Ovum announces Backbase as a Market Leader for Digital Banking Platforms

Ovum has ranked Backbase as a market leading Digital Banking Platform provider in its latest Decision Matrix. Here Backbase scores exceptionally across all assessment criteria.

21 DECEMBER 2016, AMSTERDAM, THE NETHERLANDS
Summary
Today, Ovum, a leading technology analyst and consulting firm, has announced Backbase as a Market Leader in its latest report, ‘Ovum Decision Matrix: Selecting a Digital Banking Platform, 2017-2018’.

Ovum’s report provides guidance for retail and universal banks in their vendor shortlisting process by assessing the top vendors on the market. The Decision Matrix Ovum summarizes of each vendor's digital banking platform’s capabilities based on a quantitative assessment of its market impact in the digital channel platform market globally and the quality and breadth of functionality provided by the platform and underlying technology. Alongside this, the report also assesses of each vendor's execution capabilities.

The digital banking landscape has become more competitive and banks have had to further innovate to retain their customers, achieve a seamless omni-channel experience and maintain their competitive advantage. The Decision Matrix emphasizes that excellent experience in digital channels is increasingly becoming a differentiator in the banking industry, selecting a digital banking platform is a decision that will have a great impact on the competitive capability of a bank for the next three to four years.

The Decision Matrix assesses vendors’ solutions over three dimensions of market impact, technology and execution – across which Backbase scored exceptionally high. This is the second time in a row Backbase has been nominated as a Market Leader by Ovum.

Ovum’s decision to name Backbase as a Market Leader speaks to the platform’s unique ability to empower banks to effectively service the needs of their digital customers, and notes its state-of-the-art technology and rapid digital transformation capabilities.

Jouk Pleiter, CEO of Backbase commented: “We are very proud to be rated market leader the second time in row by Ovum.This truly demonstrates our commitment in constantly evolving and improving our platform and banking in order to meet market needs. We’ve been delivering great mobile apps and complete omni-channel projects for the past few years for the world's leading financial institutions, and it’s wonderful to be recognised and rewarded for this.”

Noora Haapajärvi, author of the Ovum Decision Matrix added: “Backbase's Digital Banking Platform is the leading solution on the digital banking platform market. The solution provides banks with the tools to develop a compelling experience on digital channels. The Backbase Digital Banking Platform is particularly suitable for larger banks and their more complex legacy environments, as well as for banks with a desire to have a leading-edge digital experience. Ovum recommends that banks shortlist Backbase’s Digital Banking Platform when searching for a competitive digital banking platform solution.”

Download the full report here.

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About Backbase

Backbase is a fast growing fintech software provider that empowers financial institutions to accelerate their digital transformation and effectively compete in a digital-first world.

We are the creators of the Backbase Omni-Channel Banking Platform, a state-of-the-art digital banking software solution that unifies data and functionality from traditional core systems and new fintech players into a seamless digital customer experience. We give financials the speed and flexibility to create and manage seamless customer experiences across any device, and deliver measurable business results. We believe that superior digital experiences are essential to stay relevant, and our software enables financials to rapidly grow their digital business.

More than 80 large financials around the world have standardized on the Backbase platform to streamline their digital self-service and online sales operations across all digital touchpoints. Our customer base includes Al Rajhi Bank, ABN AMRO, Barclays, CheBanca!, Credit Suisse, Fidelity, Hapoalim, HDFC, Hiscox, ING, KeyBank, Legal & General, NBAD, OTP, PZU, PostFinance, Societe Generale de Banque au Liban and Westpac.

Industry analysts Gartner, Forrester and Ovum recognize Backbase as an industry leader in terms of omni-channel banking platform capabilities, and award the company high marks for its deep focus on customer experience management and unparalleled speed of implementation. Forrester named us a leader in the Forrester Wave for Omni-Channel Banking.

Backbase was founded in 2003, is privately funded, with headquarters in Amsterdam (HQ Global) and Atlanta (HQ Americas) and regional operations in London, Mumbai and Singapore.

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