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September 09, 2021

FintechOS powers low code digital financial services platform with Microsoft Azure

FintechOS is on a mission to help banks, financial institutions, and insurers digitalize their operations and provide hyper-personalized customer experiences. To achieve this ambition, it uses the power of Microsoft Azure to give clients the ability to deliver cutting edge end-to-end digital products in weeks, rather than months. The FintechOS low-code digital creation platform leverages the latest technologies, including artificial intelligence (AI) and advanced data analytics. FintechOS clients can harness the power of its low code solutions to build the applications, experiences or journeys demanded by modern customers and bridging the gap between legacy and digital processes.

FintechOS

FintechOS was named the “hottest startup in Europe” at the 2020 Europas Awards. More than 40 institutions now run on FintechOS, including Erste Bank, Société Générale, Scotiabank, Howden Group Holdings, Vienna Insurance Group and many more. Its reach spans 20 markets and four continents. FintechOS now manages more than $100bn in assets and has offices in London, Amsterdam and Bucharest.

Cloud infrastructure for focused development 

Powered by the Microsoft for Startups Program, FintechOS built its financial services offering on the Microsoft .NET Framework using Azure DevOps. The fintech company used Azure’s cloud capabilities to test, research, develop and deploy the final product. "Azure services freed us from preparing the underlying platform and let us focus on developing our solution," says Remco Jorna, Chief Technology Officer at FintechOS.

Data-driven and automated processes

FintechOS's offering is uniquely customer-centric. Its low code personalization engine allows bespoke and cost-effective financial services, products and customers journeys to be built at high speed. “We enable financial services customers to generate personalized services or products driven by customer data on the fly," Pruteanu says. “Azure data consolidation capabilities enable us to connect information from multiple sources simultaneously. Application programming interface (API) Management makes this data available in our Innovation Studio, where developers and consultants can create data-driven customer journeys," he explains.

“We enable financial services customers to generate personalized services or products driven by customer data on the fly.”

Todi Pruteanu, Vice President of Ecosystem, FintechOS

FintechOS technology also allows customers to scale at speed. It offers a range of out-of-the-box apps that allow businesses to automate existing processes, decreasing time to market while cutting costs and boosting operational resilience. "Our low-code and ready-to-deploy financial services technologies cut out the tedious IT development process normally required to automate legacy systems from scratch," Pruteanu adds.

The rise of neobanks further strengthened the need to provide swift financial services. "If customer onboarding requires too much effort, organizations risk losing potential customers and revenue," says Jorna. Signing up new customers for fintech products is one of the many processes that can be digitized utilizing the FintechOS platform. With Azure Cognitive Services, FintechOS speeds up journeys using text analytics, optical character recognition, and face recognition to confirm customer identity. Omnichannel digital onboarding is completed in minutes, replacing traditional processes which once took days. "We replaced a three-day paper-based process for TBIBank with a 15-minute digital customer journey thanks to Azure’s integrated AI capabilities," Jorna says.

“We replaced a three-day paper-based process […] with a 15-minute digital customer journey thanks to Azure’s integrated AI capabilities.”

Remco Jorna, Chief Technology Officer, FintechOS

For FintechOS, this is just the beginning. “We are creating a global product category for a new product we are building. I'm quite positive that our partnership with Microsoft will benefit this prospective product we are bringing to the market,” Pruteanu concludes.

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