How Backbase and Microsoft are driving customer success
Can you honestly say your financial institution is prepared to cater to your customers’ sky-high demands? If not, don’t worry. You’re not alone.
Recently, I sat down with Madhan Arumugam Ramakrishnan, Microsoft’s Vice President, Industry Customer & Partner Engineering. During our in-depth chat, we discussed everything from the state of the market to the unique value of our shared solution, which empowers financial institutions like yours to architect around their customers.
Here’s a quick recap of what we discussed with insights that could be valuable for your digital transformation.
General Manager for Ecosystem at Backbase
The state of banking in 2023
We kicked things off by discussing the state of the banking market. Today, thousands of banks around the world are still laboring under outdated tech stacks that are disjointed, product-oriented, and hard to change. These stacks have been taped together over decades, and as a result, they’ll never be able to deliver the superior digital journeys your customers now demand.
Fixing these Frankenstein systems is complex, sure, but balance that against the cost of maintaining the status quo – and the many benefits of upgrading.
For one thing, these systems aren’t real-time or adaptive, and maintaining them takes a huge bite out of your yearly budget. In an industry where agility is key and every investment counts, legacy tech is greatly reducing your ability to play in the big leagues of digital banking. And every day, tech challengers and neobanks are poaching your customers with exceptional experiences, the kind that create loyal, life-long users.
Clearly, the time to act is now. But where should you begin?
Well, in order to have a sound business architecture, you’ll need to address everything from your infrastructure to your business processes and apps, to your customer and user experience. This is, of course, a huge undertaking. But thankfully, our partnership with Microsoft has made this process faster and easier than ever, all while helping you cut costs, minimize risk, and enable confident innovation.
Understanding our shared solution
Next, Madhan and I talked at length about the value of our solutions – and in particular about how combining them has brought together the best of both worlds. For years, Backbase has empowered financial institutions to better engage their customers with top-notch experiences. And Microsoft has long been the gold standard for state-of-the-art tools that empower employees while prioritizing security, compliance, and innovation.
And on that note, we’re happy to report that the Backbase Engagement Banking Platform is now part of Microsoft Cloud for Financial Services. Our platform acts as the engagement layer, accessing Microsoft Azure’s underlying capabilities and giving your financial institution the full suite of capabilities you need to craft differentiated offerings.
Think of it like this: Microsoft gives us the building blocks, and we extend that foundation with our deeply connected customer experience. It’s a fantastic, symbiotic relationship – and luckily one that you’ll benefit from.
Together, Backbase and Microsoft enable you to focus on the added value of our joint offering: top-line growth by seamless onboarding, increasing cross and up-sell to customers, and significantly higher engagement. But that’s not all. We also allow you to slash your operating expenses by enabling you to do more self-service, all while giving your employees the best experience possible so they can serve, sell to, and manage your customers’ needs.
Rather than creating tomorrow’s technical debt, our solution helps you create value-added experiences – confidently and quickly. To put it simply, we help you turn what you have into what you need. And isn’t that every banker’s dream?
Driving customer and employee success, together
As my conversation with Madhan went on, one thing became clear: Backbase and Microsoft are both laser-focused on helping financial institutions provide value to their customers and employees.
If you want to keep up with your competitors in 2023, it’s essential that every dollar you invest goes towards innovation and value creation – and this is only possible with a platform model. With our help, you’ll spend less time reinventing and building commodity services – and start crafting the services your users demand. Why let perpetual plumbing issues tie up your teams when you could be creating real banking value?
We’re deeply committed to helping you unburden your financial institution so you can move rapidly into the customer-first era with our fully integrated, productized platform banking solution. It’s time to make the paradigm shift, alongside Backbase and Microsoft – your partners in digital banking success.
Want to find out more about how Backbase and Microsoft can help you jumpstart your digital transformation? Check out our listing on the Azure Marketplace today.