Backbase on a mission to further adopt AI across the engagement banking platform and its R&D efforts
Amsterdam, 20th June 2024 – Backbase, the creator of the Engagement Banking Platform announces the appointment of Chris Shayan as the new Head of Artificial Intelligence. This strategic move is set to significantly advance Backbase's AI vision and adoption across its tech offering, reinforcing its commitment to re-architecting banking around the customer.
A new era at Backbase
Backbase is leading digital banking transformation by helping financial institutions modernize their customer journeys and optimize operations. The integration of AI into the Engagement Banking Platform (EBP) is a critical step in this mission. "We are pleased to announce Chris as our new Head of Artificial Intelligence," said Thomas Fuss, CTO of Backbase. "With his demonstrated expertise in digital banking solutions and a true passion for technological advancement, Chris is a true business leader who drives innovation and is set to lead our AI initiatives into an exciting future.”
Introducing Chris Shayan
Chris Shayan brings a wealth of expertise and hands-on experience with AI to Backbase. A digital leader renowned for scaling digital banking transformation programs, Chris has a demonstrated ability of driving business growth through technology.
"I'm excited to be joining Backbase as its first Head of Artificial Intelligence," he stated. "I believe that AI’s potential extends beyond just process optimization. The existing technology at Backbase is remarkable, and I am genuinely excited about contributing to the development of a robust Gen AI track that will empower banks to enhance productivity and further accelerate their modernization efforts.”
Some of his career achievements and background include:
Leading Digital Transformation at TCB: In his capacity as CTO, Chris spearheaded the bank's digital transformation by implementing Backbase for both Retail and Business Banking in a record-breaking nine months. This shift from monolithic architecture to microservices and a micro-frontend not only fueled significant business growth but also unlocked the bank's first-ever profitable year, exceeding $1 billion, paving the way for further innovation and investment.
Transforming HD Bank: Known for its corporate banking expertise, HD Bank saw a complete digital transformation under Chris's leadership. As a customer-centric Chief Digital Officer, Chris co-owned the P&L at HDBank and fueled a remarkable 4x customer base growth. His focus was on customer journeys, technology optimization, ecosystem partnerships, and data & AI. Notably, 84% of new customer acquisition (+500%) came through digital channels, while active customers soared 7x with logins increasing by 5x. This digital transformation led to an 11x increase in online deposits, nearly tripling growth in operating income per customer, resulting in over 96% of retail transactions happening digitally.
Chris is deeply passionate about leveraging technology to continuously improve operations, build tools and deliver value by solving customer problems. His primary focus on LLMs (large language models) and AI is expected to further revolutionize Backbase’s on-going momentum in building the world's leading Engagement Banking platform.
Impact on strategy and the industry
This appointment brings AI at the forefront of Backbase’s mission of rearchitecting banking around the customer. It not only drives the company's commitment to amplifying AI initiatives in R&D but also marks the inception of a new Center of Excellence (COE) in Vietnam, supported by a team of dedicated subject matter experts.
This will increase the number of Backbase employees based in the country to over 40, further strengthening Backbase's footprint in the APAC region. As a result, Vietnam becomes a key hub for the company’s R&D and customer success teams.
Expressing excitement about this development, Shayan highlighted the alignment of Backbase's commitment to innovation with his own vision: “I'm particularly interested in leveraging LLMs to personalize and innovate the customer journey, unlocking new avenues for banks to increase customer lifetime value. The recognition of the exceptional talent pool in Vietnam further solidifies the company’s vision of synergies that promise to address complex banking challenges and position Backbase as a leader in AI-driven banking solutions.”