FintechOS - Best Technical Support Solution
Company: FintechOS, London, United Kingdom
Company Description: FintechOS is driving a paradigm shift in the way financial products and services are created by making banks and insurers truly customer-centric. We consolidate critical data from multiple sources like existing databases and ecosystem APIs and these rich data insights are automatically plugged into every step of the customer journey to create truly personalized offerings.
Nomination Category: Information Technology Categories
Nomination Sub Category: Best Technical Support Solution - Computer Services
Nomination Title: FintechOS - Customer Centric Platform for Banks and Insurers
FintechOS is transforming how people engage with everyday financial services. Using innovative tools and a deep understanding of the customer journey, its mission is to bring effortless, personalized experiences to everyone.
FintechOS is trusted by leading financial institutions to bridge the gap between legacy and future -forward approaches - with end-to-end solutions, automated processes and personalized offerings that free institutions to tailor products, workflows, and interactions to a customer segment of one.
Financial institutions will never achieve digital transformation. And that’s a good thing.
The pandemic has upended financial services with market structures rewritten across the industry. It has accelerated a reduction in institutions’ physical footprint and created a mandate for investment in a digital-first customer experience. The ramifications of COVID-19 will be long-lasting—and those unable to keep up with the pace of change will be left behind.
To compete and improve operational efficiencies, financial institutions embarked on digital transformation journeys. However, for many, the journey has no clear end-goal and with limited returns, it has stagnated. With digital transformation fatigue impacting morale and curbing enthusiasm to invest further, institutions are looking for alternatives.
Only institutions that continuously reinvent themselves and react quickest to market challenges and opportunities will be successful. Self-service, autonomous, low-code solutions that allow commercial teams to quickly deliver new services with limited IT support are critical for institutions to become truly digital.
Digitization doesn’t have a beginning, middle and end. You’re either digital or you are not. And the reason programs fail is because they are complex, expensive and take too long.
Journeys > Products
Rather than reacting to the journeys that consumers themselves devise, institutions must shape their paths, leading with personalized experiences that meet their exact needs. This is especially true in the world of unbundled services where consumers and businesses are stitching together disparate tools themselves. This requires ditching a product mindset.
The only ‘product’ institutions should offer is a personalized customer journey.
FintechOS allows banks and insurers to rapidly adapt to changing customer expectations with ‘plug’n’play’ solutions. Its out-of-the-box, open-source, automated technology allows banks and insurers to launch data-driven, personalized digital journeys across any touchpoint at speed, cutting down what would take months or years, to just a few weeks.
Key accomplishments
In response to the short-term need for institutions to address the COVID-19 crisis, and to drive digitization without requiring a slow and monolith digital transformation program, FintechOS reengineered its technology to maximize its effectiveness and help institutions transform easily.
In July 2020, FintechOS launched FintechOS 20.R2, a cloud-native product that allows FS organizations to use automation without the need for technical expertise in-house. Key enhancements include:
-Faster, more cost-effective: The FintechOS Innovation Studio - FintechOS’ low-code studio, which allows you to make products and customize the standard functionality - was rebuilt so that banks and insurers can innovate and develop end-to-end customer journeys at an accelerated speed.
-Better digital collaboration: ‘Plug’n’play’ capabilities, combined with the low-code platform, allow deployment of business automation processors directly into customer journeys and further support the new digital reality.
-Data-driven, automated digital journeys: Connecting the data core with out-of-the-box API capabilities to automate digital journeys and tackle customer experience gaps.
In November 2020, FintechOS launched Lighthouse, an end-to-end platform to accelerate digital transformation. Key enhancements include:
-Product Factory: Enables institutions to use data sets easier and without writing code.
-Enhanced Journey Designer: Allows commercial business teams to build customer journeys without IT dependence.
-Pre-Built UI Templates: The UX Accelerators allow commercial teams to prototype designs faster using pre-defined templates to make processes hassle-free.
-Hybrid Data Models & Ecosystem Connectors: Borderless infrastructure makes it easier for institutions to use and expose any type of data via APIs, using low-code to enhance digital customer journeys.
-Enhanced Data Security: A new level of security down to attribute level, data anonymization and sensitive data flagging supports institutions with GDPR compliance.
FintechOS achieved 167% customer growth with 40+ clients and $85bn in assets under management.
Revenues increased 200% year-on-year for the last three years.
FintechOS secured 15+ partnerships worldwide, including with Microsoft, EY and Deloitte.
30+ FintechOS customers now have ‘100% digital journeys’.
-covers elements like loan origination and onboarding.
The average time to launch a new service was reduced from months to weeks.
There has been a 50% increase in productivity from those using the products.
FintechOS achieved a 160% Net Retention Rate overall, and 180% in ‘Tier 1’ accounts.
FintechOS secured a Series B funding round valued at USD60 million in April 2021:
-The investment will be used to cement its position in UK and Europe and fuel international expansion. FintechOS will add 120 in its headcount and set-up new offices in the USA, Dubai and Singapore.