Backbase, which is currently a global leader in advanced sphere interacting banking, announced that First Bank, based in St. Louis, Missouri, has started operating on the Backbase Engagement Banking platform.
The mentioned decision of the specified financial institution is a step in the implementation of its transformation strategy. The current development concept of the lender is aimed at providing consumers of its services with access to digital products, which is characterized by a smooth process.
The bank has decided to cooperate with Backbase as part of the implementation of its business strategy, which provides for transformation with an emphasis on the active integration of virtual solutions into the structure of operational functioning. This choice is because the mentioned company has a powerful centralized platform that provides the opportunity to implement many technological products. In this case, solutions such as payment transaction management and access to anti-fraud mechanisms are implied.
Backbase’s offerings facilitate the smooth integration of technology products designed to modernize the structure of banking operations. A financial institution will be able to implement advanced solutions within less costly processes in terms of required resources.
First Bank is a family-owned lender with a history of more than 100 years. This financial institution has the status of a preferred organization for the provision of services necessary for the high-quality running of a family business. In the lender’s priority system, special attention is paid to ensuring consumer access to a full range of offers in the sphere of retail and solutions applied in the wealth sector. Also, for a financial institution, the important area of functioning is to provide high-quality banking services to businesses. Another important segment of First Bank’s operation is the provision of lending solutions to consumers.
Using the Backbase platform means that the financial institution currently works in a single virtual environment that unites all areas of activity. In this case, consumer, retail, and business banking coexist within a single functional space. Also, in the mentioned environment, consumers are given access to money management tools.
The Backbase platform is beneficial for the bank’s customers because in this case they are provided with the opportunity to perform all types of actions related to the use of finance in one place. Consumers are given a single login to the system. Thanks to this technological solution, First Bank turned into a so-called single window of opportunity.
Bala Nibhanupudi, Vice president, Director of Technology and Operations at the financial institution, says that starting work in the Backbase platform is the final step for the lender on its long-term path of digital transformation. He noted that the process of modernizing the digital ecosystem, which includes, among other things, the physical infrastructure, provided for the replacement of the core, the transition to the Microsoft Azure cloud, and the update of middleware and CRM systems. Bala Nibhanupudi says that a financial institution provides a confident banking experience that is customer-oriented. He also stated that within the framework of cooperation with Backbase, the lender has no limits to what it can do and offer.
Using the platform provides an unsurpassed level of flexibility for First Bank. The lender’s functional space is easily integrated with third-party apps. The Backbase offer allows to personalize the journeys of the bank’s customers and control the pace of the innovation process.
More than 10 different systems have already been integrated into the digital ecosystem of a financial institution. At the same time, additional integration is still required for future offers to customers.
First Bank’s developers will use Backbase managed hosting services for hosting, constant updates, and upgrades.
Sam Boggs, executive vice president of Backbase mid-market, says that this company is pleased to contribute to the digital transformation of the lender and help it offer customers the best services and products. According to him, the fact that a financial institution uses the firm’s solution is evidence of the advantages of a centralized platform.
With the help of Backbase Engagement, First Bank will be able to gain new customers and ensure a smooth transition of existing consumers to the experience of applying additional products and services. For example, a lender can coordinate the actions of those who start doing business. Also, the large-scale integration of digital solutions will allow the financial institution to gain customers in those regions where it does not have a physical presence.
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