FintechOS unveiled FintechOS 24, the fifth “major release” of its fintech enablement platform.
This new version is a leap forward in the company’s goal to simplify how banks, credit unions, and insurers launch, scale, and manage financial products – allowing them to compete with speed and agility in transforming industries.
FintechOS 24 aims to revolutionise the way financial products are built, launching an industry-first, sentence-based, and Generative AI-enabled product designer. It allows any company to get insurance and banking products to market at speed.
“We are empowering banks and insurers to innovate at pace, giving them the ability to define and update products easily and quickly so that they can respond to changing market conditions, customer preferences, and regulations – regardless of their legacy core technologies,” said FintechOS CPO, Marcio Spinola.
“Leveraging sentence-based product definition also means it’s easier for multiple stakeholders involved in the product life cycle – compliance and legal teams for example – to understand and approve a new product, significantly reducing the time it takes to bring it to market.”
The launch of the FintechOS platform comes amid an increasing pace of change in the banking and insurance industries and a rising competitive market share from incumbent players.
Traditional ways of launching and managing financial products are proving too slow and expensive, according to the fintech firm, and are often delayed or constrained by legacy technology – to give incumbents a competitive advantage in gaining and retaining share of wallet.
Spinola continued: “Insurers and banks have lost control of their product life cycles. The complexity of technology stacks and the inflexibility of core systems turn a simple rate change into a weeks-long development process and a new product launch into a years-long, multi-million-dollar investment.
“It’s too slow and risky, and constraints growth, by making many insurers, banks, and credit unions less competitive than they would otherwise be.”
