ATLANTA – June 16, 2022 – Backbase, the engagement banking category-leader, announces that fintech Beta Financial Services chose Backbase to build their digital challenger bank, BetaBank, which will focus on increasing small businesses’ access to loans and banking services throughout the United States.
BetaBank will use a proprietary risk score developed by Beta Financial Services to reduce bias and improve fairness in lending to small and medium-sized businesses. BetaBank will use the Backbase platform to ensure a smooth and efficient user experience for both customers and employees. Backbase will power the digital banking experience, as well as digital onboarding, allowing BetaBank to rely on a single platform and technology provider to make banking easy and seamless
BetaBank’s adoption of the Backbase Engagement Banking Platform makes it possible to accelerate its speed to market with bespoke digitally-native products, services and innovations, while facilitating crucial, time-saving integrations with third-party fintechs. These features enabled BetaBank to build a banking experience that directly supports its target customer base – small businesses who have been boxed out of traditional banks through outdated, manual decision-making processes – while empowering employees with the tools to deliver outstanding, tailored journeys.
With BetaBank looking to launch an initial version of its app later this year, it was critical for them to find a partner who could help them move quickly. Backbase’s modular technology gave BetaBank the opportunity to build a customized product faster, reducing roadblocks in the product development process
Seke Ballard, CEO and Founder of Beta Financial Services, comments:
“We are thrilled to be partnering with Backbase to launch BetaBank. From the very beginning of the BetaBank journey, we knew we could not compromise on the quality of our digital banking services and platform – our core value lies in our digital accessibility to those who have been woefully underserved by traditional financial institutions. In Backbase, we have found a partner that can help us provide the best-in-class, Tier 1 bank experience our customers deserve. This is just the beginning, and we are excited to embark on this partnership with Backbase to better serve those currently underserved together.”
Jouk Pleiter, Founder and CEO of Backbase, comments:
“We are honored to have been chosen by Beta Financial Services to accelerate and power BetaBank’s launch. Beta Financial Services was looking for an industry-leading and industry-competitive digital solution to meet the urgent needs of the underserved in the United States, and we could not be more honored to have been chosen to help build this new, social equity-driven challenger bank, and help new small and medium businesses emerge and thrive in the United States.”
About Beta Financial Services
Beta Financial Services is the holding company of BetaBank, currently in formation. BetaBank will be the first digital bank in the United States to be built entirely on Google Cloud from the ground up. Born from Founder Seke Ballard’s belief that when small businesses succeed, everyone succeeds. BetaBank’s mission is to offer small business owners the opportunity to thrive through a bank that’s easy to access, and equitable to its core.
Backbase is on a mission to help banks re-architect around the customer and embrace the paradigm shift to a platform model.
The days of being held back by traditional legacy banking technology and infrastructure are over. Backbase is here to help financial institutions – from large banks to credit unions and everything in between – become customer-centric again.
We’re the creators of the Backbase Engagement Banking Platform – powering all lines of business. Our single, comprehensive platform powers any journey, from digital sales to everyday banking, delivering seamless and frictionless experiences for both your customers and employees.
Industry analysts Forrester, Ovum, and Celent continuously recognize Backbase’s front-runner position, and over 150 large financials around the world are powered by the Backbase Engagement Banking Platform – including AIB, Barclays, Banamex, Bank of the Philippine Islands, BNP Paribas, Bremer Bank, Islands, Citibank, Citizens Bank, CheBanca!, Discovery Bank, Greater Bank, HDFC, IDFC First, KeyBank, Lloyds Banking Group, Metrobank, Navy Federal Credit Union, PostFinance, RBC, Société Générale, TPBank, Vantage Bank Texas, Westpac, WSECU, and Wildfire CU.
Backbase Christina Hong, Account Manager Aspectus Group [email protected] Beta Financial Services Julia Lytle, Founder Che Consulting [email protected]