FintechOS has reported overall revenue growth of 70% y-o-y for 2022. Other financial highlights include cash-in increases from customer operations up by more than 200% year over year. It also reports insurance revenue growth of 300%.
According to FintechOS its platform enables banks and insurers to innovate and modernise at the same time, rapidly creating digital products, journeys, and channels for both existing and new books of business, without disrupting their core systems.
FintechOS 2022 highlights
The firm launched in the US, partnering with five local banks. Product highlights included a new release of the FintechOS platform. FintechOS says the new release means that customers can further accelerate the launch of financial products, while also measuring their impact.
New accelerators for small business provide predefined products and digital journeys based on industry best practices.
It says that reusable UI libraries enable teams to more effectively manage their design assets, reducing maintenance and accelerating development.
And its product performance analytics provide a dashboard for customers to view and analyse their financial product’s sales performance.
The firm also says clients can supplement their existing core with key servicing capabilities for loan and policy administration, contract lifecycle management, third-party distribution management and operational ledger. According to FintechOS, clients can innovate quickly and securely on top of a purpose-built fintech operating system.
Incumbent banks face a perfect storm of challenges
“Established financial services and insurance companies are facing a perfect storm of challenges including nimble fintech and insurtech startups, legacy core platforms that aren’t sufficiently agile to support modern imperatives such as digital transformation, personalisation, and rapid application development, and pressure to modernise core platforms safely and securely,” said Teodor Blidarus, CEO and co-founder, FintechOS.
“The momentum that we and our customers are experiencing indicates that we’re addressing these challenges and advancing fintech enablement with solutions empowering digital transformation and low code/no code development while allowing customers to continue using legacy core platforms or modernise them at their own pace. This combination of capabilities is the essence of fintech enablement.”
FintechOS says it will continue to fuel its momentum and the capabilities of fintech enablement to support modernisation through legacy integration by increasing its customer operations and success investments by 30%. It plans to invest millions in research and development and its planned product enhancements to the FintechOS platform: