The strategic alliance is set to enable Australian and New Zealand (ANZ) banks and credit unions to onboard customers and members seamlessly, combining Backbase’s personalised banking experience platform with FrankieOne’s robust identity verification solutions.
Secure and safe digital banking is a top priority for Australian consumers, with the epidemic increase in fraudulent activity costing them billions of dollars. As per the 2023 Australian Payment Fraud Report, in 2022 fraud on payment card transactions increased by 16.5% on the previous year to USD 577 million, in line with the growth in total spending on cards, which was up by 16% to USD 1 trillion over the same period. What is more, the fraud rate on Australian card payments was 57.5 cents per USD 1,000 spent, a slight increase from 57.3 cents in 2021.
By partnering with FrankieOne, Backbase’s Engagement Banking Platform is enabled to access an array of Know Your Customer (KYC), anti-money laundering (AML), biometric verification, transaction monitoring, fraud detection, and compliance capabilities from a curated selection of local and international providers. The partnership is set to provide local financial institutions with enhanced trust during customer-led, simplified onboarding journeys, with the net result for the local banking industry being increased customer loyalty, combined with a simplification of compliance requirements.
As per the information detailed in the press release, Backbase recently launched its Engagement Banking Cloud (EBC) offering, delivering to customers a single platform that extends across all business lines and supports the full customer lifecycle with improved customer journeys. The partnership and capability offering built with strategic collaborators of the likes of FrankieOne is considered a critical enabler for Backbase to execute this offering globally.
When commenting on the announcement, Backbase company representatives advised that as the company activates within the digital banking space, they are looking forward to partnering with FrankieOne to bring a new level of innovation to the ANZ banking sector.
The collaboration enables them to provide simplified digital experiences while maintaining increased standards of security and compliance and reinforces Backbase’s global commitment to enhancing its offering and meeting the needs of financial institutions across the region. Additionally, such partnerships allow the company to expedite the integration of advanced capabilities into the Backbase Engagement Banking Platform.
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