Engagement Banking Platform category leader Backbase announced today that it was named “Best in Class” in the 2021 Digital Banking Platform Scorecard from Javelin Strategy & Research, the third leader recognition this year.
Javelin’s Digital Banking Platform Vendor Scorecard evaluates 11 vendor solutions. The assessment is made against three criteria: functionality; experience and engagement; and development and delivery. The Backbase Engagement Banking Platform (EBP) “topped the scorecard with the best combination of functionality, customer experience and development and delivery support.
“Smaller financial institutions require a platform that is mature across all three categories of the Scorecard,” explains Emmett Higdon, Director of Digital Banking at Javelin Strategy & Research and author of the report. “To remain competitive, functional parity alone is not enough. FIs need a platform that integrates customer data with marketing and messaging tools to target and engage the next generation of digital consumers.”
Backbase stood out in the following areas:
1. Functionality: Backbase was revealed as the functionality leader with the most complete solution available, with additional functionality readily available with key partners. Plus, a strong Account Origination and Onboarding solution.
2. Development and Delivery: Backbase’s customer experience design and full online and mobile banking customization is provided out of the box, making it easy for banks to differentiate themselves.
3. Experience and engagement: Backbase provides functionality that moves banks beyond the basics, including native chat support, family banking account support, and aggregated account data available in multiple locations for advanced reporting, categorization and more.
According to Javelin, small and mid-sized financial institutions are frustrated with commoditized experiences and struggle to set themselves apart from look-alike rivals. With that in mind, Javelin shared that a strength of Backbase is that it’s not merely a “plug and play” solution, but rather “anticipates the overwhelming majority of retail banking consumer needs, providing pre-configured flows that can be mixed, matched and combined to deliver a highly customized digital banking solution.”
“The degree of difficulty in launching a digital experience stitched together piece by piece should not be underestimated. And it is because of Backbase’s position that banks can both buy and build, enabling them to move quickly with a highly customized solution that prioritizes strong customer experiences,” added Higdon.
For the full Javelin 2021 Digital Banking Platform Vendor Scorecard report, click here.
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