Capital Bank of Jordan (CBoJ) has entered into a strategic partnership agreement with Backbase to drive its digital transformation. The project will cover several business lines and result in the digitization and upgrading of institutional as well as retail banking platforms. The Backbase platform will be used across all digital channels, both for customer use as well as employees and will see CBoJ undertaking a full stack implementation incorporating Backbase CXS 6, DBS and Entitlements.
Rather than simply adding digital components onto the current offering, CBoJ aims at truly transforming its offering. The platform will help the bank become a true innovator and enable it to introduce new products to market in a rapid and agile manner. To achieve its business goals, CBoJ needed a scalable, flexible digital platform developed with a key focus on the client. This is an essential requirement in digitally-emerging markets such as Jordan and Iraq, where innovation is highly embraced across both the government and private sectors. The strength of Backbase 6 and its robust IAM (Identity and Access Management) capabilities make it the best choice, offering superior agility and the power to quickly transform CBoJ into a true digital bank.
As part of the selection process, the bank sought advice from consultants, focusing on finding a technology partner with extensive industry experience and the ability to drive fast and successful implementations. CBoJ was impressed with the proficiency of the Backbase team, their vast experience, and their knowledge of best practice.
Speaking about the cooperation agreement, Capital Bank CEO Ala Qumsieh said:
“Our business model focuses on putting the client at the forefront and the center of our efforts. This requires flexibility, agility and excellence in our offerings. With this investment, Capital Bank will redefine the customer experience and expand its business vertically through cutting-edge technology. The bank’s digital transformation will continue to evolve with the available technologies of the market, and Backbase is an ideal long-term strategic partner.”
The implementation of the new technology will be undertaken jointly by Backbase and Bring Global. The solution will be deployed on a cloud-based model with the ability to hook up with legacy and the latest versions of core banking systems, which removes the need to wait for upgrades.
The bank is also a launching customer for Backbase’s latest product innovation: Backbase Identity. Backbase Identity will provide a suite of user management capabilities and enterprise-level access control. According to Capital Bank’s Chief Operating Officer Eyas Khawaja:
“It makes sense to have Backbase Identity, which further strengthens their offering and removes the need of procuring it from another vendor. Backbase will be the bedrock of our digital transformation, as it offers multiple components, giving the bank the benefit of a one-stop-shop.”
The new platform will revolutionize the bank’s performance, from the core right through to the end customer experience. CBoJ will no longer simply provide products and services, it will become a part of people’s financial lives.
About Capital Bank of Jordan
Capital Bank of Jordan is one of the leading financial institutions, offering a comprehensive set of added-value commercial and investment banking services tailored to the needs of individuals and institutional clients in Jordan and the region. In addition to providing a full array of banking services to its clients in Jordan and Iraq, Capital Bank offers unique investment services through its investment arm – Capital Investments, in addition to advisory services offered through Capital Investments DIFC based in the United Arab Emirates. Being the only Jordanian bank with a presence in Iraq, Capital Bank also offers diverse banking services to the Iraqi market through its 62% ownership of the National Bank of Iraq.