The Dutch supplier’s solution will cover both customer and employee digital channels across institutional and retail banking.
A key stated aim is faster time-to-market for new products. Capital Bank has signed for the full product stack based around Backbase CXS 6, which is the latest version, launched at the end of 2017, and comes with identity and access management capabilities. The deal includes the Backbase Entitlements component and DBS digital banking back-end services.
Implementation will be carried out by Backbase and one of its partners, Lisbon-based Bring Global. The system will be deployed on the cloud and will integrate with the bank’s core system and other applications. The bank is a long-standing user of Temenos’ T24, which has its own digital channel offering.
Capital Bank’s CEO, Ala Qumsieh, describes Backbase as “an ideal long-term strategic partner” for the bank’s digital transformation.
Backbase has a reasonable number of Middle East users. An addition last year, Lebanon-based Société Générale de Banque au Liban (SGBL), included plans for a roll-out in Jordan.
At FinovateEurope 2018, Backbase unveiled the Customer OS in a demo that won the Amsterdam-based company Best of Show honors for the fourth time. Last July, the company teamed up with Jumio to deliver online ID verification services and in December the company partnered with Polish bank BGŻ BNP Paribas Bank.