Traditional banking is broken
As technology-savvy platform players emerge, banks and credit unions are now faced with an existential threat as they struggle to meet their customers’ expectations. To fight back, banks need to overcome three major challenges:
Legacy silos
Incremental and standalone point solutions have resulted in broken customer journeys across products, channels, and services, making it impossible to create holistic experiences.
Lack of agility
The fragmentation and complexity of these legacy systems make banks slow to change and force them to spend most of their IT budget on maintenance.
Unsustainable costs
These complexities leave most banks with an unsustainable cost structure while preventing them from meeting the ever-changing expectations of their customers.
To survive, banks need to make a paradigm shift
Banks must rethink and redefine how they operate so they can thrive in this new era.
From: traditional banking
silos | point solutions | broken legacy
Too many banks are stuck in an era of outdated, expensive, siloed tech which doesn't work together and is hard to change – and even harder to stitch together when attempting to serve the customer.
To: Engagement Banking
platform approach
Instead of a messy patchwork of silos, banks need to move to a single, customer-centric platform, mixing engagement orchestration services that streamline every journey and architect everything around the customer.
Engagement Banking is the path forward
Now is the time for traditional banking to move from limiting vertical silos to a horizontal platform approach.
Value aggregation
A platform brings together what customers want and need by integrating and aggregating value from multiple sources (products, services, data), both internal and external.
Orchestrating seamless journeys
After aggregating value from multiple sources, a platform orchestrates seamless customer journeys on any touchpoint, across the full customer lifecycle.
Delivering financial wellness
A platform leverages data to help customers get better financial insights and allows banks to create deeper customer intimacy to help improve their financial lives.
It's time to leave traditional banking behind
Engagement Banking is the giant leap banks and credit unions have been waiting for – a way to leave vertical silos, point solutions, and fragmented journeys behind and lead in the new era of banking.
From: traditional banking
the past
To: Engagement Banking
the future
Meet the Engagement Banking Platform
Backbase created the Engagement Banking Platform to help financial institutions – banks, credit unions, and everything in between – break free from the old ways of banking and thrive in the platform era.
The must-read book on Engagement Banking
By change makers, for change makers. The Engagement Banking Revolution brings together the biggest leaders in banking and transformation to give you the frameworks and insights you need to lead the change in your financial institution.
