Backbase Unveils First AI-Powered Banking Platform Globally
Backbase has launched the world's first AI-powered banking platform, introducing a major shift in digital banking. The new platform follows the September 2024 release of its Intelligence Fabric .
Designed to improve both sales and servicing, the platform helps banks grow faster and operate more efficiently. It combines real-time support, automation, and AI-driven intelligence to streamline processes across the customer journey.
Banks face increasing pressure from fintechs and legacy systems. Backbase offers a solution that modernizes operations and accelerates digital transformation.
The platform allows banks to: Boost customer engagement through AI-powered self-service
Automate workflows to increase productivity
Drive sales with intelligent activation
Deepen relationships using AI for cross- and up-selling
It also includes Agentic AI, smart modules built for banking tasks. These agents automate actions, suggest next steps, and work across front and back-office operations. They are governed within secure, compliant frameworks.
All of this is powered by the Intelligence Fabric, a unified data layer that turns behavior and transaction data into instant insights.
Backbase also introduced the AI Factory. It helps banks adopt AI faster by embedding Backbase experts into their teams to build real-world use cases.
According to Jouk Pleiter, CEO of Backbase, 'This is not a test model. It's a production-ready system that helps banks move from concept to execution.'
The platform is now live and available worldwide. Early adopters are already reporting gains in efficiency and customer engagement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
26-06-2025
- Zawya
Backbase prediction: 2025 – the year of AI and fintech dominance
As the world struggles to make sense of the whirl- wind of directives on global trade coming from the new US administration, and their impact on the finan- cial environment, Backbase's new report, Banking Reinvented: Top 6 Predictions for 2025, comes as a timely guide for banking planners. Among its predictions is the increas- ing role that AI will play in banking going forward. 'Agentic AI is a game-changer for modern banking. It empowers us to offer hyper-personalised experiences, optimise complex workflows, and proac- tively manage risks — all while reducing costs,' says Chris Shayan, Head of AI at Backbase. A key development is that AI-powered customer-service assistants — especially AI agents — will become increasingly pop- ular as banks seek to realise productivity gains. AI adoption: start now, start small The company, which provides banking infrastructure software worldwide, and works with a wide range of financial institu- tions, from large banks to credit unions and community banks, cautions that banks that don't integrate AI into their technology stacks will end up being less competitive amid widespread industry adoption. 'But as more and more financial insti- tutions jump on the AI bandwagon, banks will find it increasingly difficult to use this tech as a differentiator, so the time to get started is now, even if you're only starting small,' the report says. That said, are African banks investing sufficiently in AI? The short answer is no – not yet at least. Many are open to AI and paying close attention to the technology, but there's still a 'wait and see' approach as far as deploying capital towards AI is concerned. This is partly because of the high cost of implementation. In order to properly utilise AI, banks will need to develop robust data strategies, establish effective gov- ernance to mitigate misuse, and ensure information and recommendations are correct. This is a costly undertaking and many banks are hesitant to put money down until they have a clearer idea of the potential returns from AI. AI adoption is also being slowed down by regulatory uncertainty. While the ben- efits of AI have captured everyone's atten- tion, its risks are still not fully understood. Regulators and policymakers – not just in Africa but globally – are still indeci- sive and this is moderating the pace of adoption. Fintechs will continue dominating Backbase also predicts that in 2025, fintechs globally will continue disrupting the traditional banking model, setting new standards for digital experiences and operational efficiency. 'Neobanks, fintechs, and other tech titans will continue to gain momentum throughout means tradi- tional banks need to get used to an increasingly competitive market,' the report says. This prediction is likely to pan out in Africa, where fintech has grown at a blistering pace in recent years and is ex- pected to sustain the momentum. McKin- sey projects that fintech industry revenues could soar to $47bn by 2028, a five-fold increase from $10bn in 2023. Backbase highlights a significant shift in the fintech landscape, noting that while consumer-facing fintechs initially ap- pealed to younger demographics, they are now gaining traction among older generations as well. 'Their (fintechs) target demographic was once young, tech-savvy users, but even older generations have begun see- ing the value of their easy-to-use, cus- tomer-centric banking services,' it says. Other major trends that Backbase is watching in 2025 include: the global ex- pansion of open finance; the arrival of in- dustry integration platform-as-a-service (IPaaS); and the expanded differentiation of service levels. Backbase asserts that to adapt to these shifts and remain competitive, banks must progressively modernise their technology and embrace AI. © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
