In a strategic move toward digital transformation, First Bank, a US-based family-owned institution, has successfully implemented the Backbase Engagement Banking Platform. This deployment is a pivotal step in First Bank’s overarching strategy to deliver a seamless, digital-first experience for its customers across retail, business, wealth, and lending services, via this bank-fintech partnership move.
Elevating Customer Service through Unified Operations
First Bank’s adoption of the Backbase platform consolidates its diverse range of services onto a unified platform. This integration spans consumer and business banking to commercial and wealth management, creating a centralized hub for operations. The platform not only streamlines existing technology solutions, including fraud management and payments, but also facilitates the seamless incorporation of emerging technologies.
In an official statement, First Bank highlighted the significance of this transformation, underscoring its commitment to a customer-first approach. Having revamped its entire digital ecosystem, from infrastructure and core systems to cloud migration (Microsoft Azure), middleware upgrades, and CRM enhancements, First Bank is poised to provide an enhanced digital banking experience.
With the Backbase Engagement Banking Platform, First Bank can efficiently onboard new customers and guide current ones through the adoption of additional services. For instance, the bank can assist a consumer client in starting a business, offering end-to-end support from a centralized point. Moreover, this digital-first strategy positions First Bank to expand its customer base nationally, transcending geographical limitations and ensuring service quality even in areas without a physical presence.
“This is the final step in our years-long digital transformation journey,” said Bala Nibhanupudi – EVP, Chief Technology and Operations Officer at First Bank. “After re-architecting our entire digital ecosystem, including physical infrastructure, a core replacement, moving to the Microsoft Azure cloud, a middleware upgrade, and a CRM upgrade, we’re confidently delivering a customer-first banking experience. Right now with Backbase, the sky’s the limit on what we can do and offer.”
The Backbase Engagement Platform provides an unparalleled level of flexibility to First Bank, seamlessly integrating with third-party applications and allowing for customization of customer journeys and control over the pace of innovation. Currently, 13 different systems are integrated, with additional integrations planned for future customer offerings. First Bank’s in-house developers will leverage Backbase’s managed hosting services for hosting, ongoing updates and upgrades.
“We are very excited to partner with First Bank and to be the foundation for their digital transformation journey and help them provide the best products and services to their customers. First Bank’s use of what we offer is a true testament to the benefits of a centralized platform,” Sam Boggs, Executive VP for Backbase mid-market said. “At Backbase, we’re focused on providing our customers with the capabilities to go beyond their legacy systems and point solutions, and in doing so, allow them to bring new products to market faster than ever, speeding the timeline between business decisions and launch. Ultimately, it is about achieving their mission. First Bank is the perfect example of that type of transformational financial institution.”
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
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