FintechOS updates its fintech enablement platform

Thursday 7 December 2023 12:11 CET | News

UK-based FintechOS has updated its platform with the goal of simplifying how banks, credit unions, and insurers handle financial products.


Specifically, FintechOS has introduced FintechOS 24, marking the fifth major release of its fintech enablement platform. FintechOS 24 introduces a sentence-based, generative AI-enabled product designer, allowing companies to bring insurance and banking products to market in a more efficient way regardless of their technical capabilities or legacy technology infrastructure. 

According to the official press release, among the rapid evolution of the banking and insurance sectors and increasing competition from new entrants, traditional methods of product launch and management are now seen as sluggish and costly. In addition, legacy technology has the potential to hinder incumbents from gaining a competitive advantage. In this context, officials from FintechOS noted that the complexity of technology stacks and inflexible core systems contribute to delays and constrained growth, making many institutions less competitive.


UK-based FintechOS has updated its platform with the goal of simplifying how banks, credit unions, and insurers handle financial products.


A closer look at the capabilities of FintechOS 24

FintechOS 24 enables banks and insurers to modernise traditional products and digital journeys, as the platform facilitates digitisation and differentiation of existing products and journeys or the exploration of new lines of business. Furthermore, the new product designer is able to improve low-code and no-code capabilities, allowing users to define and modify products across various business lines without coding. 

FintechOS also facilitates ecosystem partnerships by making products available through open APIs and streamlining integrations with third parties, enhancing digital products and journeys. The creation of value-added product bundles and offers is possible as the release introduces capabilities for organisations to improve their offerings and drive revenue growth by bundling financial and non-financial products and services targeted at specific customer segments. FintechOS also 24 allows banks and insurers to implement eligibility criteria with the goal of reducing operational costs and enhancing risk underwriting. 

At the time of writing, customers can join an Early Access Programme to leverage new GAI capabilities across the product lifecycle, supporting various use cases, including generating new offers. Lastly, the release provides developers with the ability to extend products and components easily using familiar tools such as Microsoft Visual Studio Code, aligning code deployment with enterprise standards through GitHub integration. 

FintechOS aims to empower banks and insurers to innovate rapidly, enabling them to define and update products quickly in response to changing market conditions, customer preferences, and regulations, regardless of legacy core technologies. The introduction of sentence-based product definition also streamlines the approval process, minimising the time it takes to bring new products to market.

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Keywords: product upgrade, fintech, banking, financial services
Categories: Banking & Fintech
Companies: FintechOS
Countries: United Kingdom
This article is part of category

Banking & Fintech


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