The banking platform expansion includes a powerful set of natively integrated AI capabilities.
AI will allow banks to gain productivity across all of their customer and sales operations.
The priority scope includes conversational banking, financial information and AI-augmented customer assistance.
The Intelligence Fabric will leverage Backbase’s Grand Central integration platform as a service to unify data from various sources across a bank’s technology ecosystem.
Amsterdam, October 8, 2024-/African Media Agency (AMA)/- Backbase is pleased to announce a major expansion of the Engagement Banking Platform with the introduction of the Intelligence Fabric, a powerful set of AI, infrastructure data and development capabilities that are now natively integrated into the platform.
This revolutionary launch will redefine how banks can harness the power of AI and data to unlock significant productivity gains within their customer and sales operations.
AI is already playing a central role in transforming the banking industry, driving efficiency, improving risk management and orchestrating contextual and relevant customer experiences. As AI continues to reshape the financial landscape, Backbase is poised to address these challenges with the introduction of the Intelligence Fabric.
Introduction of AI in the banking sector
With the new Intelligence Fabric, Backbase will enable banks to implement AI capabilities that will unlock massive productivity gains across their service and sales operations. Using advanced reasoning and leveraging cross-bank data through the Backbase platform, banks can now orchestrate customer journeys in tandem with underlying workflows, integrations and real-time data interpretation.
Gartner®️ predicts that by 2028, a third of interactions with GenAI services will be through action models and autonomous agents to accomplish tasks. With unified, real-time access to bank-wide data, insights, tools and workflows on the Engagement Banking Platform, Backbase AI agents can understand and interpret contextual insights to deliver personalized responses. They can also execute action plans, whether handling small tasks like finding transactions or scheduling bill payments, or managing entire processes like onboarding customers. Ultimately, AI agents have the potential to reinvent customer journeys and workflows across banking. Built-in mechanisms will ensure robust security, allowing banks to implement strict levels of compliance and governance.
Jouk Pleiter, founder and CEO of Backbase, said: “Backbase is leading the way with its AI platform capabilities for banking. The introduction of the Intelligence Fabric marks an important moment in our mission to enable banks to harness the power of data and AI at scale. Today, we’re taking a big step forward by unveiling our agentic AI strategy. We see a future where AI agents work autonomously, taking care of tasks, managing processes, and collaborating with customers and employees. The adoption and evolution of these next-generation powerhouses will significantly reduce internal and external labor expenses for overhead costs such as sales, marketing, customer service and compliance operations.”
Leverage data connectivity with the Grand Central integration platform
The Intelligence Fabric leverages Backbase’s Grand Central – the first integration platform as a service for banking – which seamlessly unifies data from a variety of sources, including core banking systems, payments, fintech capabilities and non-fintech systems such as CRMs. This robust integration platform provides a single source of transparency for banks, consolidating data from all these sources. In addition, this improvement democratizes data, making it accessible not only to Backbase, but also to banks, their partners and their suppliers.
AI-Driven Customer Engagement Orchestration
Backbase prioritizes the availability of AI-Agent capabilities for the following use cases:
Conversational banking: leverage extended language models (LLMs) to manage everyday banking tasks such as account access, payments, checking transaction history, and card management across digital channels.
Customer lifecycle orchestration: create AI-driven product activation and sales campaigns that enable the bank to increase the number of products held per customer. AI-driven predictive nudges will provide contextual advice to customers, promoting relevant new products such as credit cards, loans, savings, investing and insurance, all based on behavior and financial history of the customer.
Advanced financial outlook: leverage AI and machine learning models to analyze customer data and behavior, providing actionable insights such as alert indicators for retail customers, cash flow forecasts for SMBs, and insights into financial health and viability of customers for relationship managers.
AI-enhanced customer support: deploy cutting-edge generative AI models to power customer-facing chatbots that provide secure, accurate, and instant responses, significantly reducing support ticket volume. On the agent side, deploy AI capabilities that analyze customer sentiment, summarize issues, and suggest response options, equipping support teams with the insights they need to craft personalized, effective responses and improve customer service. overall service experience.
Thomas Fuss, Chief Technology Officer at Backbase, added: “Our Intelligence Fabric is a game changer for the banking sector. With native AI capabilities built directly into the Backbase platform, we now provide banks with the infrastructure and development tools to seamlessly combine data from different sources, create event-driven systems, and adopt or build AI agents for specific tasks. Banks will maintain full control of their data and will be able to define and monitor all guard-rails to ensure that AI operates within compliance requirements set by the bank and regulators.”
For more information on how Intelligence Fabric can transform your bank’s operations, visit our website.
Distributed by African Media Agency (AMA) pour Backbase.
About Backbase
Backbase’s mission is to reinvent banking around the customer. We are the publisher of the Engagement Banking Platform – a platform that allows banks to accelerate their digital transformation by gradually modernizing their main customer journeys. From entering a relationship to day-to-day banking, including loan granting and investment, our platform streamlines every aspect of the customer and employee journey. Pre-integrated with core banking systems and cutting-edge fintechs, the Backbase platform enables institutions to drive innovation at scale, driving instant value creation.
Market analysts such as Forrester, Gartner, Celent, Omdia and IDC continually recognize Backbase’s leadership position in its category. More than 150 financial institutions worldwide have adopted Backbase’s Engagement Banking platform, including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, Standard Bank, Saudi National Bank, Société Générale, Truist and TPBank.
Backbase is a private fintech company, founded in 2003 in Amsterdam (global headquarters), with regional offices in Atlanta (US headquarters), Cardiff, Dubai, Hyderabad, Krakow, London, Mexico, Singapore (Asian headquarters), Sydney and Toronto.
For more information, visit www.backbase.com
Source : African Media Agency (AMA)
2024-10-08 13:44:00
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