The latest FintechOS features will allow traditional institutions to create, customise and distribute their own buy now pay later (BNPL) products; alongside additional embedded lending solutions.
The fintech infrastructure provider is appropriately placed to empower established financial brands to step outside the box of traditional payments and credit product definitions and into the booming BNPL market. It has experience helping banks and lenders build digital lending products, including a number of embedded finance projects in Europe.
As there are many parameters in constructing BNPL offers that are localised for a particular market and personalised to target customer segments, banks and lenders value a high degree of control and configuration in order to differentiate their offerings versus competitors.
Achieving success in this area will require a new-generation technology stack which doesn’t box innovators into the traditional personal loans or overdraft constraints.
FintechOS’ open and low-code approach allows institutions to build and edit their own BNPL and embedded lending products, customer journeys, and business automation logic; doing so without relying on complex code or having to invest in expensive resources.
“At FintechOS we believe all banks and lenders should be leaning into the BNPL trend as a way of bringing in new generation customers, generating new sources of non-interest revenue via merchant fees, and diversifying the value proposition of their digital current accounts and payment wallets,” comments Marcio Spinola, chief product officer at FintechOS.
“However, many institutions are limited by their technology stack and the lack of control afforded to their digital teams.
“Our BNPL proposition addresses this problem by allowing traditional providers to create and iterate their own natively embeddable products and journeys. Rather than waiting for internal tech teams or external vendors, we are putting power into the hands of internal digital makers for the first time.”
BNPL and embedded lending propositions created with FintechOS technology can be integrated into existing business administration systems or administered via fully configurable customer and staff portals.
This ensures that the institution can run the complete lifecycle of BNPL lending and servicing in a highly tailored model, while also benefiting from the scalability and performance of the underlying cloud-native SaaS-based technology stack.