Backbase Strengths, Domain Expertise, and Key Differentiators
Backbase has developed the Backbase Engagement Banking Platform, a comprehensive solution that places the customer at the forefront. This unified platform enables banks to expedite their digital transformation efforts, encompassing various aspects such as customer onboarding, service delivery, fostering loyalty, and facilitating loan origination.
In October 2023, Backbase introduced Grand Central, its innovative Integration Platform-as-a-Service (iPaaS). This groundbreaking solution is poised to revolutionize the banking sector by empowering institutions to accelerate their modernization and digital transformation initiatives. Historically, banks have allocated substantial resources towards the development, maintenance, and decommissioning of point-to-point integrations across diverse technologies, products, and solutions within their technology ecosystems. Achieving seamless integration with core banking systems, CRM platforms, and external fintech partners has typically necessitated costly custom system integration efforts. This expenditure not only introduces unnecessary complexities but also hampers the pace of digital transformation projects and redirects resources away from generating value for banking consumers.
Backbase Recent Developments
In November 2023, Backbase entered the Chilean market through a strategic partnership with Banco Security, marking a significant expansion of the digital banking landscape in Chile. Leveraging Backbase's Engagement Banking platform, Banco Security aims to enrich its digital services, thereby establishing the groundwork for the evolution of banking services in the region.
Backbase Mergers and Acquisitions (M&A) Activities
In June 2023, Backbase acquired Nucoro, the UK-based digital wealth platform. The acquisition will allow Backbase to incorporate Nucoro's headless platform capabilities directly into the Backbase Engagement Banking platform, enabling its customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services. For the last three years, Nucoro has been part of the Backbase fintech partner ecosystem and both companies have been closely collaborating on joint engagements.
Backbase Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Backbase applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Backbase and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Banking-as-a-Service (BaaS), Backbase Cloud customers.
Backbase Overview
Oosterdoksstraat 114
Amsterdam, x, 1011 DK, Netherlands
31 20 465 8888
https://www.backbase.com/
Ownership: - x
Number of Employees: 2200
Functional Markets: CRM, ERP Services and Operations,
Key Verticals: Banking and Financial Services,
Backbase Key Enterprise and Cloud Applications
Banking-as-a-Service (BaaS), Backbase Cloud
Backbase Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Backbase Revenue Breakdown By Type, $M:
Backbase Enterprise Applications Revenues By Functional Markets, $M:
Backbase Enterprise Applications Revenues By Verticals, $M:
Backbase Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Backbase Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Backbase Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Backbase Customers
No. of Backbase Customers: 150
No. of Backbase Enterprise Applications Customers: 150
No. of Backbase Cloud Customers: x
No. of Backbase Cloud Subscribers: x
The distinctive approach offered by Backbase empowers enterprises to enhance self-service capabilities, boost online revenues, and transform their digital channels into comprehensive customer experience platforms. Over 150 major financial institutions worldwide have adopted the Backbase platform to optimize their digital self-service and online sales operations across all digital touchpoints.
Global organizations including GE, ABN AMRO, AIG, Nationwide, Nordstrom, KPN, Bank of America, Barclays, ING, UBS, and Visa have significantly elevated their online customer interactions and achieved remarkable improvements in customer experience, retention, and conversion rates through the utilization of Backbase's technology.
Backbase Market Opportunities, M&A and Geo Expansions
In June 2022, Backbase secured €120 million in growth equity funding from Motive Partners. With an organic revenue growth surpassing €200 million, Backbase has strategically aligned itself with a specialized Fintech private equity firm to reinforce its position in the Engagement Banking sector. This substantial investment values Backbase at €2.5 billion. Motive Partners, known for their founder-centric approach, is fully committed to supporting Backbase in maintaining its independence and executing its Engagement Banking strategy. Together, they will prioritize customer-centric innovation aimed at modernizing the financial services industry, transcending traditional siloed channels and legacy applications.
Backbase Risks and Challenges
In June 2023, Backbase announced multiple new hires to its Enterprise team in North America. The addition of these leaders shows Backbase's dedication to the critical market of enterprise fintech and financial services, bringing extensive experience across banking, operations, technology, and sales. On the other hand, this leadership change could lead to a new company strategy that could lead the company's vision in other ways.
Backbase Ecosystem, Partners, Resellers and SI
In February 2023, Backbase extended its European footprint with the inauguration of a new office in Italy. The Italian banking industry is currently undergoing significant transformation and encountering numerous challenges in customer relations. The sector's increasing centrality underscores the growing demand for immediate and self-service satisfaction of evolving daily needs. Alessandro Fragapane has been appointed as Country Manager to spearhead Backbase's expansion efforts in Italy.
Backbase Cloud Infrastructure Insights
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- Backbase Public Cloud and Infrastructure (IaaS)
- Backbase Platform (PaaS)
- Backbase Application Delivery
- Backbase Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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