Backbase expands and enhances its Engagement Banking Platform

Amsterdam/Frankfurt, 11.10.2023 - Backbase, the leading provider of the Engagement Banking Platform, is proud to announce significant advancements and optimizations to its platform during its annual ENGAGE conference in Amsterdam.

Our Digital Investing product line – Backbase is introducing a new Digital Investing product to its platform, empowering financial institutions to provide a comprehensive range of services, including Trading, Robo Advisor, and Hybrid Advisory to their clients.

Integration Platform-as-a-Service (IPaaS) – Our platform has now expanded with Grand Central, a powerful Integration Platform-as-a-Service, which provides out-of-the-box connectors for swift and effortless integration with various components in a bank’s tech stack. This includes core banking systems, customer relationship management systems, and third-party fintechs. These enhancements significantly accelerate and simplify the implementation of the Backbase Engagement Banking Platform, allowing financial institutions to streamline their time-to-market.

These enhancements and optimizations to the Engagement Banking Platform demonstrate Backbase’s commitment to extensive research and development on a large scale. Backbase's goal is to enable financial institutions to modernize progressively, journey by journey, helping financial institutions to make the "Big Shift" from Traditional to Engagement Banking, while de-risking their digital transformations. Engagement banking focuses on customer centricity, multi-channel interaction, and personalized products and services, among other things. Through engagement banking, financial institutions improve their operational excellence and offer unique, industry-leading banking experiences to their customers.

"Our goal has always been to use a large part of our budget to further develop and optimize our offering," says Jouk Pleiter, CEO of Backbase. "Digital investing is becoming increasingly important for financial institutions and we aim to help them offer a comprehensive investment offering in the shortest possible time in order to increase their own share of wallet. Thanks to Grand Central, our clients can seamlessly integrate our platform with greater ease and speed. Through our efforts, we are enabling progressive, journey-focused modernization for numerous financial institutions, helping them make the Big Shift from Traditional to Engagement Banking — so they can become the bank their customers want and love."

A seamless digital investment experience

With the new Digital Investing product line, the Backbase platform becomes even more appealing for all financial institutions seeking a seamless integration of investment products into their digital banking experience. Investment products remain a key driver of value for retail banks, private banks, and asset managers worldwide. The wealth management platform market exceeded $3 billion in 2022, with analysts forecasting an average growth rate of 10% for the next decade.

Backbase Digital Investing offers:

• A user-friendly and comprehensive interface for end-users.

• A range of customer journeys tailored to end customers.

• Necessary systems and connections for financial institutions.

• Automation of routine tasks, allowing staff to focus on providing value-added advice to clients.

• Hybrid advisory services and exceptional digital experiences to stand out in the wealth management sector.

Faster time-to-market with Grand Central

Effective integration with core banking systems, CRM systems, and other key components requires connectors. In the past, Backbase assisted financial institutions in developing customized connectors. Now, Grand Central eliminates this need. Grand Central is a robust Integration Platform-as-a-Service that connects the Backbase Engagement Banking Platform with financial institutions' systems.

Grand Central includes pre-built connectors for major core banking systems, including Jack Henry, FIS, Finacle, Mambu, and others. And it’s also compatible with any other core banking solutions available in the market.

In addition, Backbase is pleased to announce, at ENGAGE 2023, the establishment of a $10 million fund. This fund will support the addition of connectors for regionally prominent systems to complement Grand Central's existing global connectors.s.

For example, Australian banks often use dedicated KYC solutions mandated by local regulations. The inclusion of out-of-the-box connectors to region-leading systems ensures a seamless and rapid implementation of the Backbase platform worldwide.

With this fund, Backbase invests in making our Engagement Banking Platform even more suitable to local end-customer needs, further enhancing our commitment to meeting the specific requirements of regional financial institutions.

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