Zawya
26-06-2025
- Zawya
Harnessing the power of AI to supercharge African banking
Banking and tech experts gath- ered at the ENGAGE Dubai event to explore how banks can apply Artificial Intelligence (AI) to take banking to the next generation in terms of modernisation, cus-tomer experiences and inclusivity. Banks around the world are actively leveraging AI to enhance customer-facing chatbots, prevent fraud, and streamline processes like regulatory reporting and software development workflows. However, widespread adoption is yet to be achieved. According to McKinsey, up to 80% of IT budgets in banks are allocated to maintaining outdated systems, rather than investing in innovations to stay competitive amid growing AI adoption. Speaking at the event, Jouk Pleiter, Founder & CEO of Backbase, argued that allocating resources to integrate AI could be the key differentiator between banks that succeed with customers and those that do not. He asserted that AI could significantly boost productivity and efficiency, im- prove the customer experience, and provide banks with a competitive edge to grow profitably. 'A huge opportunity is knocking on the door. In the last ten years we've focused mostly on mobile-first basic servicing. Over the next ten years we will focus on AI-driven growth,' he said. 'The legacy system is channel and product centric. We need to shift away from this to customer centric systems that integrate AI. AI is going to live inside plat- forms and live inside software applica- tions,' he said. Pointing to the Backbase Intelligence Fabric, he added: 'This is AI natively embedded within the Backbase ecosystem.' Pleiter emphasised the urgent need for African banks to modernise their legacy systems and integrate AI-powered capa- bilities. While Backbase is already assist- ing several banks in making this essential transition, more momentum is needed to transform the industry. Focusing on some of the areas within banking where AI is already delivering pro- ductivity gains, Pleiter pointed out that 'McKinsey says that financial institutions often spend one to four weeks creating credit-risk memos. Generative AI could cut time spent on credit-risk memos by 20-60%. 'Eliminating labour-intensive tasks will unlock significant productivity gains,' he added, while noting that AI 'will both re- place and complement human tasks'. Pleiter revealed that Backbase is ad- vancing Agentic AI (Agentic AI is a new type of AI that can work and act intelli- gently and independently). Among other tasks, this permits banks to deploy bots that seamlessly execute workflows and boost customer engagement. These advances are complemented by large language models (LLMs), which are revolutionising daily banking opera- tions by enabling seamless account ac- cess, efficient payment management, streamlined transaction history reviews, and effortless handling of card-related tasks across multiple channels. Similarly, the company is developing AI-driven product activation and up- sell campaigns to boost the number of products held per customer. Backbase is utilising AI and machine learning models to analyse customer data and behaviour. This analysis provides actionable in- sights, including early warning indicators for retail customers, cash-flow forecasting for small and medium-sized businesses, and customer health and viability informa- tion for relationship managers. To ensure a smooth transition to the modernisation, it is essential to adopt a phased approach to AI integration. 'A step- by-step strategy for progressive banking modernisation is critical, beginning with user interfaces and gradually extending to backend systems,' Pleiter explained. Eliminating barriers to modernisation Bhaskar Dasgupta, senior advisor at the Sheikh Hamdan Bin Ahmad Al Maktoum private office, emphasised the need for banks to eliminate barriers to innovation in order to successfully modernise. He said that cumbersome regulatory and compliance burdens continue to impede progress, with the heavily regu- lated banking sector slowing the pace of innovation due to complex compliance requirements. 'AI adoption faces significant hurdles, including ensuring data privacy and trans- parency while adhering to protection laws,' he remarked. Dasgupta also stressed the importance of banks making the bold moves needed to shift away from legacy systems and infrastructure. He noted that decades-old systems are costly to maintain and chal- lenging to integrate with modern tech- nologies. 'Transitioning to new systems is expensive and risks service disruptions, which limits swift innovation.' Dasgupta pointed out that cultural re- sistance to change must be addressed. He argued that a mindset shift is necessary, as traditional banking cultures value sta- bility over disruption, creating resistance to innovation. He noted that these barriers to innova- tion in banking were giving fintech and pri- vate credit firms the upper hand. 