7 October 2024, Mon |
8:28 PM
Backbase is excited to announce a major enhancement to its Engagement Banking Platform with the introduction of the Intelligence Fabric layer. This groundbreaking addition integrates powerful data and AI infrastructure and development capabilities natively into the platform, set to transform how banks harness the power of data and AI for significant productivity gains in customer servicing and sales operations.
As AI continues to play a pivotal role in the banking industry, driving efficiency, improving risk management, and creating relevant customer experiences, Backbase is addressing the evolving financial landscape with its new Intelligence Fabric. This innovation empowers banks to implement Agentic AI capabilities that unlock massive productivity improvements across their critical service and sales functions. By utilizing advanced reasoning and cross-bank data through the Backbase platform, banks can now create AI Agents that augment and orchestrate customer journeys, seamlessly integrating with workflows, real-time data interpretation, and existing systems.
Gartner® predicts that by 2028, one-third of interactions with generative AI services will involve action models and autonomous agents for task completion. With unified, real-time access to comprehensive bank-wide data, Backbase AI Agents can interpret contextual information to deliver personalized responses and execute action plans. From handling everyday tasks like transaction searches and bill payments to managing entire processes such as customer onboarding, these AI Agents have the potential to reinvent customer journeys and workflows across the banking sector. Built-in guardrails provide robust oversight, allowing banks to implement stringent compliance and governance standards.
Jouk Pleiter, Founder and CEO of Backbase, emphasized, “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. We envision a future where AI Agents autonomously handle tasks, manage processes, and collaborate with customers and employees. The adoption of these next-gen agents will significantly reduce labor costs in sales, marketing, customer service, and compliance operations.”
The Intelligence Fabric leverages Backbase’s Grand Central, the world’s first Integration Platform-as-a-Service for banking, which seamlessly unifies data from various sources, including core banking systems, payment gateways, fintech capabilities, and non-fintech systems like CRMs. This robust integration platform provides banks with a single source of truth, democratizing data access for Backbase, banks, partners, and vendors.
Backbase prioritizes AI-Agent capabilities for several key use cases, including conversational banking that utilizes large language models (LLMs) for daily banking tasks like accessing accounts, making payments, and managing cards. The platform also enables customer lifetime orchestration through AI-driven product activation and upsell campaigns, providing predictive nudges based on customer behavior and financial history. Additionally, Backbase harnesses AI and machine learning to deliver advanced financial insights, such as early warning indicators for retail customers and cash-flow forecasting for small and medium-sized businesses.
Moreover, AI-augmented customer support is enhanced with generative AI models that power customer-facing chatbots, providing accurate and instant responses to reduce support ticket volumes. On the agent side, AI capabilities analyze customer sentiment and summarize issues, equipping support teams with the insights needed for personalized, effective responses.
Thomas Fuss, Chief Technology Officer at Backbase, stated, “Our Intelligence Fabric is a game-changer for the banking industry. With native AI capabilities embedded directly inside the Backbase platform, we provide banks with the infrastructure and developer tools to seamlessly combine data from diverse sources 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 compliance with regulatory requirements.”
With the launch of the Intelligence Fabric, Backbase is poised to set new standards in the banking industry, enabling institutions to fully leverage AI and data integration for enhanced customer experiences and operational efficiency.
