Fintech

How bricks-and-mortar banks are outsourcing digitalisation

As users turn to virtual alternatives for convenience and cost, traditional financial institutions risk being left behind. Dutch firm Backbase is bringing them into the 21st century.

Bricks-and-mortar banks, used to mitigating risks for their clients, have traditionally struggled with change. But with technology forcing a shift in thinking, and many banking service now a simple smartphone click away, these groups have begun outsourcing digital transformation.

“We are trying to help traditional banks compete in this new reality,” Backbase regional sales head Riddhi Dutta told FinanceAsia in an interview. He believes that digitalisation is now de rigueur for financial institutions around the world.

Backbase complements the pre-existing business structure of brick-and-mortar banks. “With a comprehensive digital layer, banks do not need to think about changing their legacy systems,” Dutta noted. When the...

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