Backbase, the Engagement Banking Platform provider, has announced a strategic partnership with business and technology consulting firm, West Monroe Partners. This collaboration aims to accelerate digital transformation within the U.S. banking industry by combining Backbase’s leading platform with West Monroe’s extensive financial services expertise and digital experience capabilities.
Financial institutions (FIs) face increasing pressure to attract new customers, boost revenue, and meet evolving customer needs. Whether focusing on deposit growth, lending relationships, or treasury management clients, digital solutions are paramount. Backbase empowers banks and credit unions to progressively modernize existing systems or build upon legacy IT infrastructure, enabling rapid customization and personalization of digital banking capabilities. This results in improved customer experiences, increased operational efficiency, and faster product launches.
The Backbase and West Monroe partnership will provide FIs with a seamless digital experience across all channels, leveraging Backbase’s platform, currently utilized by over 120 FIs globally. This combined offering enables financial institutions to meet the demands of today’s digital-first consumer.
West Monroe’s Expertise Enhances Backbase Platform Implementation
Backbase’s Founder and CEO, Jouk Pleiter, emphasized the company’s commitment to driving digital transformation through modern banking solutions. He stated that the partnership with West Monroe Partners is crucial for accelerating this mission, expanding the possibilities for banks and credit unions to enhance customer and member experiences.
Vimal Sethi, Global Vice President for Partnership & Alliances at Backbase, highlighted the importance of collaborating with partners who share a common vision. He explained that the partnership allows Backbase and West Monroe Partners to consult with joint customers, providing tailored solutions and expedited implementation, ensuring financial institutions remain competitive through continuous innovation and upgraded customer experiences. This collaborative approach is key to delivering impactful results.
Historically, banks and credit unions seeking customized digital banking platforms faced limited options, often leaving them ill-equipped for online banking implementation. The Backbase Engagement Banking Platform, complemented by West Monroe Partner’s strategic guidance, offers unparalleled flexibility for customization, innovation, and differentiation, addressing this long-standing challenge.
Neil Hartman, senior partner, financial services at West Monroe Partners, expressed confidence in the platform’s potential to impact clients in both retail and commercial banking. He emphasized that the partnership leverages West Monroe’s digital-first mindset, AI and development capabilities, and industry expertise, enhancing the platform’s functionality and providing significant value to clients striving to become truly digital organizations. This holistic approach combines cutting-edge technology with deep industry knowledge.
About Backbase
Backbase’s mission is to revolutionize banking by centering it around the customer. Their composable Engagement Banking Platform enables banks to accelerate digital transformation by modernizing core customer journeys, from onboarding and servicing to lending and investing. Pre-integrated with leading core banking systems and innovative fintech solutions, the platform facilitates scalability and drives immediate value creation. Backbase consistently receives recognition from industry analysts like Forrester, Gartner, Celent, Omdia, and IDC for its leadership in the field. Over 120 financial institutions globally, including major banks and credit unions, rely on the Backbase Engagement Banking Platform.
About West Monroe Partners
West Monroe Partners is a digital services firm with deep roots in technology and a strong business focus. Partnering with companies across transformative industries, West Monroe delivers quantifiable financial value. Their philosophy centers on digital transformation as a mindset rather than a mere project or destination. By employing multidisciplinary teams encompassing management consulting, digital design, and product engineering, West Monroe guides companies in transitioning from traditional operations to digital operating models, creating experiences that bridge the digital and physical realms. With a strong foundation built on 13 core values, their 2,000 employees collaborate to ensure client success.
