Backbase’s Engagement Banking Platform allows BetaBank to build faster, while still customizing their offerings
Backbase, the engagement banking category-leader, announces that fintech Beta Financial Services chose Backbase to build their digital challenger bank, BetaBank, which will focus on increasing small businesses’ access to loans and banking services throughout the United States.
BetaBank will use a proprietary risk score developed by Beta Financial Services to reduce bias and improve fairness in lending to small and medium-sized businesses. BetaBank will use the Backbase platform to ensure a smooth and efficient user experience for both customers and employees. Backbase will power the digital banking experience, as well as digital onboarding, allowing BetaBank to rely on a single platform and technology provider to make banking easy and seamless.
BetaBank’s adoption of the Backbase Engagement Banking Platform makes it possible to accelerate its speed to market with bespoke digitally-native products, services and innovations, while facilitating crucial, time-saving integrations with third-party fintechs. These features enabled BetaBank to build a banking experience that directly supports its target customer base – small businesses who have been boxed out of traditional banks through outdated, manual decision-making processes – while empowering employees with the tools to deliver outstanding, tailored journeys.
With BetaBank looking to launch an initial version of its app later this year, it was critical for them to find a partner who could help them move quickly. Backbase’s modular technology gave BetaBank the opportunity to build a customized product faster, reducing roadblocks in the product development process.
Seke Ballard, CEO and Founder of Beta Financial Services, comments: “We are thrilled to be partnering with Backbase to launch BetaBank. From the very beginning of the BetaBank journey, we knew we could not compromise on the quality of our digital banking services and platform – our core value lies in our digital accessibility to those who have been woefully underserved by traditional financial institutions. In Backbase, we have found a partner that can help us provide the best-in-class, Tier 1 bank experience our customers deserve. This is just the beginning, and we are excited to embark on this partnership with Backbase to better serve those currently underserved together.”
Jouk Pleiter, Founder and CEO of Backbase, comments: “We are honored to have been chosen by Beta Financial Services to accelerate and power BetaBank’s launch. Beta Financial Services was looking for an industry-leading and industry-competitive digital solution to meet the urgent needs of the underserved in the United States, and we could not be more honored to have been chosen to help build this new, social equity-driven challenger bank, and help new small and medium businesses emerge and thrive in the United States.”