and observability features

FintechOS Partners

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.

FintechOS 22 – find out more

Book a demo

Book a demo with FintechOS and our solution partners to discover how to prioritise and accelerate your digital roadmap:

  • across all layers of the stack,
  • at any focus zone within the digital customer lifecycle,
  • within details of any digital UX journey,
  • building with – or independently of – any pre-existing digital estate
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