Backbase unveils Intelligence Fabric to unlock AI-productivity gains for banks

Backbaseis excited to announce a major expansion of the Engagement Banking Platform with the introduction of the Intelligence Fabric layer, a powerful set of data and AI infrastructure and development capabilities that are now natively embedded in the platform. This groundbreaking launch is set to redefine how banks can harness the power of data and AI to unlock significant productivity gains within their business-critical customer servicing and sales operations.AI is already playing a...

Amsterdam, 25/09/2024 (informazione.it - comunicati stampa - economia)

Backbase is excited to announce a major expansion of the Engagement Banking Platform with the introduction of the Intelligence Fabric layer, a powerful set of data and AI infrastructure and development capabilities that are now natively embedded in the platform. This groundbreaking launch is set to redefine how banks can harness the power of data and AI to unlock significant productivity gains within their business-critical customer servicing and sales operations.

AI is already playing a pivotal role in transforming banking, driving efficiency, improving risk management, and orchestrating contextual, relevant customer experiences. As the AI super-cycle continues to reshape the financial landscape, Backbase is rising to meet these challenges head-on with the introduction of the Intelligence Fabric.

Introducing Agentic AI for banking

With the new Intelligence Fabric, Backbase will enable banks to implement Agentic AI capabilities that unlock massive productivity gains across all their critical service and sales operations. Using advanced reasoning and grounded in cross‑bank data through the Backbase platform, banks can now create AI Agents that augment and orchestrate customer journeys in tandem with underlying workflows, integrations, and real-time data interpretation. 

Gartner® predicts that by 2028, one third of interactions with GenAI services will invoke action models and autonomous agents for task completion. With unified, real-time access to bank-wide data, knowledge, tools, and workflows on the Engagement Banking Platform, Backbase AI Agents can understand and interpret contextual information to provide personalized responses. They can also execute action plans, from handling small tasks like transaction search or bill payment scheduling to managing entire processes such as customer onboarding. Ultimately, the AI Agents have the potential to reinvent customer journeys and workflows across the bank. Built-in guardrails will provide robust oversight, allowing banks to implement strict levels of compliance and governance. 

Jouk Pleiter, Founder and CEO at Backbase, commented, “Backbase is leading the way with its AI platform capabilities for banking. The introduction of the Intelligence Fabric marks a pivotal moment in our mission to empower banks to harness the power of data and AI at scale. Today, we are making a massive leap forward in unveiling our Agentic AI strategy. We see a future where AI Agents will work autonomously in the background, handling tasks, managing processes, and collaborating with customers and employees. The adoption and evolution of these new-gen, super-powerful agents will dramatically reduce internal and external labor spend on overheads such as sales, marketing, customer service, and compliance operations.” 

Leveraging data connectivity with Grand Central integration platform

The Intelligence Fabric leverages Backbase's Grand Central — the world's first Integration Platform-as-a-Service for banking — which seamlessly unifies data from diverse sources, including core banking systems, payment gateways, fintech capabilities, and non-fintech systems like CRMs. This robust integration platform provides a single source of truth for banks, consolidating data from all these sources. Additionally, this enhancement allows for democratized data, making it accessible to not only Backbase, but also banks, their partners, and vendors.

AI-driven customer engagement orchestration

Backbase is prioritizing the availability of AI-Agent capabilities for the following use cases:

Thomas Fuss, Chief Technology Officer at Backbase, added: “Our Intelligence Fabric is a game-changer for the banking industry. With native AI capabilities embedded directly inside the Backbase platform, we now provide banks with the infrastructure and developer tooling to seamlessly combine data from various sources, create event-driven systems, and adopt or build AI-agents for specific tasks. Banks will remain in full control of their data and can define and monitor all the guardrails to ensure the AI is working within the compliance requirements set by the bank and the regulators.” 

For more information on how the Intelligence Fabric can transform your bank's operations, visit the website . 

About Backbase

Backbase is on a mission to re-architect banking around the customer. We are the creators of the Engagement Banking Platform – a composable platform that empowers banks to accelerate their digital transformation through progressively modernizing their main customer journeys. From onboarding, to servicing, lending and investing, our platform streamlines every aspect of the customer and employee journey. Pre-integrated with leading core systems and cutting-edge fintechs, it enables institutions to unlock innovation at scale, driving instant value creation.

Industry analysts Forrester, Gartner, Celent, Omdia and IDC continuously recognize Backbase's category leadership. Over 150 financials around the world have embraced the Backbase Engagement Banking Platform — including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Discovery Bank, Everbank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, Standard Bank, Saudi National Bank, Société Générale, TD Bank, Techcom Bank, and TPBank. 

Backbase is a private fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Singapore (Asia HQ), Sydney, and Toronto. Visit www.backbase.com for more.

Attachments