Top 10 Backbase Agencies in Australia 2024

Overview Of Backbase 

The total value of investments in fintech companies worldwide experienced a significant surge from 2010 to 2019, reaching an impressive 216.8 billion U.S. dollars. However, the year 2020 marked a notable decrease in investments for fintech, dropping below 140 billion U.S. dollars. Fortunately, there was a rebound in 2021, with investment values soaring to over 247 billion U.S. dollars.

Amid this dynamic landscape, institutions are encouraged to harness the power of a new-generation, composable digital banking platform for accelerated innovation. The Backbase Engagement Banking Platform provides a modular fabric with frequently-used capabilities, facilitating quick and secure connections to downstream systems like core systems, CRMs, and third-party fintechs in the tech stack.

This industrialized platform serves as a future-proof and stable foundation, seamlessly orchestrating all customer and employee interactions across any digital channel. The API-led architecture enables a focus on composing unique user experiences and delivering tangible business value. 

With over 400 industrialized and composable capabilities, there is flexibility to rapidly create tailored and distinctive financial experiences. Built as a single platform from the ground up, it empowers banks to innovate on their terms in this evolving fintech landscape.

Top 10 Leading Backbase Agencies in Australia 2024

SmartOSC

Backbase Strategic Partner with over 2 years in partnership, SmartOSC offers solutions tailored to local market specifications, enhancing cost efficiency and expediting implementation timelines. With a team of 50+ certified platform experts, including both business and technical resources, SmartOSC is the go-to choice for Backbase Agency.

Reasons to choose SmartOSC for being Backbase Partner projects:

• Time and Cost Optimization: Utilizing out-of-the-box banking modules, SmartOSC ensures the first MVP is implemented within four months, resulting in cost reductions of up to 60%.
• Technical Prowess: As digital banking transformation experts, SmartOSC boasts a track record of over 1000 projects, showcasing their technical expertise and proficiency.
• Customer Mindset: SmartOSC prioritizes the client’s customers in every aspect. The team adopts a customer-centric approach, putting themselves in the customers’ shoes to ensure the client’s success.
• Data-Driven Positivity: Balancing realism with optimism, SmartOSC relies on hard data to inform their strategies. Their passion lies in exceeding expectations and delivering positive outcomes.
• Serving APAC and Beyond: With global teams catering to clients from Vietnam to Europe, SmartOSC excels in localizing effective banking applications solutions for diverse regions.

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FrankieOne

An alliance is set to facilitate seamless onboarding for Australian and New Zealand (ANZ) banks and credit unions. Backbase’s personalized banking experience platform will be combined with FrankieOne’s robust identity verification solutions, simplifying secure access to digital financial services for end customers.

Partnering with FrankieOne grants Backbase’s Engagement Banking Platform access to a range of Know-Your-Customer (KYC), Anti-Money Laundering (AML), biometric verification, transaction monitoring, fraud detection, and compliance capabilities from local and international providers. This collaboration enhances trust for local financial institutions during customer-led, smooth onboarding journeys, ultimately fostering higher customer loyalty and streamlining compliance requirements.

Judo Bank

Judo has chosen Backbase’s Engagement Banking Platform (EBP) to craft new digital experiences for its small and medium (SME) business banking and term deposit customers.

Adopting Backbase’s EBP allows Judo’s relationship bankers to allocate more time to customers, with the platform facilitating monthly releases of additional features. 

Judo’s purpose-built, modern, cloud-based, flexible technology stack adheres to adoptive technology principles, seeking a global-leading digital platform capability that prioritizes strong design and security principles with the customer at the core.

Accenture

Accenture collaborates with Backbase to unleash the full potential of the Backbase Digital-First Banking Platform. Deployed over existing legacy systems, the platform leverages data and functionality to save costs and accelerate time to market. With global scale and profound industry knowledge, customers can maximize the platform through strategic digital and technology consulting, domain expertise, process improvement, and more.

Together, they deliver essential benefits to financial institutions globally, including open APIs for integrating best-of-breed fintechs, a modular architecture for scalability, an end-to-end solution orchestrating digital experiences on a single platform, and a unified architecture across all channels—a ‘bank-in-a-box’ ensuring rapid speed to market.

