Name: Finzly
Uploaded: 2021-08-10T20:59:15.027Z
Duration: 627.28

Ben Mullins - Finzly Demo (2020).mp4

Ben Mullins - Finzly Demo (2020).vtt

English

{{00:00:12}}
Hi I'm Dave Huntley, Chief Strategy Officer at Finzly.

{{00:00:16}}
Finzly bank OS is banking at FinTech speed.

{{00:00:20}}
Cloud technologies drive the FinTech economy.

{{00:00:22}}
New products are launched in weeks and scaled in minutes.

{{00:00:26}}
Unfortunately, many banks and credit
unions are still running legacy stuff.

{{00:00:30}}
And can't innovate fast enough to compete and win.

{{00:00:33}}
Finzly Bank OS has is the one platform you
need to accelerate innovation, deliver digital

{{00:00:39}}
engaging experiences that your customers love.

{{00:00:42}}
Simplify payments in your back office and easily connect
to new innovations that you see here at Finovate Finzly

{{00:00:47}}
bank OS brings the world of FinTech to you right now,.

{{00:00:51}}
Accenture says rip and replace of legacy systems is
impractical in terms of time, costs and sustainability,

{{00:00:57}}
especially when market expectations are high.

{{00:01:00}}
They recommend a component-based
incremental approach to solve this problem.

{{00:01:05}}
With Finzly Bank OS banks, subscribe, try and launch
plugin apps that shift the workload off of legacy,

{{00:01:12}}
core systems, one app or one department at a time.

{{00:01:16}}
Finzly's CTO Terry Howell will now demonstrate how Finzly
makes it possible to launch new products at FinTech speed...

{{00:01:22}}
Terry.

{{00:01:23}}
Thanks Dave.

{{00:01:24}}
Subscribe, try and launch is our mission.

{{00:01:27}}
I'm going to show you how easily you can subscribe,
try and launch a new application in bank OS.

{{00:01:33}}
Let's first take a look at our payment
hub app, to subscribe to a new app.

{{00:01:37}}
I navigate to the Finzley app store and simply click subscribe.

{{00:01:42}}
You now have access to the Findlay page.

{{00:01:45}}
And by default, it comes with preestablished connections
with the federal reserve, the clearing house and swift.

{{00:01:52}}
With these connections, you can start offering ACH, Fedwire,
RTP, and swift payments and if you want to enable other

{{00:01:59}}
payment options, it's an easy configuration to turn it on.

{{00:02:03}}
When fed now is available, it will be a simple
configuration change, a test, and then you're in business.

{{00:02:09}}
It is never been possible to launch a new product this fast.

{{00:02:14}}
What you've just seen is that you got a fully
connected sandbox system for payment hub with a click.

{{00:02:19}}
This is absolutely revolutionary.

{{00:02:23}}
Wow, it looks like a game changer, Terry.

{{00:02:25}}
So tell me, how are you guys pulling this off?

{{00:02:27}}
Yeah, Greg, you know, it's really difficult for banks
to innovate and they continue to have to patch their

{{00:02:32}}
legacy platforms whenever they have to add a new product.

{{00:02:36}}
Our bank OS has built cloud first using micro-services and app
based technologies along with providing an open banking, API APIs

{{00:02:43}}
and support it's completely supported with detailed documentation.

{{00:02:47}}
All of our apps run on top of your core using our
lightweight core plugin and it shifts workload to

{{00:02:54}}
the Bank OS making your core limitations irrelevant.

{{00:02:58}}
Bank OS provides the payment, the accounting,
the audit, the entitlements security and

{{00:03:03}}
everything required for a banking application.

{{00:03:06}}
And our APIs enable the future of embedded banking, where
your customers can embed payments directly into their apps.

{{00:03:14}}
Now, let me show you more of the Finzly app store.

{{00:03:17}}
The Finzly app store is divided into two marketplaces, internal bank
apps for your back office and digital banking apps for your customers.

{{00:03:25}}
The internal bank apps drive the automation and
transformation of your banks back office and Finzly's

{{00:03:31}}
app store has many of, of our own apps ready to go.

{{00:03:36}}
And you saw earlier that we launched the payment hub.

{{00:03:38}}
Well, we have other apps like compliance and, or a foreign
exchange app or a trade finance app and we have many more.

{{00:03:46}}
You're going to see a lot more apps as we continue
to grow and integrate with other third parties.

{{00:03:51}}
You can subscribe, try and launch any of these
apps and likewise Findlay's customer apps drive

{{00:03:59}}
the transformation of the customer experience.

