Introduction to Innovation
In a significant leap towards digitizing the banking experience, St. Louis-based First Bank has partnered with Backbase, a leader in Engagement Banking technology. This collaboration marks a pivotal step in First Bank’s long-standing digital transformation journey.
First Bank: A Century of Service and Innovation
First Bank, with a rich legacy spanning over 100 years, has been a cornerstone in the banking sector, especially recognized as a preferred choice for family-owned businesses. With a robust focus on full-service banking, encompassing retail, business, wealth, and lending services, First Bank’s digital initiative aims to streamline and upgrade its customer service experience.
Backbase: Redefining Banking in the Digital Era
Backbase’s Engagement Banking Platform is at the forefront of this digital revolution. It’s a unified, customer-centric platform, designed to re-architect banking around the customer. This platform stands out for its flexibility, integrating seamlessly with third-party applications and allowing customization of customer journeys. With Backbase, banks can innovate at scale, rapidly deploying new products and services while ensuring robust infrastructure, maintenance, and security.
The Digital Transformation Strategy
First Bank’s transformation involves a complete overhaul of its digital ecosystem. This includes upgrades to physical infrastructure, a core replacement, migration to Microsoft Azure cloud, middleware upgrades, and a CRM upgrade. This comprehensive strategy is designed to deliver a customer-first banking experience.
The Engagement Banking Platform: A Centralized Solution
The Backbase Engagement Platform is a game changer for First Bank. It currently integrates 13 different systems, with plans for future integrations to enhance customer offerings. This platform enables First Bank to efficiently onboard new customers and ensure a smooth transition for existing ones to new services or products. It empowers the bank to extend its reach nationally, even in regions without physical branches.
Benefits and Future Prospects
This digital transformation is not just about technological advancement but also about redefining customer experience and business growth. First Bank can now cater to all client needs through a single login, essentially becoming a one-stop-shop for banking services. Furthermore, this transformation opens doors for the bank to innovate and customize end-user journeys and rapidly introduce new offerings, significantly enhancing both top-line growth and operational efficiency.
Conclusion: A Milestone in Banking Evolution
First Bank’s partnership with Backbase signifies a new era in banking, where digital agility and customer-centric services become the norm. This transformation sets a precedent for other financial institutions aiming to thrive in the digital age.
