The company is opening two new offices to cater to growing demand in Australia, where the digital banking revolution is set to accelerate in the next five years.
Backbase will provide greater proximity and expertise in digital banking in Asia Pacific, and cater to the evolving digital banking landscape in Australia and New Zealand with the launch of new offices in Sydney and Melbourne, the company announced in a statement on Tuesday.
The Netherlands-based firm provides customized digital tools for SME banking, corporate banking, retail banking and wealth management, and counts global banks including Citibank, HSBC, Barclays, and Goldman Sachs as its clients.
Backbase said that with the liberalization of markets and issuance of digital banking licenses, small and mid-sized banks as well as digital challengers will be competing for a larger share of the pie. The ANZ region will also see an acceleration of investment in digital banking in pursuit of efficiencies and new revenue sources to offset shrinking revenues, with 35 percent of IT budgets among Tier 1 and Tier 2 banks to be spent on new technologies, it said, citing its «Fintech and Digital Banking 2025» report, published with IDC.
Emerging Opportunities
«Digital-first is key to cope with the challenging conditions and take advantage of the emerging opportunities. With accelerating customer adoption of digital and regulated open banking, the future landscape presents significant opportunities for banks with the capabilities to adapt, offering holistic financial solutions and personalizing at scale,» CEO Jouk Pletier said in the statement.
Backbase opened its regional headquarters in Singapore in January 2020.
