Finxact, the provider of the next-gen core banking platform to the US regional and super-regional banking sector, announced its Product Launchpad, a key platform enhancement that “empowers banker product teams and product designers to create and deploy products on the Finxact core via a visual design experience that brings to life the build and configuration process intuitively and graphically.”
The announcement also mentioned that this means that product designers and product managers are “rewarded for knowing the attributes of [quality] banking products, not the Python code or domain-specific language (DSL) required to implement those attributes.”
As noted in the update, next-gen core banking platforms hold great promise for introducing efficiencies in legacy bank operating models that “have been restrained by monolithic applications.”
According to a release, some of the “obvious, non-differentiated next-gen attributes that represent quick wins for institutions such as Cloud-native and API-first design have fast become table stakes for core modernization.”
The update also noted that bankers are “learning that all next-gen cores are not created equal.”
Notably, banker confidence and comfort level interacting with the core, “in a way that does not involve writing code to configure products, are paramount in getting and keeping enterprise-wide buy-in from the organization, from the C-suite to the branch associate’s iPad.”
The announcement further noted that Finxact core is “designed using the most advanced run-time coding languages (Go) and state-of-the-art temporal data persistence.”
But the Product Launchpad’s user experience for product creation “implements a tried and true bill of materials (BOM) approach common in product manufacturing that allows 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 announcement explained.
Amanda Mathis, SVP of Product at Finxact, stated:
“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.”
Finxact is described as a high-performance, “highly scalable, real-time position-keeping platform that includes a comprehensive and extensible financial services model exposed as APIs.”
By accessing its open APIs and extensible components, banks are “able to invent, curate, and launch products at the speed required to meet customer expectations in today’s marketplace,” the update noted.