$100B tech spend by APAC banks not getting desired results on in-house banking platform builds

Philippines, June 16, 2023 – Backbase, the global leader in Engagement Banking, along with IDC, a global technology market intelligence leader, announce the launch of an IDC Infobrief, sponsored by Backbase, “Accelerating Customer-Centric Transformation by Balancing Build and Buy - A Collaborative Approach toward Sustainable Digital Banking Architecture”, June 2023. The Infobrief unveils data that in-house platform builds have not yielded the desired ROI for banks and is distinctly slower to go-to-market for banks in APAC.

The full details of the Infobrief depicting where digital acceleration and transformation efforts have gone wrong will be unveiled at the IDC and Backbase Leadership Banking Insights Forum 2023 - Key Steps to Accelerating Digital Transformation and Digital Differentiation, an in-person series for banking transformation executives in the Philippines, Indonesia, Thailand, and Malaysia.

In Manila, the forum will feature keynotes and closed-door panel discussions with industry expert Cyrus Daruwala, IDC’s Managing Director of Global Financial Services, Roy Villareal, BDO Unibank’s Head of Digital Banking, Consumer Banking Group, and Backbase’s digital banking transformation experts.

In the banking industry, especially when it comes to digital banking architecture, many banks in APAC tend to in-source and build their platform architecture in-house. Yet many of these banks keep coming back to the question if their digital transformation has been effective and has yielded them the ROI, growth, retention, and preference they envisioned.

“One of the thorniest questions for banking transformation leaders is whether to build or buy the digital banking platforms they need. This Infobrief creates clarity to this dilemma and creates structure to the decision making process for APAC banks,” Ashish Kakar, Research Director of IDC Financial Insights said. “We will be sharing data and learnings at the upcoming IDC and Backbase Leadership Banking Insights Forum to help banking leaders better plan their next wave of digital transformation.”

This forum series by IDC and Backbase will focus on strategies, learnings, frameworks, and actionable insights pivoting digital banking. The event is structured around pressing business and technology topics, what banks are innovating on and what they are procuring, and unboxes the possibilities in delivering breakthrough and aspired journeys and customer experience such as fast tracking secured loans, cashflow forecasting for business owners, in-app personalization, and digital lifestyle application integration into banking app.

“Backbase has helped 150+ banks in Asia and the world to modernize digital customer engagement by re-architecting banking around their customers. We have seen banks leverage on different platform approaches – build, buy, or adopt and build, to improve digital customer experience, and we’ve seen what worked and what didn’t,” Riddhi Dutta, Regional Vice President, Asia, Backbase said. “Many banking leaders continue to be on the mission to get clarity on essential steps to effect better digital transformation, and this conference series is designed to provide actionable data and steps to help them pivot digital banking.”

Joining us onsite in the Philippines are Backbase’s ecosystem technology partners – Entrust as a gold partner, Thought Machine as a bronze partner and Xebia as a bronze partner.

Leadership Banking Insights Forum Schedule

• June 20, Jakarta at the Ritz Carlton Pacific Place SCBD
• June 22, Manila at Discovery Primea, Makati
• June 29, Bangkok at Sheraton Grande Sukhumvit
• July 6, Kuala Lumpur at EQ

Find out more about IDC Infobrief, sponsored by Backbase, “Accelerating Customer-Centric Transformation by Balancing Build and Buy - A Collaborative Approach toward Sustainable Digital Banking Architecture”, #AP241480IB June 2023 at the forum.

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.

Backbase

Will Haskins
[email protected]