Backbase builds new digital banking platform for Colombian bank Banco Caja Social

By Pavithra R

Backbase, the Digital-first Banking platform has announced that the company has built a new cross-business platform for Banco Caja Social. 

The step marks a major milestone in the digitization of Banco Caja Social, an institution that has been working for financial inclusion and serving low- and middle-income communities and small businesses in Colombia. The new platform built from Backbase’s industry-leading software has improved the user experience and online access for the bank’s customers. 

Now Banco Caja Social customers can easily navigate the bank’s new online services, which have new visually enhanced interfaces and increased functionality. The platform has made possible: instantaneous online payments and transfers, faster and convenient digital onboarding with personalized products such as savings accounts and investment funds online, and eliminates the need to visit bank branches. From 

“Banco Caja Social has a long legacy of providing critical banking services to small businesses and those most in need, offering the best possible experience – making the move to a world-leading digital platform a natural progression for us. Our clients can now do more transactions and processes online and we’re seeing really positive results in terms of engagement and customer satisfaction. We expect this increase in online users to continue its upwards trajectory,” said Elsa Patricia Manrique, Vice President of Strategy and Development at Banco Caja Social.

From the business operations perspective, the platform has streamlined how teams operate, creating more business efficiency. The bank touts to have 52% increase in customers using the web platform & app, which has an average of 399,000 monthly users, and more than 70% increase in overall online monetary transactions from 2019 to 2020.

“We’re excited to be partnering with Banco Caja Social, a bank which holds such an important position in social banking in Colombia. It is one of the first banks in the country to adopt our platform, so it’s fantastic to see the additional value it has provided for Banco Caja Social’s customers already. The success of this project will support our ongoing expansion into Latin America, a region which is currently seeing a quiet revolution in demand for easier and more constant access to banking services as the economies continue to mature,” said Jouk Pleiter, Backbase CEO.

Founded in 2003, Backbase is a fast-growing FinTech software provider that empowers financial institutions to accelerate their digital transformation and effectively compete in a digital-first world. Its platform is being used by financials including ABN AMRO, AIB, Barclays, Banamex, Bank United, BNP Paribas, Citi bank, Citizens Bank, CheBanca!, HDFC, Hiscox, Central1, KeyBank, Lloyds Banking Group, Metrobank, IDFC First, Navy Federal Credit Union, PostFinance, RBC, Societe Generale, and Westpac among others.