Metro Bank has extended its partnership with Backbase in a bid to focus on digital innovation for its business banking customers.
By leveraging Backbase’s cloud solution, the bank hopes to offers its business customers a tailored experience.
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The relationship extension comes five years after Backbase and Metro Bank first collaborated. At the time, Metro Bank’s goal was to deliver a personalised customer experience and create an agile digital banking service, while cutting costs.
Cheryl McCuiag, Chief Information Officer at Metro Bank, said: “Backbase has been a dedicated digital technology partner to us from the start, and we are continually impressed by the company’s investments in research and innovation.
“We’ve benefited substantially from direct access to Backbase’s ongoing in-house innovation, and by using its cloud-native technology we’ve been able to optimise our IT costs. We look forward to deepening our relationship and reaping the benefits of Backbase’s unparalleled commitment to helping us maintain our competitive edge.”
Customer-centric approach
Through long-term collaboration with Backbase, Metro Bank plans to grow and mature its digital banking offering with a customer-centric approach. This comes at a time when consumers are more impatient, demanding quicker and more convenient ways to bank.
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By GlobalDataFrank Uittenbohaard, Regional Vice President at Backbase Europe, said: “As the first true challenger bank taking on the Big Four, Metro Bank’s embrace of a client-centric, human-first approach to banking aligns with our fundamental values as a business.
“We’re delighted to be helping Metro Bank continue its ambitious growth and achieve outstanding business and client outcomes using digital technology.”
Digital transformation is a way for banks to cut costs as it eliminates the need for expensive legacy technology. This is especially important as banks have been hit hard by Covid-19 – in February, Metro Bank FY2020 posted a pre-tax loss of £311.4m (2019: -£130.8m),reflecting a number of one-off items and remediation costs.
Total loans also dropped by 18% to £12.1bn while underlying revenue fell by 15% to £340.9m.
