Backbase, the digital banking software leader, today launches its next generation Onboarding & Origination solution across Retail-, SME/Business- and Corporate Banking and Wealth Management. The modern, turn-key solution allows financial institutions to optimize their customers buying experience, fully digitize onboarding and product origination operations and maximize their business agility.

Digital-first challenger banks have been extremely successful in acquiring new customers. The simplicity of opening an account is the main driver, and a key component of this is the use of modern technology that converts customers within minutes and significantly lowers acquisition costs. The frictionless and speedy experiences provided by neo-banks have raised the bar on customer expectations globally.

In stark contrast, some traditional banks’ onboarding can often take up to 60 minutes of manual processes in a physical branch and, for commercial customers, an average of 20-90 days, costing an estimated $25,000 of lost revenue. Therefore, financial institutions are under increasing pressure to rethink their onboarding and origination journeys to both decrease levels of customer dropouts and optimize operational costs. 

Using the Backbase Onboarding and Origination Solution, banks can cut onboarding times by 80%, reduce operational costs by more than 30% and go-to-market 18 times faster. Financial institutions can buy and build their solutions either by adopting out-of-the-box banking apps or using the platform to develop their own unique customized capabilities. 

Additionally, Backbase removes implementation and procurement friction for it’s customers by providing access to fully pre-integrated best-in-class FinTech players via their rich Open Banking Marketplace. Ranging from KYC, e-signature, AML/PEP and virtual assistants, banks can leverage Backbase’s FinTech ecosystem to go to market even faster and innovate at speed. 

Jouk Pleiter, CEO of Backbase commented, “We have been piloting this next generation solution over the past 12 months with various customers around the world. We are extremely pleased with the results. It's incredibly fast to implement, extremely versatile in the way it integrates and complements existing systems, and it brings a very sound ROI for our customers. Aside from the established ROI advantages, this new solution helps banks and credit unions orchestrate their full customer lifecycle - from onboarding and product origination, to customer support and regular customer background / compliancy checks. Additionally, our recently launched Backbase-as-a-Service enables banks to consume all the new Onboarding and Origination capabilities directly from the cloud. It’s all part of the larger Backbase Platform vision that enables banks to break free from legacy applications and take full control of their digital future”.