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Finxact Launches No-Code Visual Product Launchpad
Fremont, CA: In the last decade, the rise of FinTech has taken center stage in the global financial services industry. Enabling factors such as exponentially increasing computing power, widely spread internet penetration, as well as increased internet speed and coverage have enabled FinTech solutions and startups to penetrate global markets deeply, widely, and quickly.
Finxact, the provider of the next-gen core banking platform to the US regional and super-regional banking sector, has unveiled its Product Launchpad, a major platform enhancement that empowers banker product teams and product designers to create as well as deploy products on the Finxact core via a visual design experience that brings to life the build and configuration process intuitively and graphically. This means that product designers and product managers are rewarded for understanding the characteristics of world-class banking products rather than the Python code or domain-specific language (DSL) required to implement those characteristics.
Next-generation core banking platforms have enormous potential for introducing efficiencies into legacy bank operating models that monolithic applications have constrained. Some of the obvious, non-differentiated next-gen attributes that represent quick wins for organizations, such as cloud-native and API-first design, have quickly become core modernization table stakes.
Bankers are discovering that not all next-generation cores are created equal. Banker confidence and comfort level interacting with the core in a way that does not involve writing code to configure products are increasingly important in gaining and maintaining enterprise-wide buy-in from the C-suite to the branch associate's iPad.
Finxact's core is built with the most advanced run-time coding languages (Go) and cutting-edge temporal data persistence. The Product Launchpad's user experience for product creation, on the other hand, employs a tried and true bill of materials (BOM) approach common in product manufacturing, allowing bank associates to survey the virtual 'factory floor' and assemble products from hardened components that describe behaviors such as interest, limits, and negative balance.
"The Finxact core is a platform for innovation, and with the introduction of the Product Launchpad, it's my team that is innovating on top of it by introducing this visual design experience for our bankers. I'm so excited for what the Launchpad will mean going forward for product creation on the Finxact core. And this is just the beginning," remarked Amanda Mathis, SVP of Product at Finxact.
Finxact is a high-performance, highly scalable, real-time position-keeping platform with an extensive and extensible financial services model exposed via APIs. Banks can invent, curate, and release products at speed needed to meet customer expectations in today's marketplace by utilizing its open APIs and extensible components.