Backbase, the digital banking software provider, has opened two new offices in Australia to better serve the (ANZ) region as the company expands its Asia Pacific (APAC) presence.
The two offices, based in Sydney and Melbourne, follow the launch of its APAC headquarters in Singapore.
The company says it is committed to helping banks and financial institutions digitally transform their businesses. There is a growing need for support in this way.
According to the Fintech and Digital Banking 2025 report by Backbase and IDC, digital banking in APAC is set to accelerate in the next five years.
The region is also expected to see 100 new financial institutions by 2025. Furthermore, while the big four banks are expected to retain their stronghold in ANZ, small and mid-sized banks as well as digital challengers will be competing for a larger share of the pie, Backbase says.
The 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% of IT budgets among Tier 1 and Tier 2 banks to be spent on new technologies, the company states.
Backbase says that through its digital banking platform and industry expertise it plans to enable banks in ANZ to transform and keep pace with customer expectations as more turn to digital services for their banking needs.
The decision to establish offices in Sydney and Melbourne comes as Backbase increases local support for new business signed this year.
Backbase CEO Jouk Pleiter says, Were excited to be expanding our presence in ANZ, helping banks and financial institutions in the region accelerate their journey to become digital-first.
“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 personalising at scale.
Backbase recently topped Celent's Modern Digital Banking Channel Platform global vendor assessment. Backbase topped all four categories of Xcelent Functionality, Xcelent Technology, Customer Base, and Depth of Service.
The result follows similar recognition from Forrester and Ovum and reinforces Backbase as the leader in the global digital banking channel platforms vendor landscape.
Pleiter says, “We're honoured to be recognised by Celent, which underlines our strength and relentless focus on innovation, as well as our leading position in digital banking.
“The award wins, together with our new ANZ offices, are testament to our success in transforming businesses with state-of-the-art digital banking solutions.