The report recommends Backbase as a candidate in all digital banking vendor shortlists, particularly for financial institutions seeking a wide-ranging platform that can be co-innovated for specific business goals. Backbase has continued to receive strong recognition by the analyst community as the innovation partner to help banks win in the platform era.
Consumers in APAC have high expectations towards banking services rendered to them, with leading banks continuously upgrading their banking technology to offer advanced banking and beyond banking experience to retain their customers. Built as one unified platform to engage and orchestrate frictionless experiences across all touchpoints at every stage of the customer lifecycle across retail banking, business banking, digital lending, and wealth management, Backbase has helped 150+ banks around the globe and in APAC rearchitect banking around their customers.
Backbase scored consistently strongly across all areas of the evaluation and achieved the highest overall ratings for solution capability and customer experience, according to report authors, Philip Benton and Ouliana Smith. The report credits Backbase retaining its leadership status to its strong solution capabilities and breadth of out-of-the-box journeys, combined with the ability to further customize. The breadth of the Engagement Banking Platform has increased significantly through investment in its off-the-shelf capabilities and its partner ecosystem, they further noted.
“From analyst evaluations, it is clear that all digital banking platforms are not made equal. The Backbase Engagement Banking Platform has been instrumental in modernizing the customer experience for our banking customers in Asia Pacific, launching them into banks of the future. Techcombank for instance comes up often in discussions as a bank which is leading in digital banking transformation, and that, to us, is success, “Riddhi Dutta, Regional Vice President, Asia, Backbase said. “The value Backbase brings is to provide efficiencies and innovation beyond basic digitalization of banking products, in order for banks to differentiate their digital banking services whether deployed on-premise, hybrid or in the cloud. We offer banks the power to hyper-personalize and secure a 360-degree unified view of customers across all lines of business and channels for a truly digital-first experience.”
Omdia recognizes the uniqueness of the Backbase Engagement Banking Platform, as it has been "designed on a single omnichannel banking platform architecture, as opposed to being built through acquisitions. The platform was created specifically for digital banking and as a facilitator to enable strong customization."
The report cited banks’ prioritization of enhancing platform functionality to aid self-service and integrating digital banking with other channels to improve sales productivity. For most financial institutions, the authors added, it is not just about choosing the best off-the-shelf product; it’s also necessary to consider a vendor’s ability to enable and drive innovation, offer strong user experience, and provide advice on how to launch new products and services quickly and effectively.
To read the Omdia Universe: Digital Banking Platforms, 2023 report, click here.Hashtag: #Backbase #digitalbanking #engagementbanking #apac
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Backbase
Backbase is on a mission to re-architect banking around the customer.
Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty, and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.
Industry analysts Gartner, Omdia, and IDC continuously recognize Backbase’s category leadership position. Over 150 financials around the world have embraced the Backbase Engagement Banking Platform. In APAC, the customers we serve include ABBANK, BDO Unibank, Bank of the Philippine Islands, EastWest Bank, HDFC, IDFC First, JudoBank, Techcombank, TPBank, and UBank.
Backbase is a privately funded fintech company, founded in 2003 in Amsterdam (global HQ), with regional offices in Singapore (APAC HQ), Atlanta (Americas HQ), and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.
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