Press Release, 12 September 2016

Backbase wins Finovate Best of Show yet again

  • Jenny Maat
  • September 12, 2016

Backbase, the omni-channel banking solution provider launched its new 60-second onboarding at FinovateFall 2016, the leading fintech conference in New York, United States. The demo showcased a streamlined, omni-channel onboarding process and was voted ‘Best of Show’ by the audience of banking professionals.

It has become a necessity for banks to address their customers’ need for a real-time, effective process that enables them to engage with the bank in the way they choose, and across multi-channels, to initiate requests. Banks need to realise the importance of being able to obtain the customer’s information at the first step of the customer journey and the customer lifecycle, regardless of the channel used.

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. However, the current computer-assisted onboarding processes are merely an online form, not a real engaging customer experience.

60-second onboarding leverages the latest modern mobile technology for simplified Know Your Customer (KYC) and seamless data-gathering technologies such as Optical Character Recognition (OCR) for scanning passports or credit cards combined with facial recognition. Powered by the Backbase Platform, the new solution will introduce true omni-channel onboarding across mobile, tablet and desktop. Banks will now be able to leverage these generic patterns and adopt the Backbase best-practice for fast, simple, seamless omni-channel onboarding.

“We are extremely excited to have been awarded ‘Best of Show’”, commented Jouk Pleiter, CEO of Backbase, “this award stands as recognition of our commitment to innovation and we have launched the right capabilities for financial institutions to leverage new technologies, reduce friction, and make onboarding a simple, seamless customer journey.” He continued, “‘You never get a second chance to make a good first impression’ – this is also valid to customer onboarding. 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.”

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