Backbase, the global leader in Engagement Banking, announced today a new relationship with Eastern Bank (Eastern), a Boston-based financial institution with approximately $24 billion in assets. Eastern is adopting Backbase-as-a-Service (BaaS) and Backbase’s Digital Sales solutions to deploy a fully digital account opening experience designed to reduce friction and complexity for new consumer and business customers.
With speed of innovation and time to market being more essential than ever in the financial services sector, Backbase will provide Eastern with the technological infrastructure to develop and release new services to customers swiftly, without upfront capital investments in new hardware or legacy technology upgrades.
Backbase’s Digital Sales solution will allow Eastern to leverage Backbase’s out-of-the-box accelerators and integrations with third-party fintechs to create customized digital offerings for customers based on their feedback and reduce the complexity often experienced in the industry around opening a new account.
Vincent Bezemer, Senior Vice President of Americas at Backbase, adds:
Eastern expects to begin offering Backbase’s Digital Sales capabilities to new consumers signing up for its services starting in the first half of 2022, with plans to roll out a similar offering to new commercial and business banking customers later in 2022. Eastern has long embraced technology and innovation as a way to attract and retain customer relationships, and its mobile and online banking products are regularly rated highly by consumers; most recently, Eastern received the 2021 Impact Innovation Award for Artificial Intelligence and Advanced Analytics by Aite-Novarica Group, a global advisory firm to the financial services industry, and was a finalist for the 2021 Finovate Best Small Business Banking Solution Award in recognition of the development of an exceptional digital experience to small and medium sized businesses.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of December 31, 2021, Eastern Bank had approximately $24 billion in total assets. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group LLC subsidiary. Eastern takes pride in its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 2,100 deeply committed professionals who value relationships with their customers, colleagues and communities. For more information, visit www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram.