Backbase leads the charge in elevating banks to the BigTech single platform approach
Engagement Banking technology provider Backbase announced the launch of its next-generation platform, as well as the release of its enhanced Backbase-as-a-Service (BaaS) offering. The announcement comes as Backbase hosts its annual event—Backbase Connect—which unites thousands of digital banking leaders virtually to discuss the future of banking and experience Backbase’s newest innovations.
The two launches mark an acceleration of the banking industry’s move towards a technology-led, single platform play—which is already a key disrupter in other industries.
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Backbase’s improved platform, as well as its enhanced BaaS offering, provides banks with the agility of a one-platform infrastructure, while enabling them to draw on the rapid innovation power of Backbase’s rapid release cycles and in-house teams. These two enhanced offerings will allow banks to take full control of customer engagement across their entire financial lifecycle, all in one place, while continuously adapting to customer needs by instantly executing new digital services.
The Engagement Banking Platform now incorporates upgraded features such as a unified security architecture, enhanced banking services, and seamless interoperability. This presents an instant transformation for banks from technological laggards into state-of-the-art and holistic digital-first businesses. Free from siloes, the rich set of pre-built apps and journeys already enhanced every channel and line of business (Retail, SME, Corporate, Wealth) for customers—but now notably, also employees.
With the addition of a unified Employee App, customer support staff are freed from laborious manual tasks and duplicated work. This next-level employee empowerment is key to Backbase’s 2021 strategy: provide financial institution employees with tools to focus on improved care and catered, personalized experiences for their customers.
Through the Engagement Banking Platform, banks will be able to orchestrate the complete journey of a customer from onboarding and account opening through to cross-selling and up-selling as financial needs change. Additionally, the platform allows banks to aggregate the value of Backbase’s wider fintech ecosystem by accessing their curated list of external partners or giving banks the option of selecting their own.
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In addition to the platform innovations, Backbase’s enhanced BaaS offering incorporates a key expansion of services, adding complete outsourced DevOps support to its existing managed hosting offering. The enhanced BaaS solution enables banks to maximize their speed of innovation and delivery, allowing them to launch new services faster than ever by drawing on the experience and best practices of Backbase’s in-house DevOps experts. By leveraging the new BaaS solution, banks will benefit from increased innovation power, enhanced agility, and the ability to keep pace with market demand, all while lowering operational costs. By capitalizing on Backbase’s team to build, test and deploy digital services on their behalf, banks can shift their focus back to their core concern: the customer.
Jouk Pleiter, CEO of Backbase, comments:“The banking industry has no choice but to adapt to the one-platform play that BigTech has shown us is disrupting every single industry. Without it, banks as we know it will not survive. They need rapid digital execution power and instant innovation abilities if they are going to thrive in the platform economy, where speed is the new currency.
“For technology to truly drive growth, banks must experiment, learn, deploy and scale faster than ever. This is what we are making possible with the launch of our new Engagement Banking Platform and our enhanced BaaS solution. Customers are used to approaching everything in their lives the way they do with Netflix: through one seamless app. To match these expectations, banks need to replace their long-outdated systems and shift to a single platform approach, while innovating at the speed of digital. This is the only way to bring a genuinely customer-centric approach to the banking world and take full control of customers’ entire financial lives. If banks don’t take that control now, someone else will.”
