An almost 100-year old US bank has tapped Backbase to help it update its systems for the digital age with the FinTech firm’s digital banking platform.
Founded in 1923, Vantage Bank Texas wants to unify and enhance the banking experiences of each of its business lines.
By using Backbase’s portal, which has been hailed as a way for traditional lenders to compete with the fast-moving competition of new challenger banks like Revolut and Chime, the bank hopes to achieve that goal.
“After an expansive assessment of the options available to us to help us become the remarkable community bank we seek to achieve, we concluded that Backbase unquestionably checks all the boxes,” said Jeff Sinnott, senior executive vice president of Vantage Bank. “They provide a one-stop-shop for us, firstly to implement a standardised online experience across all channels and then to design specific features for our various customer segments.
“The needs and preferences of each of our customer segments must always be front of mind. To create these personalised user journeys, our process has to be deeply collaborative and, with Backbase, we now have significantly more control over our customers’ digital experiences. For example, we can leverage all historical data about each customer to suggest channels and solutions which work best for their specific needs to enhance their experiences and reduce their costs, thus adding real value. Soon, we’ll be rolling out a series of new features starting with an updated portal for our business customers followed by a retail experience and deposit account opening.”
Jouk Pleiter, CEO of Backbase, added, “Vantage Bank Texas’s vision for Backbase implementation is particularly exciting. Their requirements were so specific against the backdrop of the recent growth and expansion of their footprint, and their customer-focused company vision. It speaks volumes that Vantage opted for our flexible platform – our solution is not just for big banks, but can be implemented with a bank of any size, for any business function, in any region as long as they have the right ambition.
“Like Vantage Bank Texas, there are many community banks across the country who serve a niche client base that have a precise strategy in mind but lack the internal development engine or capital weight of global banks for their new technology. Our platform acts as the perfect innovation partner for all banks to achieve those digital objectives and better serve their clients. We are confident that Vantage customers will be thrilled with the results of this decision.”
Backbase recently opened a Singapore office and another in Dubai.
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