{{00:04:02}}
Here you can see both apps from both Finzly and other third parties.

{{00:04:06}}
Finzly has digital account opening and open banking,
API accounts, activity, app, and a payments app.

{{00:04:14}}
So why is all of this so simple?

{{00:04:17}}
You know, the days of the one size fits all
online, offering it just doesn't work anymore.

{{00:04:21}}
Differentiating yourself is so critical and every
customer is different and their needs are different.

{{00:04:27}}
It's time to capture those opportunities
with a differentiated banking experience.

{{00:04:32}}
You know, there's so many different customer types out there such
as gig workers, municipalities, property managers, and more, and

{{00:04:40}}
it's hard to just give one solution that truly fits all of them.

{{00:04:43}}
You see at Finzly we're providing options and the freedom to choose.

{{00:04:48}}
We're not just limiting solutions to Finzly, but we're making it easy
for you to leverage other solutions to meet your customer's needs.

{{00:04:55}}
For example, Lendsmart is a mortgage or
refinance application processing app.

{{00:05:00}}
You have an option to offer this product
with bankOS simply subscribe, try and launch.

{{00:05:07}}
You can think of Finzly as an accelerator to incorporate many
of the solutions that you see here at Finovate into your bank.

{{00:05:14}}
Now that you have subscribed to a few digital banking
apps, let's assign some apps to one of your customers.

{{00:05:21}}
When I find an update, the bank, the customer record in
bankOS, I select which digital banking apps to launch for them.

{{00:05:29}}
Property management companies could have one set of apps and
homeowners associations could have another and municipalities

{{00:05:36}}
could have their own and you could go on and on with this.

{{00:05:39}}
Not only are we giving your bank the freedom of choice,
but we are extending that model to your customers.

{{00:05:46}}
So I love that freedom for banks and the tailored
customer offering that you guys are putting together.

{{00:05:51}}
It looks to me like Finzly it could bring all
the fintechs here at Finovate under one umbrella.

{{00:05:55}}
Can you show me what a customer experience look like?

{{00:05:59}}
You're exactly right, Greg and let's go
into the tailor customer experience now.

{{00:06:03}}
Let's take a look at what a property management company would
experience when managing multiple homeowner associations.

{{00:06:10}}
First, our digital platform is omni-channel with
support for desktop mobile browser and our native

{{00:06:16}}
mobile app, which uses the latest in bio auth.

{{00:06:19}}
This is really important because you get to
invest in an app once, but it runs on all devices.

{{00:06:25}}
And as I access my online bank, You can see that my
experience as a property manager is fully tailored to my need.

{{00:06:33}}
The dynamic menu system on the left, which is
rendered for this specific customer based on

{{00:06:38}}
the apps that you launched in our previous step.

{{00:06:42}}
As a property manager, I'm responsible for
managing multiple homeowner associations.

{{00:06:48}}
I don't want to log in to each and every
HOA account to manage their finances.

{{00:06:52}}
I need a single login.

{{00:06:55}}
You see Finzly provides out of the
box support for multiparty management.

{{00:07:00}}
So let's, let's also say that I want to give a certain
access to a few of the other users that are on my team.

{{00:07:06}}
Our user admin app allows me to create roles, users,
and limits by transaction per day or per month.

{{00:07:14}}
I can even restrict the account access
to specific accounts for certain users.

{{00:07:20}}
Also, remember Lendssmart.

{{00:07:21}}
Well, it's available embedded into our own digital experience.

{{00:07:25}}
And with Lendsmart available in the bank, iOS,
this customer can launch a new loan application.

{{00:07:31}}
You see Findlay does not limit, but rather we give you the freedom
to choose other third parties to support your banking needs.

{{00:07:37}}
Subscribe, try and launch.

{{00:07:42}}
Excellent, thanks, Terry.

{{00:07:42}}
So I've got a couple of questions for you guy, if you don't mind.

{{00:07:45}}
Dave, first one for you, it sounds like the financial
institutions can subscribe to services that Finzly

{{00:07:50}}
develops in addition to those created by a third party.

{{00:07:53}}
So, what should we be thinking about right now?

{{00:07:57}}
That's exactly right Greg.

{{00:07:58}}
Banks and credit unions can leverage Finzly's
platform and apps to innovate in areas that matter.

{{00:08:03}}
Now RTP and digital account opening are two great examples.

{{00:08:07}}
Meanwhile, when you think about new fintechs, they're
capturing millions of customers because they've created a

{{00:08:13}}
more engaging experience in an easier way to do business.

