Backbase, a leading digital banking platform provider, has partnered with FrankieOne, a global identity verification and onboarding technology company, to simplify the onboarding process for financial institutions (FIs) in the Australia and New Zealand (ANZ) region. This strategic collaboration aims to streamline and enhance the customer onboarding experience while ensuring compliance with regulatory requirements.

The partnership leverages Backbase’s expertise in providing seamless digital experiences for the financial sector with FrankieOne’s advanced identity verification solutions. By combining their strengths, Backbase and FrankieOne aim to enable ANZ FIs to achieve faster, more secure, and fully compliant customer onboarding processes.

With changing customer expectations and increasing regulatory scrutiny, FIs face challenges in delivering a frictionless onboarding experience while ensuring compliance with know your customer (KYC) and anti-money laundering (AML) regulations. This collaboration addresses these challenges by offering advanced identity verification capabilities that automate crucial aspects of the onboarding process.

FrankieOne’s cutting-edge technology allows FIs to verify customer identities in real-time by harnessing a myriad of data sources, including government databases, credit bureaus, and various online and offline data sets. Their intelligent verification engine helps streamline the process, reducing manual effort and enhancing accuracy.

Backbase’s digital banking platform complements FrankieOne’s capabilities by providing a seamless and intuitive digital experience to customers throughout the onboarding journey. Their platform’s flexibility allows FIs to adapt to evolving customer needs while maintaining compliance with the evolving regulatory landscape.

The collaboration between Backbase and FrankieOne marks a significant step towards revolutionizing the onboarding process for ANZ FIs. By simplifying identity verification and ensuring compliance, FIs can focus on delivering personalized and secure experiences to their customers.