TyN Magazine at Cl@b 2019 – Interview with Nicolas Perdomo Perez, Account Executive in LATAM at Backbase during the event.
TyN. How do you see the global banking digital transformation process?
Nicolas Perdomo: The need for banks to undergo a digital transformation has never been more urgent. Neobanks, bigtech and innovative fintechs have changed the rules. Not only do customers have countless alternatives to the traditional banks, but they now expect hyper-personalization and cutting-edge digital tools. Banks have a very real threat—we call this the Neo Reality.
Banks will continue to fall further behind if they don’t abandon the status quo. That means no more digital-on-the-side, siloed systems and a slow, bureaucratic business structure.
For banks to thrive in the Neo Reality, they need to reinvent themselves as a digital-first platform business, move towards an agile work culture and, above all, put people first.
TyN: What solutions does your company offer for such transformation?
N.P.: Backbase has a digital-first upgrade for every part of a financial institution’s organization:
- Customer Experience Services which are the essential services required to create, manage and orchestrate highly personalized end-user experiences.
- Digital Banking Services enrich and aggregate data, enhance performance and add additional digital banking capabilities that may not be possible when running directly from an existing system.
- Identity & Entitlements Services provides intelligent access and approvals for customers, employees and partners, so they can securely connect to all digital and mobile banking applications.
- Onboarding & Origination Services to create, secure, manage and optimize rich, dynamic and fully-digitized customer onboarding and product/service origination solutions.
We make this transformation happen with the advanced Backbase Digital-First Banking Platform:
- The platform combines the best of old and new by placing an out-of-the-box customer experience layer over top of legacy systems.
- By integrating and aggregating value from niche solution providers within the fintech ecosystem, or with 3rd-party APIs from other banks and industries (e.g. open banking), we offer financial institutions seamless journeys across any touchpoint.
- We offer a tailored approach, so clients can adjust the platform to match the values of their business and customers.
TyN: What do you consider the most attractive market for your company and why?
N.P.: As a global company with an international network of implementation partners, Backbase equally serves clients across the world. We mainly see three types of digital transformations in every region:
- Full digital transformation from siloed legacy systems to full omni-channel
- Launch of a greenfield bank
- Digitization of parts of the business, for which we see lots of initiatives in Onboarding & Origination
As mentioned, we maintain a global presence with 10 offices in the Netherlands, US, Mexico, the UK, the UAE and Singapore. We are constantly expanding our footprint to get closer to the local markets and serve our customers better, such as with our new Dubai office and Colombia.
TyN: Is LATAM considered an expanding fintech market?
N.P.: Definitely. As with places all over the world, cell phone users in LATAM are drastically increasing. In fact, it’s predicted that by 2022, 90% of all internet connections in the region will be through a mobile device. This offers a huge opportunity for the fintech market.
At the same time, new digital players are entering the LATAM market, with a rise of neobanks like Nubank. This has partially been made possible through legislative changes and preferential regulatory treatment for fintech investors.
So it’s not surprising that fintech hubs are surfacing all over the region, with Mexico and Brazil being the largest ecosystems. Given the increasing mobile usage in LATAM and the unbanked and/or underbanked population, this poses a great opportunity for fintechs to raise attention and business.
TyN: What is your company’s value offer for the financial sector?
N.P.: We help financial institutions become digital-first with three pillars: a transformation into a platform business, an agile working methodology and a people-first approach. With this method, banks are able to make rapid updates on the platform, while simultaneously offering hyper-personalized services. These digital experiences are on par with the biggest names in tech, and are designed to surpass customer expectations.
We serve financial institutions across the globe, offering four different solution lines:
- Retail Banking
- SME Banking
- Corporate Banking
- Wealth Management Banking.
Every solution line is tailored to each touchpoint and comes with its respective employee-facing experiences. Our technology and method has won us praise from industry analyst like Ovum and Forrester, as well as countless clients, including Citibanamex, Banco Pichincha and Banco Caja Social.