Backbase, the engagement banking category-leader, announces that fintech Beta Financial Services chose Backbase to build their digital challenger bank, BetaBank, which will focus on increasing small businesses’ access to loans and banking services throughout the United States.
BetaBank will use a proprietary risk score developed by Beta Financial Services to reduce bias and improve fairness in lending to small and medium-sized businesses. BetaBank will use the Backbase platform to ensure a smooth and efficient user experience for both customers and employees. Backbase will power the digital banking experience, as well as digital onboarding, allowing BetaBank to rely on a single platform and technology provider to make banking easy and seamless
BetaBank’s adoption of the Backbase Engagement Banking Platform makes it possible to accelerate its speed to market with bespoke digitally-native products, services and innovations, while facilitating crucial, time-saving integrations with third-party fintechs. These features enabled BetaBank to build a banking experience that directly supports its target customer base – small businesses who have been boxed out of traditional banks through outdated, manual decision-making processes – while empowering employees with the tools to deliver outstanding, tailored journeys.
With BetaBank looking to launch an initial version of its app later this year, it was critical for them to find a partner who could help them move quickly. Backbase’s modular technology gave BetaBank the opportunity to build a customized product faster, reducing roadblocks in the product development process.
About Beta Financial Services
Beta Financial Services is the holding company of BetaBank, currently in formation. BetaBank will be the first digital bank in the United States to be built entirely on Google Cloud from the ground up. Born from Founder Seke Ballard’s belief that when small businesses succeed, everyone succeeds. BetaBank’s mission is to offer small business owners the opportunity to thrive through a bank that’s easy to access, and equitable to its core.