'Fintechs can go around these problems, becoming quasi-banks,' he pointed out. 'When a customer goes to a bank for a huge loan, the processes are often lengthy and cumbersome. But the same customer can approach a private credit firm or fin- tech and get a deal that serves their needs in a shorter time.' Discussing the transformative impact of major fintech innovations on the bank- ing sector, Dasgupta identified several key trends. These include digital wallets and mobile payments, robo-advisors and automated wealth management, blockchain and cryptocurrency, as well as lending platforms and alternative financ- ing. 'These innovations are reshaping the landscape of banking, offering new op- portunities and challenges for financial institutions,' he observed. Changing gender mindsets While AI and digital transformation hold significant promise for banks, lenders must ensure that the growth they drive is inclusive. Women need to be part of the innovation process and, crucially, the tech-powered solutions that banks come up with need to help women entrepreneurs to access financial products at more com- petitive rates. Incorporating inclusivity into digital transformation strategies can also en- hance the transition to a more innovative financial sector. For example, women-led ventures often face unique challenges in accessing capital and building networks. Addressing these disparities will not only support women but also strengthen the fintech ecosystem as a whole. Likeleli Monyamane, Head of Digital Programs at Standard Bank, argued that for women in banking and tech to be em- powered, cultural and social norms must first change. 'We come from cultures that are very much centred around patriarchal norms in our society. They make their way into the workplace and they undermine women's leadership,' she observed. 'Men need to recognise and support women as leaders.' Ghazal Al Sakaal, the Global Head of Digital Strategic Partnerships at Mashreq Bank, noted that despite cul- tural prejudices, women in banking and tech are increasingly demonstrating their leadership capabilities. 'Women are proving that they are able to break the barriers and that they belong at the top. There is a great op- portunity for women to build the foun- dation of fintech,' she observed. Sepo Haihambo, CEO, Commercial Banking at FNB Namibia, described the ongoing struggles women-led fintechs face in accessing finance compared to their male counterparts. 'Another chal- lenge that women face in the fintech and financial services sector is access to capi- tal. There is still a bias towards male-led ventures,' she said. Haihambo also underscored the dif-ficulties women encounter in accessing networking platforms. 'Men tend to have access to different networking platforms to raise funding, or access to investors at a higher level,' she added. By fostering inclusivity, African banks can supercharge digital innovation and ensure that the benefits of transforma- tion are shared across diverse communi- ties. Addressing challenges like access to capital and networking opportunities for women-led ventures will not only support gender equality but also strengthen the fintech ecosystem and unlock untapped market potential. AI is already proving its value in areas like fraud prevention, credit risk assess- ment, and personalised customer service. For African banks, adopting AI while ad- dressing inclusivity challenges provides a practical pathway to modernise op- erations, better serve underrepresented groups and create more accessible finan- cial solutions that create lasting impact across the region. n 'A huge opportunity is knocking on the door. Over the next ten years we will focus on AI-driven growth.' © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
Zawya
05-06-2025
- Zawya
Bank Muamalat launches ATLAS, Malaysia's first faith & lifestyle-aligned Islamic digital-only bank
Pioneering Sharia-compliant faith-aligned digital banking transformation in Malaysia enabled by Backbase's AI-powered Banking platform KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 5 June 2025 - Backbase, the global leader in AI-powered banking technology, announces that Bank Muamalat has officially launched ATLAS by Bank Muamalat (ATLAS), Malaysia's first Islamic digital-only bank centered on faith and lifestyle alignment. This milestone represents a transformative leap in Bank Muamalat's journey to redefine Islamic banking, positioning it as a pioneer in Malaysia's rapidly expanding digital banking landscape. By harnessing Backbase's AI-powered Banking Platform, ATLAS delivers a faith-aligned digital experience with seamless onboarding, DuitNow integration, Shariah-compliant financing, and personalized servicing — setting a new benchmark for Islamic financial services in the region. 'ATLAS is more than a digital bank. It is a bold reimagination of Islamic finance for the modern era, built around the values, lifestyles, and aspirations of our customers,' said Khairul Kamarudin, President & Chief Executive Officer of Bank Muamalat. 