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Backbase and FrankieOne have teamed up to simplify onboarding for banks in Australia and New Zealand.

The engagement banking company Backbase and the Australian identity verification and fraud protection platform provider FrankieOne have partnered to make it easier for banks and credit unions in Australia and New Zealand to smoothly onboard new members and customers.

Through their agreement, Backbase and FrankieOne enable end users to more easily and securely access digital financial services by combining Backbase’s customised banking experience platform with FrankieOne’s powerful identity verification capabilities.

According to the Australian Payments Network’s 2023 Australian Payment Fraud Report, fraudulent payment card transactions climbed to $577 million in 2022, a 16.5% increase from the year before. This was in line with the trend of rising card expenditure overall, which increased by 16% to $1 trillion during the same time frame. The overall fraud rate for Australian card payments was slightly higher than the 57.3 cents reported in 2021, at 57.5 cents per $1,000 spent.

Because fraudulent behavior costs Australian customers billions of dollars, consumers are more conscious than ever of the significance of safe digital banking in light of the rising amounts of fraud in the region.

“As pioneers in the digital banking space, this partnership will bring a new level of innovation to the Australian and New Zealand banking sector,” said Elliott Haralambous, director of partnerships and alliances at Backbase.

“By working together, we can provide seamless digital experiences while upholding the highest security and compliance standards.”

Through this new relationship, local financial institutions should be able to rely on each other more during customer-led onboarding processes. The companies clarified that a reduction in compliance requirements along with an increase in client loyalty should be the end outcome for the local banking sector.

FrankieOne’s Know-Your-Customer (KYC), Anti-Money Laundering (AML), biometric verification, transaction monitoring, fraud detection, and compliance capabilities are now available to Backbase’s engagement banking platform from a carefully chosen range of domestic and international suppliers.

Partnership

Supplying the financial institutions in Australia and New Zealand with what they require

Additionally, Backbase just unveiled its Engagement Banking Cloud (EBC) service, giving clients access to a single platform that works with all business lines and offers seamless customer experiences throughout the entire customer lifecycle.

“FrankieOne and Backbase are united by a common goal—to transform consumer banking experiences in Australia and New Zealand,” said Ashleigh McManus, global head of partnerships at FrankieOne.

“By combining the strengths of engagement banking and identity verification, our partnership gives financial institutions an effective arsenal for success.

“This partnership empowers financial institutions to deliver safe, effective, and customer-focused banking experiences and highlights our unwavering commitment to the evolving needs of banks and credit unions in Australia and New Zealand.”

“This partnership reinforces Backbase’s global commitment to enhancing our offering and meeting the needs of financial institutions across the region,” stated Mayank Somaiya, director and global head of fintech-as-a-service at Backbase. We can incorporate best-in-class features into the Backbase Engagement Banking Platform more quickly thanks to these agreements.

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