Judo Bank and Backbase team up to amplify digital SME banking experience

Judo Bank and Backbase team up to amplify digital SME banking experience

Judo Bank, Australia’s pioneering challenger bank with a distinct focus on serving SMEs, has joined forces with Backbase, a renowned provider of the Engagement Banking Platform (EBP).

The driving force behind this collaboration is Judo Bank’s mission to elevate its digital offerings for SME business banking and term deposit clientele. Backbase’s EBP will streamline operational workflows, thus allowing Judo’s relationship bankers to devote greater attention to customer needs.

Judo Bank, a modern trailblazer in the Australian banking landscape, emerged as the nation’s first purpose-crafted challenger bank catering primarily to SMEs. Achieving the historic milestone of being the first commercial bank to get listed on the Australian Stock Exchange in three decades on 1 November 2021, Judo Bank remains committed to relationship banking. Their innovative tech-driven strategy prioritises human-centric interactions, a move that has propelled them to amass a lending portfolio worth over $9bn, deposit records surpassing $6bn, and a robust customer base of more than 35,000.

On the other side, Backbase stands as a global frontrunner in providing digital platform capabilities. Their EBP is celebrated for its blend of design prowess and robust security measures. This unique platform offers the flexibility for monthly feature releases, exemplifying adaptive technology principles.

Judo Bank’s decision to incorporate Backbase’s EBP materialised post an exhaustive search and selection process that commenced in 2022. This adoption signifies Judo Bank’s forward-thinking approach towards integrating top-tier technology that embodies design excellence and stringent security standards, always keeping the customer’s needs paramount.

The essence of Judo Bank is rooted in its relationship-led strategy. This differentiating approach, founded on human connection, has been instrumental in driving the bank’s exponential growth since its inception.

Judo Bank Chief Operating Officer Lisa Frazier said, “Our vision is to become a world-class SME bank. Our unique, relationship-led operating model creates a sustainable and competitive advantage for our business. Through our partnership with Backbase, we have enhanced our high-tech, high-touch model, further empowering SME business owners with digital experiences related to their Judo portfolio.

“Our new digital experience will help our SME customers and bankers stay on top of business needs and support the exceptional service they receive from our relationship-led bankers. Partnering with Backbase enables us to deliver a superior digital experience to our customer base cost effectively with the build of the platform taking just on a year.”

Backbase Managing Director, ANZ, Iman Ghodosi, said, “We are thrilled to partner with an ambitious innovator like Judo Bank and look forward to continuing to leverage EBP for the success of Judo and their customers.

“The power of the Backbase EBP lies in its ability to provide the composable fabric, modularity, and options to banks, freeing them from the burden of building everything themselves. We’re proud to empower banks like Judo Bank to focus on building their innovation and differentiation in the market they are disrupting. With Backbase EBP as their foundation, Judo Bank can confidently navigate the market, leverage its capabilities, and drive their unique value proposition to new heights.”

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.