The Importance of Journey-Based Technology in Banking

In today’s fast-paced digital landscape, customer expectations are evolving at an unprecedented rate. Banking customers no longer compare their experiences solely with other banks; instead, they measure them against seamless digital interactions offered by retail giants, ride-hailing apps, and entertainment platforms. To remain competitive and relevant, banks must move beyond traditional product-centric approaches and embrace journey-based technology, which focuses on delivering customer-centric, personalized, and seamless experiences.

Why Journey-Based Technology Matters

1. Enhanced Customer Experience Journey-based technology prioritizes the end-to-end customer journey, from onboarding to account servicing and beyond. By aligning banking processes with customer needs and pain points, banks can deliver personalized experiences that build loyalty and satisfaction. For instance, a journey-based approach can simplify a traditionally cumbersome mortgage application, providing real-time updates, pre-filled data, and step-by-step guidance.

2. Breaking Down Silos Traditional banking operations often suffer from siloed structures, with different departments managing disparate systems for loans, deposits, and investments. Journey-based technology breaks these silos by connecting processes across departments, enabling a unified view of the customer. This holistic perspective not only improves operational efficiency but also ensures a consistent customer experience across all touchpoints.

3. Agility and Innovation The banking sector is facing increasing pressure from fintech disruptors and neobanks. Journey-based technology equips banks with the agility needed to innovate rapidly and meet shifting customer expectations. By leveraging real-time data, banks can introduce new products, adjust processes, and stay ahead of competitors.

4. Increased Revenue Opportunities By focusing on customer journeys, banks can better understand customer needs and behavior, opening the door for cross-selling and upselling opportunities. For example, a customer applying for a mortgage may also need insurance or a savings account for home renovations. Journey-based technology makes these connections seamless and relevant, driving revenue growth.

5. Regulatory Compliance As banks face increasingly stringent regulatory requirements, journey-based platforms help streamline compliance by embedding controls and checks into the process flow. This reduces operational risks and ensures compliance without compromising the customer experience.

Barriers to Adoption

Despite its benefits, many banks struggle to implement journey-based technology. Legacy systems, resistance to change, and lack of digital expertise often hinder progress. However, banks that fail to embrace this transformation risk falling behind, losing customers to more agile competitors.

How Backbase Delivers Journey-Based Technology for Banks

Backbase is a pioneer in helping banks transition to journey-based technology through its Engagement Banking Platform. The platform enables banks to design, orchestrate, and deliver seamless, customer-centric journeys that drive engagement, satisfaction, and loyalty.

With Backbase, financial institutions can:

• Personalize Experiences: Offer tailored solutions that adapt to individual customer needs across all banking segments, including retail, SME, corporate, and wealth management.
• Streamline Processes: Break down operational silos with a unified platform that connects front-end customer experiences with back-end operations.
• Accelerate Digital Transformation: Leverage pre-built accelerators and APIs to deploy modern, journey-driven solutions faster.
• Future-Proof Operations: Backbase’s platform is built with flexibility and scalability, ensuring banks can adapt to emerging trends and technologies.

Backbase empowers banks to reimagine their customer interactions, positioning them as leaders in the era of digital-first banking. By focusing on journey-based technology, Backbase enables banks to create the seamless, personalized, and efficient experiences customers demand, securing long-term growth and success in an increasingly competitive market.

How is your bank embracing customer journeys to stay ahead in the digital-first era?