Backbase named as a leader in IDC MarketScape for North America digital banking customer experience platforms
Backbase, the Engagement Banking Platform category leader, announced today that it has been named a Leader in the inaugural IDC MarketScape: North America Digital Banking Customer Experience Platforms 2022 Vendor Assessment Report.
This is the sixth leadership recognition in the past year for Backbase1 – a testament to Backbase’s strategic platform vision, empowering banks to make the paradigm shift from being channel-first to customer-first.
Backbase was recognized as a Leader due to the following strengths:
- Backbase provides a single platform for all lines of businesses, including customer-facing and employee-facing applications.
- Backbase has never acquired a technology solution from another vendor, creating a clean architecture and allowing it to focus on enhancing its solution rather than integrating acquired ones.
- The solution is core agnostic and has open standards and built from the ground up and on the cloud. In addition, Backbase Marketplace allows for more embedded financial solutions.
- Solutions can be deployed either on premises, in a public cloud, or as a fully hosted solution.
Backbase’s Engagement Banking Platform empowers banks to move from broken experiences, constrained by point solutions to seamless journeys across the full customer lifecycle and all orchestrated on a unified platform. According to the report, “Backbase is a vendor that was most likely to be on a financial institutions list of possible replacement options for their digital banking needs.”
Backbase has never acquired a technology solution from another vendor, creating a clean architecture and allowing it to focus on enhancing its solution rather than integrating acquired ones. Backbase has taken an approach of build, not buy, to fill its product features and functions and remains one of the only privately held pure-play digital banking providers.
Marc DeCastro, Research Director, Consumer Banking, IDC Financial Insights., and author of the report
The IDC MarketScape: North America Digital Banking Customer Experience Platforms 2022 Vendor Assessment (doc #US48061122, March 2022) evaluates 11 vendor solutions providing digital banking solutions to the North American market. The IDC MarketScape assessed each vendor in two areas: strategy and capabilities. The criteria for these areas includes innovation, growth, R&D and delivery in the strategy category, and customer satisfaction, service delivery and functionality in the capability category.
“Our mission at Backbase has always been to help banks and credit unions re-architect their business around the customer with the adoption of an all-encompassing platform model,” says Vincent Bezemer, Senior Vice President of the Americas at Backbase. “The IDC MarketScape’s recognition of our strategic strength only reaffirms our commitment to being banks’ partner for their long-term digital transformation needs. We look forward to continuing to deliver the premier engagement banking platform and best-in-class banking solutions for those in North America, as well as around the globe, in the years to come”.
For the IDC MarketScape: North America Digital Banking Customer Experience Platforms vendor assessment report excerpt, click here.
1) Matrix Report: U.S. Digital Banking Point Solution Providers, Aite-Novarica, Oct 2021 2) Two Forrester reports: The Forrester Wave™: Digital Banking Engagement Platforms & The Forrester Wave™: Digital Banking Engagement Hubs, Q3 2021, Sept 2021 at the bottom of the page.
About IDC MarketScape
About IDC MarketScape: IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.