Backbase Strengths, Domain Expertise, and Key Differentiators
Backbase provides a comprehensive and powerful omnichannel customer engagement orchestration platform to streamline and manage digital customer interactions across all channels. Backbase was selected by SSF for its strong capabilities in omnichannel digital banking and the benefits the ‘Backbase digital banking platform’ provides for banks wanting to gain access to greater agility and control in managing a large portfolio of banking products and services. The first phase is the launch of SFF’s new mobile application (available on iOS and Android) developed by Backbase before further focusing on improving the rest of the bank’s existing banking platforms.
Backbase Recent Developments
In March 2020 Backbase has launched its Onboarding and Origination solution, which aims to cut onboarding time by 80 percent and boost operational efficiencies by 30 percent. The solution works for retail, SME/business, and corporate banking, as well as wealth management, and will help banks compete with digital-first challenges in customer acquisition. The tool optimises the customer buying experience, digitises onboarding and product origination operations, and maximises business agility, according to Backbase.
Currently, some traditional banks spend up to 60 minutes on onboarding clients with manual processes in a physical bank – and 20-90 days for commercial customers, costing an estimated $25,000 of lost revenue, Backbase found. This leads to increased pressure on banks to rethink customer journeys, and Backbase aims to make go-to-market 18 times faster with its new solution. Institutions can buy and build their solutions either by adopting out-of-the-box banking apps or using the platform to develop their own customised capabilities.
In February 2018, Backbase opened its Cardiff office that will support its aim to be at the forefront of digital banking innovation. Backbase opened its R&D facility in Cardiff creating 24 highly skilled jobs. It is now expanding to create a further 50 new jobs which will be instrumental in targeting the growing digital banking sector. The new team will deliver core software development, software testing, and support for clients with the research and development accrued ultimately powering the commercial banking of multiple large financial institutions around the world.
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.
Ownership: - x
Number of Employees: 500
Key Verticals: Banking and Financial Services,
Backbase Key Enterprise and Cloud Applications
Banking-as-a-Service (BaaS), Backbase Cloud
Backbase Revenues, $M:
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* 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:
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Backbase Enterprise Applications Revenues By Functional Markets, $M:
Backbase Enterprise Applications Revenues By Verticals, $M:
Backbase Revenues By Region, $M
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Backbase Direct vs Indirect sales
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Backbase Customers - Breakdown by Geo, Size, Vertical and Product
No. of Backbase Customers: 120
No. of Backbase Enterprise Applications Customers: 120
No. of Backbase Cloud Customers: x
No. of Backbase Cloud Subscribers: x
The unique Backbase approach enables enterprises to drive self-service, fuel online revenues, and turn their online channel into a full-service customer experience platform. More than 120 large financials around the world have standardized on the Backbase platform to streamline their digital self-service and online sales operations across all digital touchpoints.
Global organizations such as GE, ABN AMRO, AIG, Nationwide, Nordstrom, KPN, Bank of America, Barclays, ING, UBS, and Visa have improved their online customer interactions and maximized online customer experience, retention, and conversion, by leveraging Backbase’s technology.
Most recently BRD Groupe Societe General has entered into a partnership with Backbase. In line with the Backbase direct engagement model, Backbase is jointly realizing the project with BRD, directly delivering on it in conjunction with the bank.
Backbase Market Opportunities, M&A and Geo Expansions
In July 2020 Backbase, launched its new offices in Sydney and Melbourne. With the expansion, Backbase is well-positioned to cater to the evolving digital banking landscape in Australia and New Zealand (ANZ). The new ANZ office follows the launch of its Asia Pacific (APAC) headquarters in Singapore, highlighting Backbase’s commitment to helping banks and financial institutions to digitally transform their businesses.
While the ‘Big Four’ banks are expected to retain their stronghold in ANZ, small and mid-sized banks as well as digital challengers will be competing for a larger share of the pie. The region will also see an acceleration of investment in digital banking in pursuit of efficiencies and new revenue sources to offset shrinking revenues, with 35% of IT budgets among Tier 1 and Tier 2 banks to be spent on new technologies.
With a comprehensive digital banking platform and deep industry expertise, Backbase will enable banks in ANZ to transform and keep pace with customer expectations as more turn to digital services for their banking needs. The decision to establish offices in Sydney and Melbourne comes as Backbase ramps up local support for new business signed this year.
With the latest customer win in the UK with leading insurance provider Hiscox, Backbase expanded its operations in the United Kingdom.
Backbase Customer Experience Platform specialist has revealed that they will begin an aggressive hiring campaign to find the right candidates for their growing operations in the UK. The innovative software provider currently employs 150 senior technology and usability experts in their Amsterdam, New York, and Singapore offices. Backbase’s London office is located in the heart of the city’s historical financial district and their UK expansion will create at least a dozen new positions for the vendor to fill.
Backbase Risks and Challenges
Banks should take note that deepening involvement and encouraging growth in the SME sector does not necessarily revolve around extending credit. Many SMEs report that they feel that they are let down by their bank through a lack of relationship and business service rather than for financial reasons. Just as there is a shift towards a customer-centric approach in retail banking online, there needs to be a similar push to nurture relationships with SMEs. Banks need to address the issue of how they are serving SMEs on their digital channels.
By creating better experiences and offering more tools online, banks will be better able to tailor products and services to specific segments of the SME sector. However, while the digital channel for SMEs remains fragmented, requiring multiple sign-ins, difficult to navigate through and practically devoid of the mobile capabilities so readily available to retail and corporate customers, SMEs are unlikely to move away from branches.
Keeping SME interactions chained to branches does nobody any favors. It is far more costly for banks and it limits the number of services SME customers could be taking advantage of to improve their business operations.
Backbase Ecosystem, Partners, Resellers and SI
In May 2020 Backbase, formed a strategic partnership with Mambu, the Berlin-based cloud banking platform to jointly deliver a unique and powerful turn-key digital banking solution.
The Backbase and Mambu partnership will help financial institutions of all sizes to break free from their legacy core and take back control. These new capabilities are pre-integrated, cloud-based, and include turn-key applications as well as a fully serviced platform. Backbase’s and Mambu’s combined offering provides financial institutions with a fully integrated end-to-end cloud-native digital banking solution on an open and modern architecture. Financial institutions that are exploring new ways to modernize their IT infrastructure can create new value for their clients on a daily basis and dramatically reduce their back-end operating costs.
Zensar Technologies has collaborated with Backbase. Globally, banks are making the shift to delivering compelling customer experience across multiple channels to customers. This alliance will allow Zensar’s Mobility Services to implement a digital-led customer experience for its banking clients.
Zensar will offer this platform to implement Omnichannel workflows to existing and new customers while working together on joint go-to-market offerings and innovative value propositions. This partnership will involve initially projects in the United States and the United Kingdom. The highlight of the partnership lies in the benefits available to customers of both companies.
Zensar has proven expertise in offering world-class agile and outcome-based mobility solutions, and Backbase brings in industry proven customer experience and digital solutions for the banking, financial services, and insurance segment. The partnership will bring the much-needed business agility as enterprises embark on their digital transformation journey. Stakeholders look for Omnichannel customer interaction ‘anytime, anywhere’, in new and different ways.
In May 2017 Backbase made a new partnership. They partnered with eWise international provider of Financial Data Aggregation API and Money Management. The eWise Aegis data aggregation platform is now available to integrate within the Backbase digital banking platform. The new integration will enrich digital banking experiences and help consumers and businesses get a full picture of their financial health.
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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).
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