Backbase ENGAGE Asia Forges Roadmap For Futuristic Banking Transformation

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Backbase ENGAGE Asia Forges Roadmap for Futuristic Banking Transformation

by Fintech News Singapore
March 4, 2024

Platformification, modernisation, banking transformation, financial inclusion, digital innovation, composable journeys, and omnichannel experiences—these are not just objectives and aspirations, but the very fabric of the banking industry’s evolution.

Across Asia, banking leaders fervently discuss these topics, recognising their significance in shaping the future of customer engagement for both consumers and businesses.

Learning from leaders: Techcombank, BDO Unibank, and HDFC Bank share their journeys

Engagement banking leader and fintech unicorn, Backbase, concluded 2023 with the inaugural ENGAGE Asia conference in Bangkok, a groundbreaking event that unveiled grounded insights into banking successes across critical areas.

Renowned banks such as Techcombank, BDO Unibank, and HDFC Bank shared their journeys, enabling participants to chart practical banking transformation plans and strategies for 2024. Backbase showcased the art of new possibilities, turning dreams into realities.

To celebrate the 20 years in making and shaping the engagement banking category, Backbase recognised nine of its customers in Asia for their forward-looking digital and omnichannel successes.

These banks have been honored for their “Customer Engagement Excellence” breakthrough achievements setting new benchmarks and redefining success in the banking industry.

Customer engagement excellence award-winning banks

Implications for Banks in 2024

What does this mean for banks in 2024? As we look ahead to 2024, the quest to elevate digital and omnichannel customer centricity remains a primary goal for incumbent and mid-sized banks.

Many institutions have achieved significant milestones in this regard, demonstrating a pivot towards delivering banking services where the customer is, reducing friction, and driving upward adoption and cross-adoption in banking apps and services.

These success stories serve as guideposts for banks with similar aspirations, accelerating their journey towards achieving customer-centric goals for 2024.

Achieving near-perfect app ratings

One prime example is Techcombank’s impressive app ratings, which demonstrates their commitment to customer satisfaction.

Banks aiming to improve their app ratings can learn from Techcombank’s approach and earn glowing reviews from both consumers and business owners.

BDO Unibank’s Playbook for Financial Inclusion

Financial inclusion, particularly in countries like the Philippines, remains a pressing issue. Despite notable progress in recent years, a significant portion of the population still lacks access to basic financial services.

According to recent data, approximately 51% of Filipino adults remain unbanked, with limited access to savings accounts, loans, and other essential banking services.

This disparity in financial access hinders economic growth and exacerbates socio-economic inequalities within the country. In response to these challenges, BDO Unibank’s success story offers valuable insights and strategies for fostering financial inclusion.

By leveraging innovative digital banking solutions and tailored financial products, BDO Unibank has successfully expanded its reach to new-to-bank and new-to-credit consumers, providing them with essential banking services and empowering economic participation.

Progressive Modernisation by Breaking Free From Legacy

The approach taken by the nine award-winning banks highlights the significance of progressive modernisation in achieving customer-centricity at scale and pace.

By anchoring their architecture step by step and adopting a modular framework, these banks have circumvented legacy systems and empowered themselves to build with confidence and freedom, placing customer needs at the forefront.

HDFC Bank exemplifies this by unshackling themselves from legacy systems, delivering digital banking to millions of customers. Additionally, Chinabank, HDBank, and PwC discuss how the “adopt and build” strategy can prioritize customer needs over being constrained by system requirements.

From a management consultant perspective, McKinsey provides a blueprint for modernising banking, offering actionable insights for banks seeking transformation.

Navigating the year ahead

As banking leaders navigate their transformation goals for 2024, these real-world examples serve as benchmarks to map out the metrics of success.

By leveraging innovative strategies and embracing customer-centric principles, banks can position themselves for success in an evolving digital landscape.

Success stories and insights from ENGAGE Asia can be accessed here.