This week, Dani and Ned sit down with Marc Corbett, senior solutions engineer at Backbase, to discuss what good User Experience (UX) looks like, how to efficiently conduct Research and Development (R&D), and the role Backbase plays in the digital transformation of banks.
Backbase is an engagement banking platform that puts the consumer and user first. They abstract, simplify, and enhance banking systems to provide the best user experience in the market. Due to advances in technology, automation has enabled Backbase to make things seamless for consumers. For instance, when onboarding clients, they are now able to pre-fill forms for the user to remove points of friction. When sharing about UX, Marc notes that it is important to understand the specific use case for the user and what they are trying to accomplish on the platform. The next step is to figure out how to enhance the experience and make users feel good about the engagement so that they come back. Reducing the number of clicks is a good goal to have, but Marc reveals that clicking through pages gives users an element of control which is essential.
Marc also shares the influential role of the pandemic on banking services. For institutions that do not have a robust digital experience, they are unable to continue business operations during downtime due to the pandemic or other unexpected events. Without a foundation in place, institutions will have to build digital platforms from scratch which is time-consuming and costly. In many ways, Backbase has a toolbox of components that allow clients to adopt instead of build from scratch. This way, financial institutions will be able to efficiently take the next step rather than being caught with their hands in their pocket, unsure of how to tide through the situation.
Marc also comments on how financial education is an issue and most people have insufficient knowledge on the matter. As a result, taking that step into financial planning is a big undertaking for users. As a result, it is crucial to simplify processes. Backbase works to consolidate lines of business into single experiences so that everything for users can be found in one place. This is the way the market is evolving and it is important to give users what they need.
When it comes to innovation, Marc is constantly surprised by the level of innovation that banks deliver. These banks have a great tech team and they’re ready to take on a good portion of the implementation and the responsibility, resulting in less work on the Backbase side. Marc notices that people like to do things internally as they feel they know their customers best, causing them to be less trusting of an external agency like Backbase. However, Marc believes that Backbase should be seen as more of a partner that can provide technical support to ongoing business operations.
