Backbase integrates Zafin’s services to boost engagement banking platform

By Megha Bhattacharya

Engagement banking platform Backbase announced that it has partnered with SaaS cloud-native product and pricing solutions provider, Zafin, for integrating the latter’s relationship-based product and pricing capabilities into its Engagement Banking platform. Backbase’s clients can now use Zafin to implement products and offers with pricing optimised to each individual customer. The collaboration is also expected to enhance the banks’ ability to offer customised products and allow them to increase their share of wallet among both retail and business banking customers.

Jouk Pleiter, CEO at Backbase, commented, “Backbase’s Engagement Banking platform unburdens financial institutions by packaging all the best fintechs and capabilities in a single platform. With it, institutions can access the latest, greatest and most innovative technologies without needing to manage multiple vendors. This new partnership with Zafin offers our clients yet another way to build hyper-personalized experiences for customers while helping to break away from the legacy systems that have historically slowed the pace of innovation, and we’re excited to see our customers benefit.”

According to Backbase, Zafin is expected to boost the FinTech’s offering of digital technology capabilities. Recently, Georgian bank BasisBank selected Backbase in a bid to boost its digital transformation and provide customised experiences to its retail and SME customers. Backbase will be offering its Engagement Banking platform to BasisBank for expanding its retail banking offering with the provision of mobile experiences to its customers.

Al Karim Somji, founder and CEO of Zafin, added, “We’re thrilled to join forces with Backbase to offer even more financial institutions access to our powerful, enterprise product catalog and relationship-based pricing capabilities. Banks of all sizes are locked in increasingly fierce competition for customers, and the Backbase-Zafin partnership offers institutions a leg up over those mired in outdated technology and processes. Through us, they can deliver deeply personalized experiences to their customers and respond quickly to evolving market needs – a key differentiator in this crowded space.”