'It reflects our commitment to leading the next era of Islamic banking that is digital, inclusive, and purpose-driven. Our collaboration with Backbase has played a key role in enabling us to deliver an experience that is seamless, secure, and rooted in faith — one that redefines how banking is lived in today's digital world.' A faith-driven approach to digital transformation ATLAS is designed to meet the growing demand for digital financial solutions that align with customers' faith and lifestyles. Since its pilot phase, the platform has already demonstrated strong early results — enabling faster rollout of new products and improving customer acquisition efficiency through a more streamlined onboarding experience. In the coming months, ATLAS will expand its product offerings to include digital debit and credit cards, flexible personal financing, and a Shariah-compliant gold investment account. These new products will be seamlessly integrated into the existing platform and will further strengthen ATLAS's position in the Islamic digital banking landscape. To enhance customer loyalty, ATLAS introduces a unique rewards program that connects users to exclusive lifestyle offers through curated partners, including well-known brands and services across diverse industries. A partnership for banking growth in Asia Prior to launching ATLAS, Bank Muamalat faced the common industry challenge of fragmented legacy infrastructure. The Backbase AI-powered Banking Platform provided a unified and modular foundation, enabling Bank Muamalat to accelerate its digital roadmap with agility and control. 'We're proud to support Bank Muamalat's bold vision with our AI-powered Banking Platform,' said Riddhi Dutta, Regional Vice President for Asia at Backbase. 'ATLAS is a shining example of how composable banking architecture can deliver tailored, lifestyle-aligned experiences while scaling innovation rapidly across markets. It also reinforces our growing presence in the Islamic banking sector, and exemplifies how Backbase serves as a strategic growth platform for banks seeking to modernize and expand their digital footprint. ' Backbase supports over 150 banks worldwide, including Islamic institutions like Libyan Islamic Bank, ila Bank, Bank Al Bilad, and Saudi National Bank — as well as Asia-Pacific leaders such as BDO Unibank (Philippines), HDFC Bank (India), Techcombank (Vietnam) and MyState Bank (Australia). Hashtag: #Backbase #digitalbanking #AIPoweredBanking #ArtificialIntelligence #retailbanking #omnichannelbanking #businessbanking #smebanking #corporatebanking The issuer is solely responsible for the content of this announcement. About Backbase Backbase is on a mission to put bankers back in the driver's seat — fully equipped to lead the AI revolution and unlock remarkable growth and efficiency. At the heart of this mission is the world's first AI-powered Banking Platform, unifying all servicing and sales journeys into an integrated suite. With Backbase, banks modernize their operations across every line of business — from Retail and SME to Commercial, Private Banking, and Wealth Management. Recognized as a category leader by Forrester, Gartner, Celent, and IDC, Backbase powers the digital and AI transformations of over 150 financial institutions worldwide. See some of their stories here. Founded in 2003 in Amsterdam, Backbase is a global private fintech company with regional headquarters in Atlanta and Singapore, and offices across London, Sydney, Toronto, Dubai, Kraków, Cardiff, Hyderabad, and Mexico City. Learn more at About Bank Muamalat Bank Muamalat is a leading Islamic bank, established on 1 October 1999, and is governed by Islamic Financial Services Act 2013 (IFSA). As a full-fledged Islamic financial institution, the bank offers its customers a broad range of services, meeting the needs of both individuals and institutions. Bank Muamalat provides individuals with services ranging from deposit accounts, asset management, financing needs for automobiles, homes and personal use as well as wealth management products such as family and general takaful, investments, Islamic estate planning to non-financial products such as Islamic funeral management, Quranic learning and halal tours. The Bank offers corporate and institutional customers the full product range of a leading corporate and investment bank, from cash management, payment solutions including trade and export finance to international foreign exchange, financing and capital market transactions. Bank Muamalat has a presence nationwide via a network of 68 branches. In addition, Bank Muamalat also has its electronic channels encompassing i-Muamalat (the Bank's internet banking solution) and our Self Service Terminals (SST) which are available at almost 141 locations through its network of ATMs, CDMs and CICOs. We also provide corporate internet banking at your convenience. Bank Muamalat is a member of the DRB-HICOM Berhad Group which owns 70% of the Bank's shares with the remaining stake held by Khazanah Nasional Berhad. Bank Muamalat was officially accepted as a member of Global Alliance for Banking on Values (GABV) on 15 November 2017. Signaling a growing appetite for the values-based banking movement, Bank Muamalat is the first Islamic bank in the world and the first in the Southeast Asian region to be accepted as a member of GABV. Backbase