{{00:08:17}}
Banks can embrace these fintechs when it makes sense and
Finzly bankOS makes integrating these fintechs a lot easier.

{{00:08:23}}
The example that Terry showed with Lendsmart
is just one of many great examples.

{{00:08:26}}
Institutions can offer an online mortgage app without having to build
it themselves, or spend years trying to implement it on their own.

{{00:08:34}}
Great ,so Terry one for you then.

{{00:08:36}}
I think this is probably something that a lot of the financial
institutions watching this are going to be interested in hearing

{{00:08:40}}
more about it, but you know, how do you integrate with the core?

{{00:08:44}}
Can you talk a little bit more about the relationship there.

{{00:08:47}}
Yeah, sure.

{{00:08:48}}
So we have a light core plugin that's core agnostic
and we're taking the workload off the core and we

{{00:08:55}}
interface with the core for only accounting purposes.

{{00:08:59}}
So that shifts the innovation layer over to the BankOS
and it kind of, it gives you the freedom to choose the

{{00:09:04}}
applications from Findlay or other third parties, and
also allows you to innovate at speed much, much faster.

{{00:09:11}}
Great, so Dave last one, and then I'll turn it over to you for kind of
your closing thoughts there, but why haven't banks and credit unions

{{00:09:17}}
just replaced their cores already so that they can innovate faster.

{{00:09:22}}
Well every CEO we speak with is concerned about the cost, the
time and the risk of replacing these decades, old systems, so

{{00:09:28}}
that rather stay put or transition to new solutions over time.

{{00:09:32}}
They know that they have to innovate faster.

{{00:09:34}}
Finzly bankOS eliminates the risk.

{{00:09:36}}
It makes this transition to newer technologies, much more achievable.

{{00:09:40}}
The beauty is the fencing BankOS works
with new core systems as well as legacy.

{{00:09:45}}
And in closing with fancy BankOS you'll get more
mileage from your existing technology investments

{{00:09:51}}
while innovating in the areas that matter.

{{00:09:54}}
You'll simplify how you engage with your customers.

{{00:09:57}}
You can move beyond one size fits all products, you'll
streamline payment, operations, and back office processes.

{{00:10:03}}
You'll be able to capture new market opportunities
to specialize banking services that are

{{00:10:07}}
offered through Finzly and the most innovative.

{{00:10:10}}
Please connect with us in the virtual booth or
Finzly.com and we can discuss the transformative

{{00:10:14}}
power of Finzly bankOS subscribe, try, launch.

Hi I'm Dave Huntley, Chief Strategy Officer at Finzly.

Finzly bank OS is banking at FinTech speed.

Cloud technologies drive the FinTech economy.

New products are launched in weeks and scaled in minutes.

Unfortunately, many banks and credit
unions are still running legacy stuff.

And can't innovate fast enough to compete and win.

Finzly Bank OS has is the one platform you
need to accelerate innovation, deliver digital

engaging experiences that your customers love.

Simplify payments in your back office and easily connect
to new innovations that you see here at Finovate Finzly

bank OS brings the world of FinTech to you right now,.

Accenture says rip and replace of legacy systems is
impractical in terms of time, costs and sustainability,

especially when market expectations are high.

They recommend a component-based
incremental approach to solve this problem.

With Finzly Bank OS banks, subscribe, try and launch
plugin apps that shift the workload off of legacy,

core systems, one app or one department at a time.

Finzly's CTO Terry Howell will now demonstrate how Finzly
makes it possible to launch new products at FinTech speed...

Subscribe, try and launch is our mission.

I'm going to show you how easily you can subscribe,
try and launch a new application in bank OS.

Let's first take a look at our payment
hub app, to subscribe to a new app.

I navigate to the Finzley app store and simply click subscribe.

And by default, it comes with preestablished connections
with the federal reserve, the clearing house and swift.

With these connections, you can start offering ACH, Fedwire,
RTP, and swift payments and if you want to enable other

payment options, it's an easy configuration to turn it on.

When fed now is available, it will be a simple
configuration change, a test, and then you're in business.

It is never been possible to launch a new product this fast.

What you've just seen is that you got a fully
connected sandbox system for payment hub with a click.

Wow, it looks like a game changer, Terry.

So tell me, how are you guys pulling this off?

Yeah, Greg, you know, it's really difficult for banks
to innovate and they continue to have to patch their

legacy platforms whenever they have to add a new product.

