Backbase wins Best in Class award in Javelin Strategy & Research’s 2021 Small Business Digital Account Opening Scorecard, ranking as a Leader in all three evaluation categories.
Al Riyadh, Saudi Arabia – July 28, 2021 - Backbase today announced it has won a “Best in Class” recognition in Javelin’s 2021 Small-Business Digital Account Opening Scorecard, further solidifying its leading position for Digital Sales solutions. The report provides a rigorous analysis of the Small-Business customer onboarding vendor landscape, including profile comparison of six different solutions. The breadth of solution’s applicant-facing customer journey, comprehensive administrative tools for bankers, as well as user experience, contributed to Backbase’s Best in Class standing.
Backbase is proud to have been recognised as a leader in all three evaluation categories; Customer Journey, Administrative Tools and User Experience.
“Backbase’s SME Banking platform has taken a comprehensive approach to solving the challenges presented by the small- business account-opening process, including pithy and effective applicant preparation, unique integrations with third parties and databases to streamline information and document collection, and well-designed approaches for managing banker-to-applicant communications. Backbase’s banker-facing platform is robust as well, using decision-tree graphics to provide a unique approach to application management,” states Ian Benton, Senior Analyst, Digital Banking at Javelin Strategy & Research.
Javelin’s 2021 Small-Business Digital Account Opening Scorecard report assesses vendors that address the complex, multifaceted challenge of opening small business checking accounts, from the perspective of both applicants and bankers. When examining the contenders in the space, Javelin considered several key platform criteria. Among those were:
● Customer Journey, a quantitative evaluation of the applicant-facing flow, from pre-application and product selection, through information capture for multiple applicants, document upload, KYC, and cross-sell, and ending with funding
● Administrative Tools, a qualitative evaluation of the banker-facing platform, application management, portfolio analysis and insight, and process testing and improvement
● User Experience, an assessment of innovative approaches that optimize efficiency and speed, reduce friction and abandonment, and build long-term customer engagement
“This recognition truly excites us as it validates our one platform approach through which Fi’s can delight customers and streamline operations. Fi’s need to take control of their full customer journey and orchestrate every engagement with prospective buyers and customers to offer a digital account opening that is fast, frictionless and flexible at scale. With the Backbase Engagement Banking platform, Fi’s are able to aggregate value every step of the way. From pre-application to product selection and onboarding. We’re thrilled to receive this recognition as leader of the pack in the extensive vendor comparison by Javelin Strategy & Research.”
- Jouk Pleiter, CEO and founder of Backbase
Javelin’s report further highlights Backbase’s innovative and comprehensive customer journey and administrative tools such as:
● Concise, yet effective pre-application language to prepare the applicant for what’s ahead
● Pre-fills of business and business owner information and automatic identification of additional business owners using only a tax ID or DUNS number
● Transfers of applications between desktop and mobile devices
● Downloading of the application as a PDF for later reference
● Application of business process management and diagramming techniques to enable bankers to handle manual tasks such as due diligence and document review. Also, permitting users to visualize the process itself and alter it with little technical expertise required
● Alerting bankers to high-priority “open tasks” that require immediate action
● Integration of chat and video calling into the online application page, which is especially relevant for loan application processes but also is applicable to more complex business accounts