, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
Business, Banking and Investments(Banking & Investments)
Filter PR by
Backbase Wins Best in Class Award in Small-Business Digital Account Opening
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

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 11993 times
PR Category : Banking & Investments
Posted on : Wednesday, July 28, 2021  4:51:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : H1 2021 Saudi Arabia Venture Capital Report
Next Story : Logistics Executive Group Launches New Office in Riyadh, Sau...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Pandora Introduces New Limited-Edition Charm in Support of Unicef [8466-Views]
M•A•C Cosmetics News: M•A•C X Rosalia [8405-Views]
Oral-B iO™, The Biggest Innovation in Oral Care History [8355-Views]
Big Crown ProPilot Big Date Bronze- Flair Time [7310-Views]
Global Music Stars Relaunch Pandora ME for the Creative Next Generation [6779-Views]
The Tonda PF Collection- A Purist's Delight for Those in the Know [6208-Views]
For Every Story, For Every Me [6206-Views]
New Program for Saudi Arabia Healthcare Professionals Targets Healthcare Management in Qatar [5188-Views]
TURKEY'S Rumeysa Gelgi is warded GUINNESS WORLD RECORDS™ Title for Tallest Woman Living with a Heigh... [5074-Views]
LG Releases Preliminary Earnings For Third-Quarter 2021 [4657-Views]
Kristina Fidelskaya — Spring / Summer 2022 Collection 'Peace' [3912-Views]
Get Festive with Benefit Cosmetics' Advent Calendar [3519-Views]
SHINE INTO THE LIGHT by Hanan Al Najadah [3499-Views]
To the Moon and Back: Pandora's new Moments Collection Celebrates Togetherness this Season [3465-Views]
TCS Saudi Arabia Wins World Leadership Congress Award [2935-Views]
Leading Saudi Companies Join BCG's Jeel Tamooh Virtual Career Fair As Program's Third Annual Edition... [2912-Views]
Records to Bounce, Flip and Soar for Guinness World Records Day 2021 [2788-Views]
SFD Highlights its Leading Role in Global Renewable Energy Initiatives in Conjunction with the Middl... [2444-Views]
New Ninjamas Nighttime Bedwetting Underwear Helps Kids To Conquer The Night [2318-Views]
50 Days to Go Interview: "Formula 1 provides a great platform to showcase the cultural and comm... [2063-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories