Backbase wins industry recognition for its best-of-suite business banking platform

Amsterdam, 15 July – Backbase, the creator of the Engagement Banking Platform, positions itself as a true industry leader in business banking. The latest recognition comes from Global Finance for excellence in commercial banking, cash management and treasury operations, highlighting Backbase’s best-of-suite proposition.

Backbase’s technology powers more than 40 business banks, credit unions and community banks around the world, including Coutts, National Bank of Canada, BECU and Standard Bank South Africa.

Global Finance employed a comprehensive evaluation approach, incorporating submissions from financial institutions and suppliers, alongside insights from industry professionals, business leaders, tech specialists, and unbiased researchers. Various subjective and objective factors were evaluated, such as profitability, market penetration, customer support quality, pricing competitiveness, innovation, and how well service providers have distinguished themselves in the industry.

Jarno van Hurne, Head of Business Banking & VP of Product at Backbase, stated: “This recognition from Global Finance is a great testament to Backbase’s best-of-suite approach, which offers both breadth and depth of functionality in the business banking sector across multiple product lines and segments. We are confident that this acknowledgement that brought us head-to-head with well-established vendors will instill even more confidence in customers to partner with us for their Business Banking transformation.”

While business banking customers value personal interactions, they also demand personalized digital options for engaging with their bank, with 80% ready to switch for better digital propositions (McKinsey).

However building and maintaining separate applications for customers and employees of different segments poses a significant challenge for most banks. This difficulty arises as they grapple with inflexible legacy systems and limited development capacity to innovate.

Backbase helps business banks solve this problem by offering the best of buy plus build: 400+ rich, pre-built business banking capabilities and digital journeys, from account opening, to mobile and online banking and accessing lending and investment products. Banks can get the majority of what they need out-of-the-box, and focus their development efforts on creating differentiating features for their clients. With Backbase, business banks can eliminate point solutions and leverage a unified platform with a modular architecture that promotes reusability and journey orchestration across segments, lines of business and channels.

Developed with industry-leading best practices ready for banks to adopt and build upon, business banks can create applications and digital services that consistently rank at the top (4+) of App store ratings.