In the decade leading up to the onset of the Covid-19 pandemic, the financial services sector had already been wrestling with fundamental changes to its traditional business models. Driven by the spread of digital tech and shifts in consumer behaviours and expectations, the industry found itself at a turning point. As digital channels gained in popularity, distribution of financial products through physical networks of branches and agents continued to decline, while digital customer experience became the new battleground for growth.

The urgent case for change

The arrival of the global pandemic intensified the need for rapid transformation. New requirements around social distancing sharpened every banking and insurance leader’s focus on the digitisation of the customer experience and the need to quickly close digital gaps. FS organisations would continue to provide services to their customers, but many would have to rethink their traditional operating models. Customers would have to be supported in the leap to digital too: many would need the kind of help that would require assistance solutions like co-browsing, video call centres and virtual branches. Yet there was a noticeable lack of fast, plug and play solutions in the market that would enable banks and insurers to get up and running at speed.

Kickstarting FintechOS 20.R2

And that’s precisely why the team at FintechOS has spent the past few months pouring all of its time and energy into building the next version of our technology. Our product team of 40+ people has worked a total of 40,000+ hours to create FintechOS 20.R2. And we’ve had just one goal in mind throughout it all: to bring hyper-personalised, omnichannel customer journeys to financial services in the shortest time possible.

Our cloud-native tech has been upgraded to enable FS players to act and react much faster: they can respond to the emerging needs of our new digital-first reality while ensuring business continuity, closing digital gaps with no drop-offs in service. And they can keep everything simple and safe for both employees and customers too.

Next-gen capabilities

FintechOS 20.R2 comes loaded with new features and capabilities, giving banks, insurers and other FS providers all the tools they need to thrive in our rapidly evolving, digital-first world.

Journey design made easy: the Innovation Studio has been rebuilt around customer journeys and now features a brand new, no-code, customer journey designer. Now anyone can design and build hyper-personalised omnichannel journeys that include and orchestrate multiple flows for both the end-customer as well as front and back-office employees. Journeys can be created from scratch or even faster using open-source, pre-built journeys available in our AppStore

Digital with a human touch: we’ve worked hard to make sure banks and insurers can support their customers in the shift to digital and offer customer journeys with a human touch. We’ve designed streamlined, self-serve journeys and blended them with collaborative support capabilities, like video-calling, remote assistance and co-browsing.

Seamless data connectivity: we built 20.R2 to make integration with both our clients’ internal systems and the wider fintech ecosystem as smooth and as seamless as possible. By using REST and SOAP APIs, we’ve improved connectivity with internal systems to eliminate automation gaps while making it easy to connect to external data streams and fintechs

Products tailored in real-time: in today’s increasingly customer-centric world, products tailored to the unique needs of each individual are expected. With our new product calculation engine, you can unlock that capability. The FintechOS 20.R2 product factory now features an enhanced, dynamic calculation engine that can customise products in real-time.

Primed for success

Even though we’re starting to see the first signs of lockdown easing, there’s still plenty of uncertainty about what the future holds. However, there’s one thing we can be 100% certain of: for financial services, there’s no going back. The previous decade may have been leading up to it, but this is the real ‘digital moment’ for the industry. We’re closing the chapter on the traditional way of doing things once and for all and looking towards a digital-first future.

With FintechOS 20.R2 live, FS players needn’t worry: they can now design, build and launch end-to-end, hyper-personalised customer journeys in under 8 weeks, and tap into the tools they need to rise to the challenges of the post-covid world.

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