Digital banking software provider, Backbase, has today announced the launch of its new offices in Sydney and Melbourne. With the expansion, Backbase is well positioned to cater to the evolving digital banking landscape in Australia and New Zealand (ANZ). The new ANZ office follows the launch of its Asia Pacific (APAC) headquarters in Singapore, highlighting Backbase’s commitment to help banks and financial institutions to digitally transform their businesses.
According to the Fintech and Digital Banking 2025 report by Backbase and IDC, digital banking in APAC is set to accelerate in the next five years. The region is also expected to see 100 new financial institutions by 2025, ushered in by liberalization of several markets and issuance of new banking licenses.
While the ‘Big Four’ banks are expected to retain their stronghold in ANZ, small and mid-sized banks as well as digital challengers will be competing for a larger share of the pie. The region will also see an acceleration of investment in digital banking in pursuit of efficiencies and new revenue sources to offset shrinking revenues, with 35% of IT budgets among Tier 1 and Tier 2 banks to be spent on new technologies.
With a comprehensive digital banking platform and deep industry expertise, Backbase will enable banks in ANZ to transform and keep pace with customer expectations as more turn to digital services for their banking needs. The decision to establish offices in Sydney and Melbourne comes as Backbase ramps up local support for new business signed this year.
In a sign of its capability to help banks accelerate their transformations, Backbase recently topped Celent’s Modern Digital Banking Channel Platform global vendor assessment. Backbase topped all four categories of Xcelent Functionality, Xcelent Technology, Customer Base, and Depth of Service. The result follows similar recognition from Forrester and Ovum and reinforces Backbase as the leader in the global digital banking channel platforms vendor landscape.
Backbase’s main regional ANZ office is located at:
Level 2, 383 George Street
Sydney, NSW 2000