Our bank OS has built cloud first using micro-services and app
based technologies along with providing an open banking, API APIs

and support it's completely supported with detailed documentation.

All of our apps run on top of your core using our
lightweight core plugin and it shifts workload to

the Bank OS making your core limitations irrelevant.

Bank OS provides the payment, the accounting,
the audit, the entitlements security and

everything required for a banking application.

And our APIs enable the future of embedded banking, where
your customers can embed payments directly into their apps.

Now, let me show you more of the Finzly app store.

The Finzly app store is divided into two marketplaces, internal bank
apps for your back office and digital banking apps for your customers.

The internal bank apps drive the automation and
transformation of your banks back office and Finzly's

app store has many of, of our own apps ready to go.

And you saw earlier that we launched the payment hub.

Well, we have other apps like compliance and, or a foreign
exchange app or a trade finance app and we have many more.

You're going to see a lot more apps as we continue
to grow and integrate with other third parties.

You can subscribe, try and launch any of these
apps and likewise Findlay's customer apps drive

the transformation of the customer experience.

Here you can see both apps from both Finzly and other third parties.

Finzly has digital account opening and open banking,
API accounts, activity, app, and a payments app.

You know, the days of the one size fits all
online, offering it just doesn't work anymore.

Differentiating yourself is so critical and every
customer is different and their needs are different.

It's time to capture those opportunities
with a differentiated banking experience.

You know, there's so many different customer types out there such
as gig workers, municipalities, property managers, and more, and

it's hard to just give one solution that truly fits all of them.

You see at Finzly we're providing options and the freedom to choose.

We're not just limiting solutions to Finzly, but we're making it easy
for you to leverage other solutions to meet your customer's needs.

For example, Lendsmart is a mortgage or
refinance application processing app.

You have an option to offer this product
with bankOS simply subscribe, try and launch.

You can think of Finzly as an accelerator to incorporate many
of the solutions that you see here at Finovate into your bank.

Now that you have subscribed to a few digital banking
apps, let's assign some apps to one of your customers.

When I find an update, the bank, the customer record in
bankOS, I select which digital banking apps to launch for them.

Property management companies could have one set of apps and
homeowners associations could have another and municipalities

could have their own and you could go on and on with this.

Not only are we giving your bank the freedom of choice,
but we are extending that model to your customers.

So I love that freedom for banks and the tailored
customer offering that you guys are putting together.

It looks to me like Finzly it could bring all
the fintechs here at Finovate under one umbrella.

Can you show me what a customer experience look like?

You're exactly right, Greg and let's go
into the tailor customer experience now.

Let's take a look at what a property management company would
experience when managing multiple homeowner associations.

First, our digital platform is omni-channel with
support for desktop mobile browser and our native

mobile app, which uses the latest in bio auth.

This is really important because you get to
invest in an app once, but it runs on all devices.

And as I access my online bank, You can see that my
experience as a property manager is fully tailored to my need.

The dynamic menu system on the left, which is
rendered for this specific customer based on

the apps that you launched in our previous step.

As a property manager, I'm responsible for
managing multiple homeowner associations.

I don't want to log in to each and every
HOA account to manage their finances.

You see Finzly provides out of the
box support for multiparty management.

So let's, let's also say that I want to give a certain
access to a few of the other users that are on my team.

Our user admin app allows me to create roles, users,
and limits by transaction per day or per month.

I can even restrict the account access
to specific accounts for certain users.

Well, it's available embedded into our own digital experience.

And with Lendsmart available in the bank, iOS,
this customer can launch a new loan application.

You see Findlay does not limit, but rather we give you the freedom
to choose other third parties to support your banking needs.

So I've got a couple of questions for you guy, if you don't mind.

Dave, first one for you, it sounds like the financial
institutions can subscribe to services that Finzly

develops in addition to those created by a third party.

So, what should we be thinking about right now?

Banks and credit unions can leverage Finzly's
platform and apps to innovate in areas that matter.

Now RTP and digital account opening are two great examples.

Meanwhile, when you think about new fintechs, they're
capturing millions of customers because they've created a

Finzly connects financial institutions with customers through a modern digital banking experience and an efficient, real-time payment services hub. Freeing financial institutions from core system limitations, Finzly’s open, cloud-based bank operating system, BankOS, enables transformation and innovation at the speed of fintech. With freedom to adopt solutions from Finzly and third parties of choice, financial institutions can implement apps in three simple steps – subscribe, try and launch. Finzly has been modernizing financial institutions since 2012.