Digital banking software provider, Backbase, has announced recently the launch of its next-generation Backbase-as-a-Service. This managed cloud platform service covers Backbase’s entire portfolio of banking products, helping banks to innovate with speed while reducing their costly operational hurdles.
At present, banks face a twofold threat; both from more technologically capable neo-bank competitors and, more recently, from the expansion of big tech into banking. In this new digital environment, agility and fast time to market are key.
In the Asia Pacific (APAC), the heterogeneity of financial inclusion is particularly striking among countries and ranges from those that are at the cutting edge of financial technology to others that are aiming to provide access to basic financial services, according to findings from the International Monetary Fund.
“Backbase is committed to being the leading innovation partner for global banks and credit unions,” said Jouk Pleiter, CEO, Backbase. “We believe the move to the cloud is an unstoppable one and one which every financial institution needs to embrace. Our clients want the freedom to innovate and maintain their competitive edge so launching Backbase-as-a-Service is the logical step for us. It is our duty to maximize their ROI when it comes to becoming digital-first and meeting the digital demands of their customers. Cloud is an exceptional tool for taking that leap.”
While some countries in the APAC region are leaders in fintech, on average the region lags behind others in several key areas such as electronic payments and mobile money. Particularly in Southeast Asia, where approximately 470 million people do not have bank accounts, according to consultancy KPMG. Coupled with the region’s boom in the digital economy, and the burgeoning growth in electronic payments and digital banking industry, banks can leverage these trends to provide access to their products for a wider audience.
To support banks in keeping pace, Backbase-as-a-Service provides financial institutions with the technological infrastructure to develop and release new services to their customers more swiftly. With less time dedicated to set-up, updates, and security, banks can focus more on and allocating more resources on new features that enhance the overall experience for customers.
Lowering time to market, while eliminating upfront capital investments on hardware and maintenance of aging technology, Backbase-as-a-Service becomes the ideal innovation partner. As banks grow, they can increase or decrease computing capacity as needed as Backbase-as-a-Service is based on usage-based spending. This allows for higher business flexibility and faster response to market shifts.
“The improved service will significantly benefit banks both in terms of reducing overhead on IT and delivering superior digital banking experiences to their clients. It’s another step forward in helping clients unlock their digital potential,” said Thomas Fuss, VP Technology, Backbase. “Undertaking the transition to the Backbase cloud means our clients are always tapping into the latest innovations and features that our platform offers. Cloud adoption has been relatively slow in banking so we’re proud to provide clients with a state of the art managed service which is always available, always secure and always packed with the latest of innovation.”
Along with the business value of innovating at scale and reducing IT overhead, the newly announced Backbase-as-a-Service will offer banks:
• Managed Software & Hardware Updates
• 99.9%+ Uptime
• Shared or Dedicated Backbase Environment
• Multiple Sandbox Environments
• Database Backups & Redundancy
• Scalable Infrastructure
• End-to-End Encryption
• Regulatory Compliance