Backbase, the leading omni-channel digital banking platform, announced today that it has topped Celent’s Retail Banking Customer Onboarding Platform vendor assessment, winning both Celent’s Xcelent Technology 2020 Award and Xcelent Functionality 2020 Award. The report provides a rigorous analysis of the customer onboarding vendor landscape, including a profile comparison of 17 solutions. Backbase’s richness and breadth of products and solutions, as well as underlying modern technology, edged out the competition and positioned it at the top.
Celent Analyst and author of the report, Bob Meara, stated:
“Among customer acquisition & onboarding solutions, Backbase is distinctive for its broad product and line-of-business support. A bevy of vendors can provide a viable product for digital account opening. Far fewer can offer a single platform across retail banking, business banking, commercial banking, and wealth management lines of business.”
Exemplary for Backbase’s Technology Leadership in Onboarding and Origination is the breadth of integration mechanisms that are supported. Backbase topped the ranking for Functional Leadership for supporting the broadest array of products and scoring highest among the best revenue optimization capability.
According to Celent:
“Omnichannel customer acquisition is rapidly rising on the agenda of financial institutions, especially those still over reliant on branch sales generation. The need for solutions uniquely addressing omnichannel customer acquisition arises from the combination of rapidly changing consumer expectations alongside vexing constraints imposed by legacy channel and core systems.”
Backbase boasts an impressive commitment to R&D, investing more than 50% of revenue into building up its product and solution portfolio. A testament to that is Backbase’s early-March launch of its next-generation Onboarding & Origination solution across Retail, SME/Business & Corporate Banking, and Wealth Management. The modern, turn-key solution allows financial institutions to optimize their customers’ buying experience, fully digitize onboarding and product origination operations, and maximize their business agility.
Jouk Pleiter, CEO of Backbase, commented:
“In this digital age, a bank cannot possibly reach its business potential unless it can onboard new business digitally and quickly. Gone are the days where accounts were opened with paperwork or other unnecessary friction. It should take minutes and that is what people now expect. This software allows banks to drastically simplify the user journey across all their whole business, maximizing customer acquisition and giving the bank a competitive edge.”
To win Celent’s Xcelent Technology 2020 Award, the analyst firm evaluated vendors’ level of technological sophistication and flexibility. Backbase’s advanced API-first technology, rich integration methods and broad deployment options (Backbase-as-a-Service, private / public cloud, on-premise), stood out from other vendors and secured its top positioning.
The analysts could not fault Backbase’s platform, which received full scores on all evaluation factors for Celent’s Xcelent Technology 2020 Award:
Similarly, to bring home Celent’s Xcelent Functionality 2020 Award, vendors were compared by the detailed functionality of the product and the breadth of channels supported, as well as by client feedback and an analyst demo. Supporting the broadest array of customer onboarding products and with the best revenue optimization capability, Backbase again edged out the competition in this category and scored full marks.
More details on evaluation factors for Celent’s Xcelent Functionality 2020 Award:
A full copy of the report is available for download.
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.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].