Backbase has expanded its engagement banking platform by introducing a new set of data and artificial intelligence (AI) capabilities, dubbed Intelligence Fabric layer.
According to the engagement banking solutions provider, new data and AI offerings are now embedded within the platform. They are designed to help banks harness the power of AI and data to enhance productivity in their customer service and sales operations.
The Intelligence Fabric introduces Agentic AI capabilities, which enable banks to achieve substantial productivity improvements across critical service and sales areas.
By leveraging advanced reasoning and cross‑bank data through the Backbase platform, banks can deploy AI Agents to enhance customer journeys and streamline workflows. These AI Agents can handle a variety of tasks, from basic transactions to more complex processes like customer onboarding.
Banks will be able to execute strict levels of compliance and governance with built-in guardrails that provide robust oversight.
The Intelligence Fabric is powered by Backbase’s Grand Central platform, which is claimed to be the world’s first Integration platform-as-a-service (iPaaS) for banking. Grand Central consolidates data from core banking systems, payment gateways, fintech platforms, and customer relationship management tools.
The platform offers banks a unified source of truth and enhanced data connectivity ensures that banks, along with their partners and vendors, can access and utilise accurate information across their operations.
Backbase founder and CEO Jouk Pleiter said: “Backbase is leading the way with its AI platform capabilities for banking.
“The introduction of the Intelligence Fabric marks a pivotal moment in our mission to empower banks to harness the power of data and AI at scale. Today, we are making a massive leap forward in unveiling our Agentic AI strategy.”
Backbase has prioritised several use cases for its AI capabilities. Conversational banking will allow customers to perform tasks such as account management and payments using large language models (LLMs).
Besides, customer lifetime orchestration will enable banks to increase product holding by offering AI-driven product activation and up-sell campaigns.
AI-driven insights will provide banks with actionable insights for retail customers and small businesses, while AI-augmented customer support will enhance customer-facing chatbots.
