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See how a single platform can unlock efficiency

As the banking industry continues to go digital, banks and credit unions must look for new ways to boost efficiency.

by Backbase

[Blog]-[Header Image]-[Why a Single Platform is the Answer]-[EN]

Digital banking platforms have been on the rise for several years, accelerated by the pandemic, which pushed more financial institutions into the digital space for multiple lines of business than ever before. Globally, the digital market is expected to reach a value of more than $220 billion by 2030.

But, how can a single platform boost efficiency?

What problems can a single centralized banking platform help resolve?

At the beginning of the Covid-19 pandemic when banks had to start or accelerate their digital transformation, many institutions focused on adopting point solutions that addressed highly specific problems that would get them up and running quickly for key aspects of their operations.

However, while point solutions were helpful in getting to market quickly, many found that the primary problem with them was that as a bank adopts more of them, digital operations and the overall customer or member experience quickly become siloed, scattered, and disorganized. By contrast, a single-platform approach from online to mobile, and across lines of business enables users to access all of their data, services, integrations, and more from one unified location.

The features a single platform can help activate

Leveraging a single platform can help banks activate a range of features and solutions for both their customers and themselves, including:

  • Account aggregation: A single platform helps banks activate account aggregation. Account aggregation is the process of collecting data from multiple sources, both internal and external, and organizing that information within a central location. Access to aggregated customer data allows banks to gain a better overview of each individual’s financial health, enabling smarter and faster decisions.
  • Personalized self-service: Leveraging a single platform grants banks the ability to enable personalized self-service for their customers. This boosts the efficiency of basic banking services — like depositing, transferring funds, managing accounts, or other key tasks. From a single platform, clients can easily view and assess their entire financial circumstances and make informed decisions. The increased personalization a single platform offers also helps banks improve sales and marketing efficiencies by providing more opportunities for cross-selling and up-selling.
  • Fintech integrations: Digital efficiency in a banking platform can often come down to how easily banks can integrate various applications into their existing systems to enhance their current operations. A single platform can enable banks to integrate easily with a range of tools. With the right platform partner, a single platform can empower your bank or credit union with the ability to access all the necessary integrations needed to maintain an efficient and secure platform system.

The benefits of a single platform

Three key benefits of a single banking platform include:

  • Adopt & build: A single platform enables you to adopt ready-to-go journeys for quick time to market. Once everything’s set up in the initial phase, you can then continue to customize, personalize, and build out a range of new products or services across the full customer lifecycle. This not only enables you to go live extremely quickly but also empowers you to build and continuously deliver the absolute best banking applications available in the market to your customers and members. On top of being able to deliver new applications in only a few weeks, you can also adapt the applications quickly based on customer feedback, ensuring you’re always delivering the best experience possible.
  • Open design: The open design infrastructure of a single platform enables banks to integrate with a range of providers and tools, helping you experience and deliver a seamless end-to-end experience. You can integrate easily with both current systems and up-and-coming fintechs, helping you adapt and innovate both today and in the future.
  • Cohesive experience: A single platform provides the simplicity, flexibility, and efficiency needed to orchestrate the perfect customer or member experience. With all data in the same place, an intuitive front-end journey, and time-tested built-in customer journeys, customers and members are guaranteed to enjoy their experience more when using banks that leverage a single platform over institutions that use disjointed systems.

The Backbase engagement banking platform

The Backbase Engagement Banking Platform offers everything banks, credit unions, and other financial institutions need to thrive.

Schedule a call with our team to learn more about our customer-centric and single-platform solution.