Backbase, the engagement banking firm, has joined forces with FrankieOne, an Australian identity verification and fraud prevention platform provider, to enable banks and credit unions in Australia and New Zealand to onboard customers and members seamlessly.

The Backbase and FrankieOne partnership combines Backbase’s personalised banking experience platform with FrankieOne’s robust identity verification solutions, making it easier for end customers to securely access digital financial services.

The 2023 Australian Payment Fraud Report, by the Australian Payments Network, found that in 2022, fraud on payment card transactions increased by 16.5 per cent on the previous year to $577million. This followed the trend of an increase in total spending on cards – up by 16 per cent to $1trillion over the same period. Overall, the fraud rate on Australian card payments was 57.5 cents per $1,000 spent, a marginal increase from 57.3 cents in 2021.

In the face of increasing levels of fraud in the region, consumers have become more aware than ever before of the importance of secure digital banking – as fraudulent activity costs Australian consumers billions of dollars.

Elliott Haralambous, director of partnerships and alliances at Backbase

Elliott Haralambous, director of partnerships and alliances at Backbase, commented: “As pioneers in the digital banking space, this partnership will bring a new level of innovation to the Australian and New Zealand banking sector.

“This collaboration enables us to offer seamless digital experiences while maintaining the highest standards of security and compliance.”

The new partnership hopes to provide local financial institutions with enhanced trust during customer-led, onboarding journeys. The firms explained the net result for the local banking industry should be higher customer loyalty, combined with a simplification of compliance requirements.

Backbase’s engagement banking platform now has access to FrankieOne’s Know-Your-Customer (KYC), Anti-Money Laundering (AML), biometric verification, transaction monitoring, fraud detection and compliance capabilities from a curated selection of local and international providers.

Meeting the needs of Australia and New Zealand’s financial institutions

Backbase also recently launched its Engagement Banking Cloud (EBC) offering, providing customers with a single platform that extends across all lines of business and supports the full customer lifecycle with seamless customer journeys.

Ashleigh McManus, global head of partnerships at FrankieOne
Ashleigh McManus, global head of partnerships at FrankieOne

Ashleigh McManus, global head of partnerships at FrankieOne, explained: “FrankieOne and Backbase are united by a common goal – to transform consumer banking experiences in Australia and New Zealand.

“Our collaboration combines the strength of identity verification and engagement banking, offering financial institutions a powerful toolkit for success.

“This partnership underscores our unwavering commitment to the evolving needs of banks and credit unions in Australia and New Zealand and empowers financial institutions to deliver secure, efficient, and customer-centric banking experiences.”

Mayank Somaiya, director, global head of fintech-as-a-service at Backbase, also added: “This partnership reinforces Backbase’s global commitment to enhancing our offering and meeting the needs of financial institutions across the region. These partnerships allow us to accelerate the integration of best-in-class capabilities into the Backbase Engagement Banking Platform.”

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