Problem
The Traditional Banking Conundrum
With technology and customer expectations evolving rapidly, traditional banks are at a crossroads.
Decades of complex technologies and disjointed systems have left legacy banks struggling to adapt. They are burdened with outdated, costly, and non-communicative systems that hinder their ability to meet evolving customer and business demands
Legacy silos
Disjointed solutions result in fragmented customer experiences across products, channels, and services, preventing the creation of holistic journeys.
Lack of agility
Fragmented legacy systems hinder adaptation and consume most of the IT budget in maintenance.
Unsustainable costs
Complexities lead to an unsustainable cost structure, leaving banks unable to meet changing customer expectations.
solution
The paradigm shift: move from Traditional to Engagement Banking
Embrace the future with a new-generation engagement banking platform. By harnessing the power of unified omni-channel banking, you can orchestrate seamless journeys across all touchpoints, erase silos, and empower both customers and bank employees.
From: Traditional Banking
The past
To: Engagement Banking
The future
what analysts say
Unlock the new-generation banking model
Gradually replace your legacy systems, reshaping your digital banking architecture around customers and employees. Reimagine essential journeys and adopt a future-proof omni-channel platform strategy.
All-in-one monolithic core IT systems are a thing of the past
Legacy core IT systems wholly owned by IT department
Stop new developments in legacy core systems
Carve out most important frequently changing functionalities
Granular services supported by a leaner core
“Teams of teams” develop new functionalities in-house on a modern microservice-based stack
Re-architect banking around your customer
Backbase is dedicated to breaking down legacy system barriers and revolutionizing the banking experience, putting customers at the core. With our pioneering technology and operational models, banks can move away from channel-centricity to fully embrace customer-centricity. Our adaptable platform and commonly-used microservices ensure effortless experiences for both customers and bank employees. The Engagement Banking Platform serves as the foundation, empowering banks to establish digital factories for rapid business value creation.
Journey Orchestration
Map customer and employee journeys to identify key friction points where interactions can be optimized. Effective journey orchestration ensures that user experiences remain consistent and harmonized across multiple touchpoints.
Progressive Modernization
Leverage incremental change and iterative improvements to modernize your most important customer journeys and underlying processes. Mitigate risks and maximize customer and business value.
One Platform
Gradually consolidate disparate systems into a unified platform. This allows you to dramatically simplify your IT landscape, reducing the need for multiple vendors, complex system integrations, and dozens of legacy user interfaces.
Through engagement, banks can more easily and affordably offer new products and services to existing customers. It also helps bring new clients into the mix through sophisticated analytics to personalize offers and creates a customer experience that screams. This is a bank you want to do business with
Sangeet Paul Choudary, Author; Founder, Platformation Labs
