Out of the 67 companies that presented, the audience voted for Backbase as Best of Show. With its newly launched digital sales module, Backbase helps banks and insurers increase their online revenue by improving the customer onboarding experience across devices and channels.
Backbase, the makers of the Backbase Customer Experience Platform (CXP), launched their new Digital Sales and Enrollment Module at Finovate Europe 2014, the leading fintech conference in London, United Kingdom. The demo, which showed a streamlined, omni-channel loan application process, was voted 'Best of Show' by the audience of banking professionals.
The key features in the newly launched module include advanced targeting and segmentation rules within the Backbase digital marketing engine, which will help digital marketers at financial institutions optimize their digital sales campaigns. Also included are new out-of-the-box enrollment and origination capabilities that cover the entire digital application process, utilizing device specific features, like employing the camera on mobile devices to take pictures and using character recognition (OCR) to automatically pre-fill forms. The enrollment process is completely omni-channel ready; its possible to start an application on one device and continue on any other device, or in any other channel with a seamless handover and orchestration between channels.
For the customer, the application status is always easy to view and fully transparent because of the module's 'track-and-trace' feature: it shows all to-do's, activities, documents and conversations between the customer and the bank related to the open application. Finally, Backbase CXP comes with full campaign analytics to track and monitor the digital marketing campaigns for continuous optimization and improvement.
"We see abandonment rates in online and mobile forms reaching up to 60%, which is way too high and it's costing banks serious money," said Jouk Pleiter, Backbase's CEO & Co-Founder. "With the new Digital Sales and Enrollment Module we have launched, banks will be able to reduce friction, lower abandonment rates, and increase online sales, the result of which is a clear and measurable ROI for FIs".
Backbase software is currently used by more than 40 medium to large financial institutions around the globe, including ABN AMRO, Barclays, Deutsche Bank, Hiscox, Legal & General, and Nationwide, to optimize their customer experience and enhance online sales across channels. Recently industry analyst Ovum named Backbase a 'Market Leader' for next-generation digital banking platforms, and Gartner labelled Backbase as the 'visionary' in customer experience portals.