Netherlands-based Backbase has partnered with SavvyMoney to enable community banks and credit unions to provide access to real-time credit scores from their banking application. SavvyMoney’s Credit Score Insights offers reports to financial institutions to assist them in providing tailored financial recommendations and marketing tactics to customers.

Through this collaboration, Backbase can provide financial institutions with an in-app solution to aid users in finding more value in their primary banking applications by integrating SavvyMoney’s solution into their Backbase Engagement Banking Platform. End-users will be able to understand score factors that influence their score, update their entire credit report, run credit score simulations, and set credit score goals. The integration enables customers and members to make informed, data-driven decisions regarding their finances.

The partnership consolidates Backbase’s objective of improving its Fintech-as-a-Service (FaaS) offering, which enables community banks and credit unions to advance their customer and member experience by incorporating additional features into their apps. According to Bankbase’s representative, through the integration of SavvyMoney’s credit score solution into their platform, financial institutions can accelerate their time to market. Backbase’s Engagement Banking Platform Backbase’s platform aims to accelerate digital transformation, helping financial institutions to adapt to changing customer demands and evolving technology.

It acts as a unified engagement layer that unifies data and functionality from an underlying system of record. Moreover, the Engagement Banking Platform enables banks to include built-in platform capabilities and pre-integrated connectors. The platform provides customers with onboarding solutions, servicing, and loan origination, therefore aiming to improve the overall customer experience. The platform can be included in existing banking systems and comes pre-integrated with fintechs, allowing financial institutions to innovate at scale.

Some financial institutions that integrated the platform include Barclays, Citibank, BRD, HDFC, Lloyds Banking Group, NatWest, Standard Bank, Raiffeisen, and OTP Group. More information about Backbase Back in July 2023, OCB partnered with Backbase to improve its banking modernisation development. Through the integration of Backbase’s platform, OCB aimed to further its retail banking solutions, while also benefiting from other factors, including a six-month go-live timeline, the possibility to have full control of the building, owning, and customising upstream and downstream requirements, and local support for the incorporation of the project. Backbase acquired Nucoro in June 2023, a digital wealth platform based in the UK.

The company’s objective was to integrate Nucoro’s headless platform capabilities directly into its platform, enabling customers to launch digital end-to-end investment offerings, including robo-advisory, trading, or hybrid advisory services. .