Backbase has announced its global collaboration with Microsoft to help financial institutions move into the engagement banking era with a fully integrated financial services cloud stack.
The collaboration, which sees Backbase’s Engagement Banking Platform serving in the engagement layer within Microsoft Cloud for Financial Services, helps financial institutions re-architect banking around their customers and accelerate their Digital Transformation.
In order to re-architect banking around the customer, financial institutions must simultaneously modernise several layers of legacy technology and operations. The combined value proposition of Backbase’s Engagement Banking Platform on Microsoft Cloud for Financial Services offers a complete industrialised stack of pre-integrated capabilities that address banks’ critical requirements for effectively executing their Digital Transformation:
- Customer engagement layer – The system of engagement that powers seamless customer journeys, from customer onboarding to managing day-to-day finances. At this level, the Backbase Engagement Banking Platform brings the customer-facing element, breaking down channel silos, providing a single orchestration hub to streamline any customer journey across every digital touchpoint.
- Employee productivity and banking processing layer – On the employee productivity side, Microsoft brings its widely used business applications such as Microsoft Dynamics 365, Power Platform and Microsoft 365, including Teams, that offer seamless interoperability with the Backbase Engagement Banking Platform. On the banking processing side, the Backbase Marketplace offers out-of-the-box connectors to leading core banking providers and best-of-breed fintech fulfilment partners.
- Cloud infrastructure layer – The cloud infrastructure is responsible for providing all the advanced cloud computing capabilities running the full stack in a scalable, secure and compliant manner. Microsoft leads this element with its Microsoft Azure cloud computing platform with Backbase’s Engagement Banking Platform fully using the underlying Azure capabilities.
This collaboration is a demonstration of Microsoft’s long-term commitment to industries and investment in powering Digital Transformation for customers and partners on their terms and specific to their needs.
“Most of our clients tell us they need to fast-track their Digital Transformation. Everybody’s competing for speed,” said Jouk Pleiter, CEO at Backbase. “But that is easier said than done. Digital Transformation is challenging, requiring institutions to simultaneously modernise a multitude of complex business systems as well as their infrastructure. Together with Microsoft, we can deliver so much more value in less time, enabling organisations to quickly adopt solutions specifically built for their industry. You can now use modular solutions with built-in industry standards that augment your organisation’s current investments and are extensible as business needs evolve and grow. Together we break down data silos, helping organisations take a data-first approach with a common data model that unifies information while adhering to industry compliance standards.”Click below to share this article