Backbase, a global provider of banking software, has acquired London-based firm Nucoro.
The implementation of this transaction will allow Backbase to integrate the capabilities of the Nucoro platform directly into its Engagement banking platform. As a result of these actions, a single customer service space will be formed, which will contribute to accelerating digital transformation within financial institutions. The relevant information is contained in the Backbase press release, which was published last Thursday, June 15.
Currently, the market of money management platforms is showing strong growth dynamics. According to the results of last year, the financial turnover in this market exceeded $3 billion. Analysts also predict that over the next ten years, the annual growth of this indicator will be 10%.
Jouk Pleiter, founder and CEO of Amsterdam-based Backbase, says that there is currently a trend in which banks are striving to launch differentiated investment offers in addition to everyday banking services as soon as possible. These offerings include advanced savings, retirement products, stock trading, and portfolio management.
Playter is convinced that the potential of the combined platform to provide instant integrated value for both retail and private banks is huge. Separately, he stressed that this proposal is particularly relevant for private lenders and capital management companies that are interested in upgrading outdated point solutions and expanding the basic systems created to order.
The Backbase and Nucoro platforms are based on open industry standards and have a common architecture.
This year, research analysts Celent and Omdia recognized the Backbase Engagement banking platform as an industry leader.
Currently, many neobanks and traditional financial institutions are expanding their presence in the field of capital management. In February, Wells Fargo announced its intention to launch a digital platform that offers consumers tools for asset management. The new LifeSync system, which selected clients of the financial institution’s Wealth and Investment Management (WIM) division have access to, will ensure the achievement of goals in real-time, track key financial indicators, provide relevant content, and guarantee communication with the consultant.
In December, the Green Dot banking platform expanded its partnership with the wealth management service provider Wealthfront, within which it provides functions for uninterrupted verification and transfer of funds to the account. The partnership of these companies began in 2020.
As we have reported earlier, eBay Acquires Certilogo to Boost Brand Authentication.