Backbase And Navy Federal Credit Union Sign 7-year Partnership To Enhance Customer Experiences

In the age of digitalization, it’s become vital for businesses to offer simpler and easier access to services to their customers while streamlining internal processes and workflow.

This principle extends to financial services providers as well. As a result, banks and credit union service organizations partner up with financial technology companies to develop and deploy digital banking platforms.

At the same time, they must ensure that customers are provided with engaging customer experiences. This is where Engagement Banking Platforms (EBP) come in by helping financial organizations enable engaging customer experiences across all touchpoints while also reducing costs and back-office inefficiencies.

Looking to leverage this technology, Navy Federal Credit Union, the world’s largest credit union with $171 billion in assets, has made an announcement with Backbase, the leading engagement banking platform provider, that will help serve members and customers better.

What Did Backbase And Navy Federal Credit Union Announce?

As per a press release published on its website, Backbase announced that Navy Federal Credit Union renewed and expanded on its previous partnership with a new 7-year strategic plan.
The move is aimed at bringing Backbase’s Engagement Banking Platform to the more than 13 million members of Navy Federal Credit Union, a member-owned and not-for-profit credit union exclusively serving the military, veterans and their families.
In addition to Backbase's Engagement Banking Platform serving as a platform for Navy Federal Credit Union’s ongoing progressive modernization, it will also enable a seamless banking experience for member and employee-facing applications across multiple channels.
This move will help Navy Federal Credit Union modernize and simplify its existing IT infrastructure by reducing the number of siloed channel applications, while offering a “unified platform, consolidating data, business logic, and workflows into a single, member-centric platform for efficient journey orchestration, benefiting both members and employees.”
It will also bring in agility, freedom and flexibility to quickly implement business capabilities and adapt to evolving market dynamics.
As per the release, “The partnership between the world’s largest credit union and Backbase represents a significant leap toward modernizing banking. Together, the collaboration emphasizes the importance of long-term, strategic investments in technology to bring true value creation, moving away from legacy systems that hold speed and innovation back.”

Source

What Did Stakeholders Say?

Kathy Ward, SVP Digital of Navy Federal Credit Union, said, “We are continuously looking for ways to enable our digital transformation. Collaborating with strategic partners like Backbase has been instrumental to our goal of simplifying and enhancing member experiences by utilizing a single platform across digital interactions.”
[Contd.] “Our decision to extend the partnership was driven by Backbase’s comprehensive engagement platform, which allows us to truly innovate.”
Jouk Pleiter, the CEO of Backbase, said, “With this partnership renewal, we’re excited to reaffirm our mutual commitment to revolutionizing digital experiences for Navy Federal Credit Union’s members and employees.”

Do you think this move by Backbase and Navy Federal Credit Union will inspire others to follow suit?

Let us know in the comments below!

First published on Tue, Apr 16, 2024

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Financial Management SolutionsFinancial Technology Digital Banking Platforms Partnership Backbase Navy Federal Credit Union Engagement Banking Platform

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