FintechOS launches in US to drive digitalization in underserved financial institutions
NEW YORK, . (September 14, 2021) — FintechOS, the global technology provider for market-leading financial services brands, announces its launch into the US following success in its native Europe, as well as in Asia and the Middle East. FintechOS is forging links with American credit unions and traditional banks with a view to removing common obstacles to digitalization currently hampering the market.
The digital solutions provider, which already serves 40 multinational banks and insurers in addition to fintech scale-ups in Europe, Asia and the Middle East, forecasts intense demand for its US offering. FintechOS plans to roll out intensive support and consultancy to more than 15 new US bank and credit union partners by the end of 2022. To meet the demands of this rapid growth, 100 new US hires will be made across product management, sales, marketing and customer success within this period. By the end of 2022, total global headcount will surpass 400.
The FintechOS ecosystem allows its European members – banks, credit unions, community banks and insurers, to go to market with digital products faster than those outside of the ecosystem; meeting both customer and operational efficiency demands at-scale. With its low-code, modular approach that augments legacy systems, the tech firm allows institutions to build, test and scale new digital products and services in weeks rather than months.
As well as the desire to offer US banks and credit unions the tools to make digitalization happen more simply, quickly and on-budget, largely unrealized opportunities within the market drove the decision behind FintechOS’ expansion. Market penetration of digital banking will increase from 75.4% of all US bank users to 80.4% of the 322.6 million people who use banks in the US by 2022. The legacy platforms that currently provide banks and credit unions with digital personal finance platforms in the US, do not offer the ‘plug and play’ capabilities that FintechOS specialize in.
FintechOS has forged a framework for operational success in the US, based on strong partnerships including Microsoft, Deloitte, Persistent and Capgemini and collaborations with US category leaders, analysts, consultancy firms and investors. Strategic hires for FintechOS’ work in the continent so far include Senior Vice President of North America, Steve Rooney, as well 100 regional product, sales and marketing specialists, who will be recruited in the coming months.
“FintechOS’s move into the US market means banks and credit unions now have the opportunity to innovate at-speed and solidify a strong position within the US market, during the current race towards digitization. By 2024, 4 in 5 US bank account holders will interact digitally with their bank at least once a month, which highlights the urgency for financial services providers to move just as quickly,” said Steve. “Our technology will enable the rapid launch of digital-only customer interactions by established banks and credit unions as well as by new entrants in the fast-growing US fintech space.”
“The US is reaching ever-growing levels of digital innovation within financial services. We are excited to enter the American market whilst the digitalization services available by banks and credit unions are still at ground floor level. Our customizable technology will allow institutions to start small, think big and scale fast, remedying the fact that many financial institutions who want to innovate quickly, are underserved or ill-served by current vendors,” added Sergiu Negut, co-founder and Managing Director North America at FintechOS. “Our clients can break the chains of a traditional layered and siloed infrastructure, just like many native digital players did, but across broader use cases for multiple client segments.”
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. Our tech integrates seamlessly with existing IT systems and our low code tools quickly empower organizations to design valuable customer experiences.
These capabilities free our customers to tailor products, services, and interactions to a segment of one, increase ROI and decrease time-to-market.
FintechOS Lighthouse is designed to build end-to-end banking customer journeys that are fit for the future – it enables the delivery of smarter, personalized products and services. Pre-built functionality and low-code empower organizations to create value quickly. Move away from legacy systems or keep them in place – it’s all possible.
FintechOS Northstar, our customer-centric platform for insurance lets insurers deliver clever products and services, at a faster rate. Our platform makes continuous innovation and fast go-to-market a reality. At the same time, it reduces cost via end-to-end digital customer journeys and increased efficiencies.
The FintechOS Innovation Studio opens up access to innovation through a low code framework. It’s a space where your non-technical teams can create and launch personalized products and journeys – all driven by data and powered by automation.
More than 40 institutions run on FintechOS, including Erste Bank, Societe Generale, Scotiabank, Howden Group Holdings, Vienna Insurance Group and many more. Our reach spans 20 markets and four continents. We manage more than $100bn in assets and have offices in London, Amsterdam, New York and Bucharest.
Find out more, visit us at https://fintechos.com/