ATLANTA and JACKSONVILLE, Fla., March 12, 2020 /PRNewswire/ — Backbase, the omni-channel Digital Banking platform and Finxact, the Core-as-a-Service platform, have entered into a strategic partnership to help banks and credit unions unlock the full potential of their digital transformation with a next-gen front-to-back solution. The partnership combines Backbase’s portfolio of turn-key online and mobile banking applications with Finxact’s next-gen cloud native core banking platform. The combined front-to-back SaaS solution empowers clients to launch a greenfield bank in under three months. It also helps established financial institutions quickly adopt new technology stacks enabling them to introduce new banking capabilities to their clients faster. The Backbase and Finxact combination gives banks and credit unions a modern and 100 percent open architecture, the freedom to innovate, move away from vendor lock-in and significantly boost the speed and efficiency of their go-to-market strategy.
To survive and thrive in the digital era, financial institutions must embrace new approaches that can help their organizations transform faster and be more competitive. Accenture research shows that digital maturity is highly correlated with increased profitability and that the relatively small percentage of banks fully committed to digital transformation are pulling away from the pack. The combination of the Finxact core and the Backbase platform helps banks and credit unions attain a future-proof state that anticipates rapidly evolving customer expectations.
This prevents banks from resorting to a collection of different banking solutions haphazardly pulled together on top of a legacy and locked-in IT infrastructure.
The Backbase and Finxact end-to-end solution equips financial institutions with the essential components for successful digital-first banking: cloud-native core, fully integrated with an omni-channel digital banking solution, powered by a modern and open architecture. Backbase empowers financial institutions to compete in the new digital era by providing modern and unified digital customer experiences. Finxact has introduced the first cloud-native core banking platform built to handle the scale and regulatory requirements of the largest US based financial institutions. With this strategic partnership, banks and credit unions are able to offer their customers and members seamless journeys on top of a modern core that is designed for product innovation and invention. Additionally, because of the open platforms of both Finxact and Backbase clients can tap into any third-party solution to offer additional value to their clients.
“This partnership provides banks and credit unions the opportunity to break free and reclaim control of their digital destiny. The combination enables the rapid launch of digital first greenfield bank operations by established banks and credit unions, or by new entrants in the fast growing US fintech space. Both Backbase and Finxact share the same digital first DNA and we are super excited about the transformative impact we can make together.” – Jouk Pleiter, Backbase, CEO
“Already two of the top thirty financial institutions in the US have begun to explore through their respective POCs the Backbase omni-channel platform running on top of the Finxact core,” said Frank Sanchez, CEO and founder of Finxact. “It’s proving to be a very compelling combination, especially for the regional and super-regional institutions that are eager to move towards a more open and modular technology stack.”
Benefits to the bank of SaaS based delivery model include:
- Ability to run the end-to-end solution as a service, accelerating innovation and minimizing IT overhead
- Receive automatic platform updates
- Faster access to new features and functionality
- Meet scale requirements on demand domestically and internationally
A demonstration of the integrated solution, co-created with Accenture, is available in Accenture’s Innovation Hub in San Francisco, where clients in North America can interact with and experience the customer journey.
Backbase’s Digital-First Banking Platform powers seamless customer experiences, unifying data and functionality from core banking systems and innovative fintech partners. We believe it is vital that banks evolve and maintain superior digital experiences in order to retain privileged control of the customer relationship, drive efficiency, stave off new competition and continue to grow.
More than 100 large financials around the world have benefitted from Backbase’s omni-channel, Digital-First Banking Platform, including ABN AMRO, AIB, Barclays, Banamex, Bank United, BNP Paribas, Central1, Citi bank, Citizens bank, CheBanca!, HDFC, Hiscox, IDFC First, KeyBank, Lloyds Banking Group, Metrobank, Navy Federal Credit Union, PostFinance, RBC, Societe Generale and Westpac.
Industry analysts continue to recognize Backbase’s front runner position. Backbase was named a Leader in the Forrester Wave (TM): Digital Banking Engagement Platforms, Q3 2019. The 2019 Ovum Decision Matrix lists Backbase as the Ultimate Digital Banking Platform Market Leader.
Finxact is innovating the first enterprise class cloud-native Core-as-a-Service platform with a 100 percent accessible open banking API. Finxact’s modern architecture enables banks to rapidly deliver new experiences by creating products on demand and integrating new services as needed. The Finxact team has been at the forefront of banking software for 35+ years, and together with its best of breed partners is disrupting core banking so financial institutions can truly transform on their terms.
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