Backbase, the Engagement Banking Platform provider, announces the renewal and expansion of its partnership with Navy Federal Credit Union, which is reportedly the world’s largest credit union with more than 13 million members and $171 billion in assets, serving U.S. veterans, retired service members and active duty in all branches of the armed forces and their family members.
Navy Federal Credit Union has strategically “embarked on an ambitious multi-year transformation journey by continuing to standardize on Backbase as their engagement layer of choice.”
This renewal positions Backbase as a platform “for member and employee-facing applications, ensuring a seamless banking experience across multiple channels.”
By adopting the Backbase platform, Navy Federal Credit Union will achieve:
- Modernization and simplification of the credit union’s existing IT landscape by reducing the number of siloed channel applications.
- One unified platform, consolidating data, business logic, and workflows into a single, member-centric platform for efficient journey orchestration, benefiting both members and employees.
- Agility and freedom, enhancing flexibility to swiftly implement business capabilities and adapt to evolving market dynamics.
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.”
As noted in the update:
“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.”
Ward added:
“Our decision to extend the partnership was driven by Backbase’s comprehensive engagement platform, which allows us to truly innovate.”
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.”
As covered, Backbase is on a mission “to re-architect banking around the customer.”
They are the creators of the Engagement Banking Platform – “a composable platform that empowers banks to accelerate their digital transformation through progressively modernizing their main customer journeys.”
From onboarding, to servicing, lending and investing, their platform reportedly streamlines every aspect of “the customer and employee journey.”
Pre-integrated with leading core systems and cutting-edge fintechs, it “enables institutions to unlock innovation at scale, driving instant value creation.”
Backbase is a private fintech company, “founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Boise, Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Milano, New York, Singapore (Asia HQ), Sydney, and Toronto.”
