FintechOS updates platform to boost the productivity of financial technology

By Joy Dumasia

FintechOS, a global technology provider for banks, insurers, credit unions and other financial services companies, unveiled its latest product release FintechOS 22. FintechOS 22 combines composable digital and core business blocks with a no-code/low-code approach, underpinned by cloud-native, data-at-the-core architecture, allowing institutions to modernize legacy systems and launch new, differentiated digital products faster, more effectively, and more efficiently. 

FintechOS 22 is being launched at FintechOS Leap (2nd-4th November). FintechOS Leap is the virtual annual three-day virtual event showcasing successes, challenges and best practices for financial innovation. The event features over 60 leading speakers and is attended by 1000+ industry professionals. 

Updates to the FintechOS platform for banks include: 

• New vertical, end to end solutions such as Buy Now Pay Later and split payments loans, overdraft and credit facilities. 
• Ready-made UX journeys for first-time-buyer mortgages, personal loan applications, split payments, and onboarding for digital bank accounts, including SME banking. 
• Connectors to exploit API data sources, including LexisNexis Bridger Insight, Companies House, and postal address databases. 

Updates to the platform for insurers include: 

• Pre-built UX journeys for personal health insurance self-service quote and buy, property and casualty first notification of loss, transparent policy version history tracking, multi-policy contracts. 
• Enhanced Proposal Configurator allows firms to create automated rules to offer more personalized cover to applicants, presented as offer cards, and aids compliance with IDD (Insurance Distribution Directive) and FNA requirements where DNT (Demands and Needs Test) and consultancy are mandatory. 

Teo Blidarus, CEO and Co-Founder at FintechOS, said: “Too often, financial institutions embarking on a digitalization strategy find themselves tasked with replicating competitors’ technological capabilities just to catch up. This burden is made worse by the heavy technical knowledge, and financial commitment that organizations have needed to make only to then have to reinvent the wheel each time a new product is created. With FintechOS 22, institutions can finally overcome these inefficiencies and develop products that are truly personalized to the needs of their customers.”

IBS Intelligence recently reported that FintechOS, the global technology provider for market-leading financial services brands, announced its launch into the US following success in its native Europe, as well as in Asia and the Middle East.