West Monroe partners with Backbase on banking transformation

19 March 2024 Consulting.us 2 min. read

West Monroe, a Chicago-headquartered management and technology consultancy, has entered a strategic partnership with Backbase, an Amsterdam-based financial technology company, to help retail and commercial financial institutions modernize their online banking customer experience.

The partnership will combine West Monroe’s financial services advisory and digital experience capabilities with Backbase’s Engagement Banking Platform.

Backbase’s platform allows banks and credit unions to modernize legacy IT systems and personalize digital banking capabilities – while driving operational efficiencies, better customer experiences, and bringing products to market more quickly.

The unified platform plugs into existing core banking systems to improve customer onboarding, servicing, loyalty, and loan origination, among other areas. It also comes pre-integrated with the latest fintechs.

West Monroe partners with Backbase on banking transformation

“Backbase is dedicated to spearheading digital transformation through progressive banking modernization," stated Jouk Pleiter, founder and CEO of Backbase. "The partnership with West Monroe allows us to accelerate this mission, as it is designed to push the boundaries of what banks and credit unions can offer to their customers and members."

Backbase was founded in 2003 and has grown to more than 2,200 staff worldwide. The Dutch firm, which has US headquarters in Atlanta, in 2022 received a €120 million investment from PE firm Motive Partners at a valuation of €2.5 billion.

Backbase’s platform is used by more than 120 financial institutions, including Barclays, BNP Paribas, Citibank, and RBC.

“This flexible digital banking platform with off-the-shelf functionality is going to make an immediate impact for our clients in both retail and commercial banking," said Neil Hartman, senior partner, financial services at West Monroe. "It brings out the best of West Monroe—not only in the functionality that Backbase has built, but the ability to leverage the platform to highlight our digital-first mindset, AI and development capabilities, and industry expertise. This gives our clients additional value to help them become digital organizations."

West Monroe’s financial services practice works with mid-market and large firms across the commercial, retail, and treasury management lines of business. The consultancy’s offerings span payments, digital strategy and implementation, growth and productivity, M&A integration, and risk and compliance.

West Monroe has 2,000 employees across offices in the US, UK, and Costa Rica.