Backbase , a provider of Engagement Banking Platforms, has announced the renewal and expansion of its partnership with Navy Federal Credit Union . Navy Federal, recognized as the world’s largest credit union with over 13 million members and USD 171 billion in assets, caters to US veterans, retired service members, active duty personnel across all branches of the armed forces, and their families.

This partnership renewal signifies Navy Federal's commitment to its ongoing multi-year transformation initiative, with Backbase being selected as the preferred engagement layer. Backbase's platform will serve as the foundation for member and employee-facing applications, ensuring a cohesive banking experience across various channels. The adoption of Backbase's platform is expected to result in the modernization and simplification of Navy Federal's existing IT landscape by consolidating siloed channel applications.

It will offer a unified platform, integrating data, business logic, and workflows into a single member-centric platform, facilitating efficient journey orchestration for both members and employees. Benefits anticipated by Navy Federal Credit Union from this partnership include enhanced agility and flexibility, enabling swift implementation of business capabilities and adaptation to changing market dynamics. According to Navy Federal Credit Union representatives, collaborating with strategic partners like Backbase is instrumental in simplifying and enhancing member experiences through a unified digital platform.

Representatives from Backbase expressed excitement about reaffirming the commitment to revolutionizing digital experiences for Navy Federal Credit Union's members and employees through the partnership renewal. The partnership underscores the significance of long-term strategic investments in technology to modernize banking and move away from legacy systems that hinder speed and innovation. Backbase, founded in 2003 in Amsterdam, offers the Engagement Banking Platform, recognized by industry analysts like Forrester, Gartner, Celent, Omdia, and IDC.

Over 120 financial institutions worldwide, including Navy Federal Credit Union, have embraced the platform. Navy Federal Credit Union, established in 1933, serves over 13 million members globally and is the world’s largest credit union. Membership is open to Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families.

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