Backbase, the Engagement Banking Platform provider, has renewed and expanded its partnership with Navy Federal Credit Union, the world’s largest credit union, for seven years.
The multi-year deal will allow Navy Federal Credit Union to continue to use Backbase as a platform for member and employee-facing applications, ensuring a “seamless” banking experience across multiple channels.
Backbase said that its platform will help Navy Federal Credit Union achieve “modernization and simplification” of the credit union’s existing IT landscape by reducing the number of siloed channel applications.
The credit union will benefit from a single unified platform that consolidates data, business logic and workflows to ensure efficiency and being advantageous to both members and employees.
“We are continuously looking for ways to enable our digital transformation,” said Kathy Ward, SVP digital of Navy Federal Credit Union. “Collaborating with strategic partners like Backbase has been instrumental to our goal of simplifying and enhancing member experiences by utilizing a single platform across digital interactions.”
“Our decision to extend the partnership was driven by Backbase’s comprehensive engagement platform, which allows us to truly innovate,” says Ward.
Founded in 2003 in Amsterdam, Backbase is a private fintech company that enables banks to accelerate their digital transformation journeys through its Engagement Banking Platform. Features include onboarding, servicing, lending and investing to streamline customer and employee journeys. The platform also comes pre-integrated with major core systems and fintechs.
The company claims to serve over 120 financial institutions across the world through its regional offices in Atlanta, Boise, Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Milano, New York, Singapore (Asia HQ), Sydney, and Toronto.
Established in 1933, Navy Federal Credit Union serves more than 13 million members globally, with $171 billion in assets serving US veterans, retired service and active duty members across all branches of the armed forces.
