Amsterdam – February 21, 2023 – Backbase, the Engagement Banking leader, was recently reaffirmed as a leader in the Omdia Universe: Digital Banking Platforms, 2023. The report recommends Backbase appear on any digital banking shortlist, particularly for financial institutions seeking a wide-ranging platform that can be co-innovated for specific business goals. These awards continue the strong recognition Backbase has received from the analyst community as the innovation partner to help banks win in the platform era.
Backbase scored consistently strongly across all areas of the evaluation and achieved the highest overall ratings for solution capability and customer experience, according to report authors, Philip Benton and Ouliana Smith. The report credits Backbase retaining its leadership status to its strong solution capabilities and breadth of out-of-the-box journeys, combined with the ability to further customize. The breadth of the Engagement Banking Platform has increased significantly through investment in its off-the-shelf capabilities and its partner ecosystem, they further noted.
Omdia recognizes the uniqueness of the Backbase Engagement Banking Platform, as it has been "designed on a single omnichannel banking platform architecture, as opposed to being built through acquisitions. The platform was created specifically for digital banking and as a facilitator to enable strong customization."
The report cited banks’ prioritization of enhancing platform functionality to aid self-service and integrating digital banking with other channels to improve sales productivity. For most financial institutions, the authors added, it is not just about choosing the best off-the-shelf product; it’s also necessary to consider a vendor’s ability to enable and drive innovation, offer strong user experience, and provide advice on how to launch new products and services quickly and effectively.
Click to download your copy of the Omdia Universe: Digital Banking Platforms, 2023 report.