Backbase Showcases Cutting-edge Technology in Wealth Management at FinovateEurope 2016

Backbase multi-device demo illustrates innovative solutions to transform traditional wealth management into seamless ‘Bank 3.0’ experiences.

Backbase launched its new wealth management accelerator at FinovateEurope 2016 on February 10 in London. The software technology company revealed the latest edition of the Backbase Digital Platform, packed with powerful wealth and private banking capabilities. This omni-channel solution transforms traditional siloed, customer-facing, legacy applications into a single, well-integrated and dynamic online sales and service platform, empowering affluent and high-net-worth customers any time, any place and on any device.

One of the biggest challenges facing those in the private banking industry is how best to digitize their products and services in order to provide their high-value customers with a unique, engaging digital experience. Disrupters such as Betterment and Wealthfront are changing the market dynamics, forcing incumbent wealth managers to rethink their business model and digital strategy.

“The message we want to convey to wealth management firms is very clear: we can help you become a disruptor yourself,” said Jouk Pleiter, CEO and founder of Backbase. “Just as in retail banking, we now see that the wealth management industry is starting to optimize digital client interactions as their first priority. Firms that will succeed in the fintech revolution will be those who focus on delivering an integrated and well-thought-out customer experience combining traditional and new business models.”

On the company’s added value, Pleiter said: “Backbase offers a state-of-the-art Digital Wealth Management solution that integrates existing IT banking systems and modern fintech API capabilities. This gives wealth management firms the flexibility to mix and match traditional and modern ingredients into a highly differentiated, personalized digital customer experience.”  

In 2015, Backbase was named a leader in the Forrester Wave for Omni-Channel Digital Banking Solutions, and was named ‘Visionary’ in two Gartner Magic Quadrants: Horizontal Portals and Mobile Application Development Platforms. At the same time, Backbase scored two top 5 positions in Gartner’s Critical Capabilities for Mobile Application Development Platforms report, and two top 3 positions in Gartner’s Critical Capabilities for Horizontal Portals report.