Entelect

Entelect excels in tailoring and implementing the Backbase Engagement Banking Platform, offering comprehensive end-to-end solutions for banking customers and employees. Facilitate or expedite your digital banking journey with Backbase, supported by local expertise, knowledge, and engineering assistance throughout the entire implementation process—from inception and architecture to design, UX, and development. 

Proficient in the award-winning Backbase omnichannel digital banking platform, teams are ready to assist financial institutions across various categories and segments in their digital evolution, including Retail, Corporate, SME, Wealth, and Insurance.

Entrust

By leveraging push provisioning from Entrust, Backbase Agency now enables end customers to securely add their payment cards to third-party wallets like Apple Pay or Google Pay. The “add card to wallet” capability simplifies the process of provisioning and activating cards for digital wallets with a simple button push. Authentication occurs within the banking app, where the customer is already verified, eliminating the need for extra authentication steps required by third-party wallets and merchants. 

Empowering Backbase end customers to self-manage their cards reduces dependence on branches and helpdesks, thereby lowering customer service costs. Simultaneously, the streamlined and rapid wallet provisioning can positively impact customer spending. 

This technology partnership with Entrust strengthens Backbase’s investment in its 

Fintech-as-a-Service (FaaS) offering, a crucial component of the broader Ecosystems business unit that accelerates value for financial institutions and their customers through collaboration with top-notch fintech and technology partners. The partnership further enriches the diverse capabilities integrated into the Backbase Engagement Banking Platform.

Mobiquity

Mobiquity brings extensive experience in implementing the Backbase digital online banking platform, seamlessly integrating it into existing systems or building entirely new ones. The approach involves modernizing design and consolidating all customer touchpoints.

As a major Backbase Agency globally, Mobiquity has a track record of successful implementations spanning Asia, North America, Europe, and the Middle East, backed by 150+ trained consultants and developers over a 5+ year period. 

Recognition has been earned for delivering high-quality implementations that achieve accuracy from the outset. This aids financial services companies in achieving tangible results for their business and delivering frictionless customer experiences.

Atomic 

Atomic’s integration into the Backbase Engagement Banking Platform empowers community banks and credit unions to enhance their competitiveness, offering benefits such as:

• Improved Customer Experience: The integration establishes a smooth end-to-end process for users to manage their finances and update direct deposits digitally.
• Higher Direct Deposit Adoption: Financial institutions witness substantial increases in direct deposit adoption rates compared to traditional paper methods.
• Increased Lending Rates: Real-time verification data accelerates and strengthens customer qualification, ensuring engaged applicants from initiation to submission.
• Streamlined Operations: Backbase’s platform eliminates vendor lock-in and silos, while Atomic’s service facilitates swift account changes that take effect within the same or next pay cycle.

This collaboration with Atomic further expands Backbase’s Fintech-as-a-Service (FaaS) offering. By incorporating Atomic’s direct deposit switch and income verification technologies into the Backbase Agency platform, financial institutions can reduce time-to-market, simplify contracting, and enhance overall efficiency.

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Mambu

To keep financial institutions ahead of their customers’ needs, Backbase and Mambu present a comprehensive end-to-end digital banking solution. The Backbase Engagement Banking Platform seamlessly integrates with Mambu’s cloud-native core banking system, offering a catalog of pre-vetted, pre-integrated, and pre-built banking modules. These modules can be dynamically combined to construct a bank, minimizing implementation risks.

The Backbase-Mambu collaboration empowers banks and financial institutions to:

• Achieve Front-to-back banking: Transform disparate banking channels into a unified platform, orchestrating all customer touchpoints in one centralized place.
• Future-proof their business: Overcome sluggish responses to business changes, innovate confidently, and leverage state-of-the-art technologies.
• Elevate customer servicing: Eliminate employee frustration caused by juggling multiple systems, removing friction points to increase operational efficiency.
• Eliminate point solutions: Reduce expenditures on legacy point solutions and redirect resources towards enhancing customer value.

Conclusion

The year 2024 promises an exciting journey for digital banking enthusiasts, with the top 10 Backbase agencies in Australia leading the way. These agencies showcase a remarkable blend of technical prowess, customer-centric approaches, and global perspectives, making them key players in shaping the future of banking. As technology evolves and customer expectations rise, these agencies are at the forefront, driving innovation and redefining the digital banking landscape in Australia. If you wish to delve deeper into this information, please do not hesitate to contact us.