Digital banking software provider, Backbase, has today announced the launch of its next generation Backbase-as-a-Service. This managed cloud platform service covers Backbase’s entire portfolio of banking products, helping banks to innovate with speed whilst reducing their costly operational hurdles.
At present, banks face a twofold threat; both from more technologically-capable neo-bank competitors and, more recently, from the expansion of big tech into banking. In this new digital environment, agility and fast time to market is key. To support banks in keeping pace, Backbase-as-a-Service provides financial institutions with the technological infrastructure to develop and release new services to their customers more swiftly. With less time dedicated to set-up, updates and security, banks can focus on innovating and allocating more resources to new features that enhance the overall experience for customers.
Lowering time to market, while eliminating upfront capital investments on hardware and maintenance of aging technology, Backbase-as-a-Service becomes the ideal innovation partner. As banks grow, they can increase or decrease computing capacity as needed as Backbase-as-a-Service is based on usage-based spending. This allows for higher business flexibility and a faster response to market shifts.
Commenting on the launch, Jouk Pleiter, CEO, said:
“Backbase is committed to being the leading innovation partner for global banks and credit unions. We believe the move to cloud is an unstoppable one, and one which every financial institution needs to embrace. Our clients want the freedom to innovate and maintain their competitive edge, so launching Backbase-as-a-Service is the logical step for us. It is our duty to maximise their ROI when it comes to becoming digital-first and meeting the digital demands of their customers. Cloud is an exceptional tool for taking that leap.”
Thomas Fuss, VP Technology, added:
“The improved service will significantly benefit banks both in terms of reducing overhead on IT and delivering superior digital banking experiences to their clients. It’s another step forward in helping clients unlock their digital potential. Undertaking the transition to the Backbase cloud means our clients are always tapping into the latest innovations and features that our platform offers. Cloud adoption has been relatively slow in banking so we’re proud to provide clients with a state-of-the-art managed service which is always available, always secure and always packed with the latest innovations.”
Along with the business value of innovating at scale and reducing IT overhead, the newly announced Backbase-as-a-Service will offer banks:
The platform is immediately available worldwide.
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Backbase’s Digital-First Banking Platform powers seamless customer experiences, unifying data and functionality from core banking systems and innovative fintech partners. We believe it is vital that banks evolve and maintain superior digital experiences in order to retain privileged control of the customer relationship, drive efficiency, stave off new competition and continue to grow.
More than 100 large financials around the world have benefitted from Backbase’s omni-channel, Digital-First Banking Platform, including ABN AMRO, AIB, Barclays, Banamex, Bank United, BNP Paribas, Central1, Citi bank, Citizens bank, CheBanca!, HDFC, Hiscox, IDFC First, KeyBank, Lloyds Banking Group, Metrobank, Navy Federal Credit Union, PostFinance, RBC, Societe Generale and Westpac.
Industry analysts continue to recognize Backbase’s front runner position. Backbase was named a Leader in the Forrester Wave (TM): Digital Banking Engagement Platforms, Q3 2019. The 2019 Ovum Decision Matrix lists Backbase as the Ultimate Digital Banking Platform Market Leader.