In essence, the partnership focuses on delivering compliant, secure digital banking solutions that align with regional regulations. The initiative integrates Knowit's expertise in the Nordic market with Backbase's Engagement Banking Platform, facilitating the rapid deployment of digital banking tools. Institutions will also gain access to Backbase's fintech ecosystem and banking applications to modernise their operations and enhance customer experiences.
This partnership emphasises addressing legacy system challenges while creating smooth, end-to-end customer journeys for financial institutions in the Nordics.
The Regional Director Nordics at Backbase highlighted the importance of the region in digital banking innovation. He noted that the collaboration with Knowit reinforces Backbase’s presence and helps banks modernise their technology to meet customer expectations throughout the customer lifecycle.
Officials from Knowit Financial Solutions, emphasised the synergy of local market knowledge and Backbase's platform capabilities, stating that the partnership allows them to assist Nordic banks in their digital transformation while ensuring adherence to regional standards.
In December 2024, Backbase announced a partnership with Seven in order to drive digital banking innovation for customers and businesses in the MEA region. The collaboration brought together Backbase’s Engagement Banking Platform, with Seven’s deep expertise in digital transformation in banking, aiming to optimise banking solutions and the overall customer experience across FIs in Africa and the Middle East.
Backbase was developed in order to enable banks to deliver custom experiences for their customers, driving increased digital adoption and engagement, as well as reducing tech debt and improving operational efficiency.
In October 2024, Backbase announced an integration with Middesk, a business identity platform focused on automating business verification and underwriting decisions. This collaboration aimed to assist banks and credit unions in reducing fraud and managing risk by improving Know-Your-Business (KYB) processes. According to the official press release, due to increasing regulatory scrutiny in the financial sector, institutions were being pushed to enhance their due diligence practices.
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