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Engagement Banking:
re-architecting banking
around the customer

A new era in banking has arrived, yet many financial institutions are still stuck in the past. It’s time for traditional banks to reimagine what banking can and should be: built around their customers.

We live in the platform era

Banks face unprecedented competitive pressures from non-traditional market entrants, most notably technology-savvy platform providers like Alibaba, Apple, Stripe, and Square. These platforms have raised the bar by creating 10X better journeys, built around the customer. They give their customers instant and seamless experiences that simplify each aspect of their daily lives - including their finances.

In the platform era, customers don’t just expect - but demand daily banking to be built around them. They don’t care about how a bank or credit union operates internally; their main concern is getting the right product or service instantly.

Banks are struggling to deliver on these expectations. But doing nothing isn’t an option.

Engagement banking eb live in the platform era

Traditional banking is broken

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 rigid to change and force them to spend most of the IT budget on maintenance.

Unsustainable costs

These compiling complexities leave most banks with an unsustainable cost structure, while not being able to deliver to their changing customer’s expectations.

Banks are at a crossroad

To thrive in the platform era, banks need to make a paradigm shift.

From vertical silos

Too many banks are stuck in an outdated era of expensive siloed tech which doesn't work together, is hard to change, and even harder to stitch together when attempting to serve the customer.

Engagement banking img from vertical silos
Engagement banking img to horizontal platform

Enter Engagement Banking

Now is the time for traditional banking to move from limiting vertical silos to a horizontal platform approach, architected around the customer.

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 carefully orchestrates frictionless customer journeys on any touchpoint, powering comprehensive access to new products and services across the full customer lifecycle.

Delivering financial wellness

A platform leverages data to help customers get better financial insights, and create better customer intimacy to help improve their financial lives.

Engagement Banking is the path forward

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.

The old ways of traditional banking

Engagement banking eb the old way
Engagement banking eb the new way

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 new era of banking.

Engagement banking eb the platform
Platform revolution
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

Sangeet paul choudary quote

The must-read book on Engagement Banking

By changemakers, for changemakers. 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.

Engagement banking revolution small