If you attended FinovateFall a few months ago, you likely saw Backbase’s demo where it launched Backbase Engage. This new offering delivers omni-channel digital banking to regional banks and credit unions. The Backbase Open Marketplace bridges the gap that small financial institutions often face between their dated core banking system and newer fintech solutions.
Customer Experience Platform
Backbase Engage stems from Backbase’s Customer Experience Platform (CXP)
which, originally, was only accessible to large banks. The CXP (see a live demo here) is a widget-based customer portal that enables banks to customize their online banking appearance and function, as well as edit and design targeted offers to create a seamless customer experience across all devices.
Smaller banks with outdated core banking providers can benefit from a one-size fits all solution in order to work with their legacy system. Backbase Engage upgrades institutions’ existing systems by providing a new digital banking solution, working on any device and channel. It runs on the FI’s existing core banking stack, and enables the institution to integrate new functionality from providers in the Open Banking Marketplace. At the same time, it offers full control to the FI to manage the user experience with the integrated CXP features and Visual Editor.
The appeal of Backbase Engage stems from its modular and turnkey approach that enables banks to select from a wide variety of widgets.
To enable a high level of customization, the widgets draw from multiple sources and are made possible by APIs. For example, a bank may use Google Maps’ API for an ATM and branch locator. Backbase’s Open Banking Marketplace makes other services available through APIs from an array of fintech companies.
Open Banking Marketplace
The Open Banking Marketplace hosts APIs from Backbase’s fintech partners to give FIs access to their services. Launching partners in the Marketplace include:
BehavioSec, a behavioral biometrics security solution
Watch its FinDEVr 2014 demo video.
Cardlytics, a card-linked marketing provider
Watch its FinovateFall 2013 demo video.
Geezeo, a PFM and small business financial management solutions provider
Watch its FinovateFall 2014 demo.
iPay, an online payment gateway for global ecommerce businesses
iPay demonstrated its Small Business Suite at Finovate 2009.
miiCard, an online identity verification service
Watch miiCard’s FinovateFall 2013 demo.
MX, an online money management and PFM tool
MX last demonstrated at FinovateFall 2014 where it won Best of Show.
Strands, a PFM solutions provider
Strands will demo at the upcoming FinovateEurope 2015 conference in London.
- Ensenta, cloud-based imaging technology for mobile RDC risk mitigation
- Payveris, a digital money movement solution provider
Since FinovateFall, Backbase has added partners (who are confidential at this point) and is looking for more. While most fit in the security, PFM, and loyalty categories, Backbase is not necessarily looking for partners in specific verticals. Rather, it wants to connect best of breed providers that deliver quality solutions to FIs across the globe.
Though this post focuses on retail banking, Backbase Engage also works for small business (commercial) banking, insurance, and wealth management verticals.
Growth and 2015
Since launching in 2003, Backbase has experienced rapid growth across the globe, including signing major banks in North America, the European Union, and Asia Pacific regions. It has also opened offices in the largest financial hubs around the world. In 2014, Backbase’s revenue grew 40% and it projects the same growth trajectory in 2015.
Backbase most recently demoed at FinovateFall 2014 and will showcase its newest offering at FinovateEurope 2015 in London.