What is Engagement Banking? A guide for banks

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 They are burdened with outdated, costly, and non-communicative systems that hinder their ability to meet evolving customer and business demands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

THE BIG SHIFT

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.

Explore platform Our solutions

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

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Engagement Banking: the book.

A valuable resource crafted by industry leaders for industry leaders. The Engagement Banking Revolution gathers prominent figures in banking and transformation to offer you essential frameworks and insights for driving change within your financial institution.

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The era of Engagement Banking