The alliance will enable Australian and New Zealand (ANZ) banks and credit unions to onboard customers and members seamlessly, combining Backbase's personalised banking experience platform with FrankieOne's robust identity verification solutions, making it easier than ever for end customers to securely access digital financial services.
Secure and safe digital banking has never been more top of mind for Australian consumers, with the epidemic rise of fraudulent activity costing Australian consumers billions of dollars.
According to the 2023 Australian Payment Fraud Report, in 2022, fraud on payment card transactions increased by 16.5% on the previous year to $577 million, in line with the increase in total spending on cards, which was up by 16% to $1 trillion over the same period. The rate of fraud on Australian card payments was 57.5 cents per $1,000 spent, up slightly from 57.3 cents in 2021.
Partnering with FrankieOne allows Backbase’s Engagement Banking Platform to access a breadth of Know-Your-Customer (KYC), Anti-Money Laundering (AML), biometric verification, transaction monitoring, fraud detection and compliance capabilities from a curated selection of local and international providers. This partnership will provide local financial institutions enhanced trust during customer led, seamless onboarding journeys. The net result for the local banking industry is higher customer loyalty, combined with a simplification of compliance requirements.
Backbase recently launched its Engagement Banking Cloud (EBC) offering which provides customers with a single platform that extends across all lines of business and supports the full customer lifecycle with seamless customer journeys. The partnership and capability offering built with strategic partners such as FrankieOne is a critical enabler to Backbase executing on this offering globally .
Elliott Haralambous, Director of Partnerships & Alliances at Backbase said, “As pioneers in the digital banking space, we are thrilled to partner with FrankieOne to bring a new level of innovation to the ANZ banking sector. This collaboration enables us to offer seamless digital experiences while maintaining the highest standards of security and compliance.”
“This partnership reinforces Backbase’s global commitment to enhancing our offering and meeting the needs of financial institutions across the region. These partnerships allow us to accelerate the integration of best-in-class capabilities into the Backbase Engagement Banking Platform,” explained Mayank Somaiya, Director, Global Head of Fintech-As-a-Service, Backbase.
Ashleigh McManus, Global Head of Partnerships at FrankieOne, said "FrankieOne and Backbase are united by a common goal – to transform consumer banking experiences in Australia and New Zealand. Our collaboration combines the strength of identity verification and engagement banking, offering financial institutions a powerful toolkit for success. This partnership underscores our unwavering commitment to the evolving needs of banks and credit unions in Australia and New Zealand and empowers financial institutions to deliver secure, efficient, and customer-centric banking experiences.”
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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 120 financial institutions 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.
About FrankieOne
FrankieOne is a single connection to the global ecosystem of KYC/AML and fraud protection providers. With a dynamic orchestration of over 350 data sources and vendors across 195 countries, banks and fintechs can easily switch on the best-of-breed solutions to onboard more of the right customers. As a modular platform, FrankieOne is able to tailor specific journeys for different customers, simplify compliance, and dynamically manage risk.
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