MyState Bank modernises digital banking with Backbase platform

Backbase has delivered a new digital banking platform for MyState Bank aimed at supporting future growth and enhancing the bank's personal digital banking capabilities.

The platform provides various features, including advanced personal finance management (PFM), payment options such as Pay ID and digital wallets, threat and fraud protection, and a sophisticated limits and notifications system across all channels.

The implementation of this platform marks a significant step in modernising MyState's digital banking offerings. Brett Morgan, Managing Director and CEO of MyState Bank, expressed confidence in the newly integrated system. "To support our growth ambitions, we have chosen to invest in best-of-suite technology to provide the best possible digital and people-backed experience for our customers," said Morgan. He further noted, "The implementation has been smooth and customers have reacted positively to the new highly-rated app and digital experience."

The Backbase Engagement Banking Platform aims to transform how customers interact with MyState Bank by offering a more user-friendly and secure platform. MyState has invested in this technology to simplify money management for its users. Backbase's platform is designed to be flexible and modular, allowing for seamless integration with other leading technologies that MyState has previously invested in.

Iman Ghodosi, Managing Director for Australia and New Zealand at Backbase, commented on the partnership, saying, "We are excited to support MyState's growth ambitions, with the Backbase platform as a key enabler. MyState is now well positioned to respond to the rapidly evolving needs of banking customers in Tasmania and also target growth on the east coast of Australia as a challenger brand."

Anand Venkatachalam, Director for Customer Success at Backbase Australia, also highlighted the collaborative efforts involved in bringing this platform to life. "We are thrilled to see MyState's implementation go live and deliver a truly world-class tailored customer experience. To date, over 250 production releases have taken place in the lead-up to launch. Ultimately, MyState Bank now has the machinery in place to continue innovation plans," Venkatachalam said.

Venkatachalam added, "Since our partnership began, we've fostered a collaborate-to-win, success-driven mindset, and Backbase is eager to see this continue to flourish in the years to come."

The new digital banking platform from Backbase is designed to support a range of capabilities that cater to the demands of today's banking customers. These capabilities include advanced personal finance management tools, integrated payment solutions like Pay ID and digital wallets, and improved security measures, such as embedded threat and fraud protection. Furthermore, the platform offers sophisticated limits and notifications functionalities across all banking channels, thereby enhancing the overall user experience.

Backbase is recognised globally for its solutions in engagement banking, which aim to streamline every aspect of the customer and employee journey, from onboarding to servicing, lending, and investing. MyState Bank's decision to integrate Backbase's technology reflects its commitment to providing enhanced digital experiences to its customers and staying competitive in the ever-evolving banking landscape.

The collaboration between MyState Bank and Backbase represents a strategic move to leverage advanced digital banking technologies to meet customer needs more effectively and support the bank's growth ambitions. Both companies express optimism about the future of their partnership and the potential for continued innovation and success.