Backbase promises 60 seconds customer onboarding with new solution
Gone in 60 seconds – Backbase at FinovateFall 2016
Digital banking software specialist Backbase has launched a new customer onboarding solution, which promises a complete “streamlined, omnichannel onboarding process” in just 60 seconds.
The new solution is based on Backbase’s flagship product, Banking Omnichannel Platform.
It was unveiled at FinovateFall 2016, a New York-based conference with Banking Technology as a media partner, and won the “Best in Show” award (72 companies presented their solutions at FinovateFall).
“The old manual, and paper-based onboarding processes during a typical customer onboarding process can cost up to 20 times more than computer-assisted, electronic document processing,” says Backbase. “However, the current computer-assisted onboarding processes are merely an online form, not a real engaging customer experience.”
Backbase’s new offering simplifies the know your customer (KYC) process thanks to its “latest mobile technology”, the vendor says. It also uses data-gathering technologies such as optical character recognition (OCR) for scanning documents (e.g. passports and credit cards) and facial recognition.
“You never get a second chance to make a good first impression – this is also valid to customer onboarding,” comments Jouk Pleiter, CEO of Backbase. “Onboarding is the first step to prove the kind of experience banks will offer to their customers. If not done right, it can kill the customer’s trust and ultimately, acquisition.”
Backcbase was founded in 2003 in Amsterdam. It is privately owned. It has offices in Atlanta, London, Mumbai and Singapore. The company claims 70+ users of its omnichannel platform, including Che Banca!, Credit Suisse, ING, Hapoalim, KeyBank, NBAD, Al Rajhi Bank and Westpac.
Among recent takers are C Hoare & Co and Metro Bank in the UK, IDFC Bank in India and Altyn-i in Kazakhstan.
The company has also partnered with Entersekt to use its authentication capabilities on the Backbase Open Banking Marketplace.
