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The Green Sheet Online Edition

August 14, 2023 • Issue 23:08:01

New Products

Augment, empower legacy tech with all-inclusive platform

Product: Fintech enablement platform
Company: FintechOS

FintechOS provides a fintech enablement platform designed to help banks and insurers launch and service financial products quickly and cost effectively while modernizing their existing tech stacks. The company's technology includes a fintech-specific no-code/low-code studio and composable data core that forms a foundation for personalized products and journey creation.

Teodor Blidarus, CEO and co-founder of FintechOS, noted that established financial service and insurance providers with legacy platforms aren't sufficiently agile to compete with fintech and insurtech startups, stating the company "is addressing these challenges and advancing fintech enablement with solutions empowering digital transformation." Blidarus went on to say that FintechOS focuses on augmenting and migrating a partner's or client's existing book of business, digitizing customer journeys, leveraging new channels and launching new markets.

By helping modernize rather than replace core capabilities, he stated, FintechOS lets organizations derive all the benefits of modernization without the risks of replacing their core technologies. In addition, this approach reduces the effort and complexity of creating and updating financial products and removes dependency on large, highly skilled teams, he noted.

Fintech enablement

FintechOS unveiled fintech enablement, a new concept designed to enable and accelerate innovation within an institution's existing tech environment. An Aite Novarica white paper, The Benefits of Fintech Enablement, published April 27, 2023, described the concept as "a way for FIs to accelerate and future-proof their approach to innovation." A copy of the paper is available at https://fintechos.com/whitepaper/the-benefits-of-fintech-enablement/. FintechOS representatives noted the fintech enablement platform enables financial institutions to stay relevant and grow in what is an increasingly competitive environment, while providing consumers with better and more inclusive access to financial services.

Continuous updates

FintechOS continuously updates its platform, the company stated, adding that the newest release includes extensive predefined financial products and digital journeys, reusable UI libraries and product performance analytics. These updates, they pointed out, will help remove barriers to business innovation while providing customers with the necessary tools and resources to drive collaboration internally and accelerate the launch of financial products.

In the newest release, FintechOS also furthered its ability to deliver on innovation while working with both legacy technology and an ever evolving set of ecosystem technologies, FintechOS representatives stated, adding that these capabilities drive better internal collaboration and faster product launches and journeys, including embedded commerce, across all channels. The end result, they noted, is that participants can deliver new and personalized offerings to market for consumers.

Leverage best-in-class tech

Among the platform's nearly limitless potential and possibilities, the fintech enablement platform enables participating financial institutions and insurance providers to launch and update digital products across any line of business and to build high quality digital journeys for their customers and partners, FintechOS representatives pointed out.

In addition, the company noted, participants can use the platform as a launchpad for embedded finance offerings in new channels, as well as modernize by automating and digitizing back-office servicing, consolidating data across legacy systems, and accelerating their core modernization strategy.

Explore, experiment, innovate

FintechOS believes its fintech enablement platform is an ideal way to explore, customize and deploy the latest technology trends, using, for example, the enormous potential of ChatGPT and generative AI (GAI). The ability to train large language models on vast amounts of unstructured data could yield the largest transformation the financial services market has seen in decades, the company added.

"Why be hampered with legacy core systems that are notoriously closed off to new tools and technologies, when you can leverage this platform?" FintechOS representatives said. "Our approach with the FintechOS platform lets companies take advantage of GAI innovation today – in a very simple yet highly transformational way." end of article

Website: https://fintechos.com/ Contact: josie.sutcliffe@fintechos.com

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