IDFC Bank deploys customer experience and digital banking platforms from Backbase
Digital banking software specialist Backbase is implementing its omnichannel banking platform at IDFC Bank.
India-based IDFC Bank will be able to service its customers “through multiple channels synchronously, creating a single multimodal touch point”, according to the vendor. The goal is to “quicken response time and improve efficiencies”.
Dr Rajiv Lall, MD and CEO of IDFC Bank, comments that the bank “has made efforts to understand the hassles customers face while transacting digitally”.
Customers expect an uninterrupted experience across all devices and channels, he adds, but there is more. They also want their bank to have “a better understanding of their needs”, he says. “IDFC Bank’s partnership with Backbase is a step towards achieving this.”
IDFC Bank: what’s the tech
IDFC Bank, a subsidiary of India’s Infrastructure Development Finance Company (IDFC), is the newest private sector bank in India. It opened for business in October 2015.
The bank offers a range of universal banking services, including for the under-banked rural sector and the self-employed segment. It has 70 domestic branches.
IDFC Bank uses a range of Misys’ products, including FusionBanking Trade Services for trade operations. Misys and the bank’s parent, IDFC, have been working together since 2005, with Misys providing its treasury and risk management software to IDFC.
For core banking, IDFC Bank uses TCS Financial Solutions’ TCS Bancs.
The bank also runs Intellect Design Arena’s Global Transaction Banking (iGTB) suite for a full range of transaction banking operations including payments, cash management, corporate banking and liquidity sweeps.
Backbase: who’s on the client list
The Amsterdam-based vendor has been going strong since its inception in 2003.
Backbase now claims over 70 customers across 25 countries in Europe, Asia and Asia Pacific, North America and the Middle East. Among the big names are Barclays, ABN Amro, ING, Credit Suisse, Hapoalim and Westpac.
The vendor says its platform serves 70+ million customers today, in 12 different languages.
2015 was its best year yet. It grew its staff to 365 people (from 225), doubled its UK office in size and opened a new office in Atlanta, US.
Backbase’s new clients include: