Backbase has announced a strategic collaboration with Atomic in a bid to empower financial institutions to offer their customers seamless direct deposit switching during account setup and efficient confirmation of income and employment details during loan processes.
The partnership focuses on integrating Atomic’s direct deposit and income and employment verification capabilities directly into Backbase’s Engagement Banking Platform.
The partnership’s primary goal is to modernise the processes of switching direct deposits and verifying income, which traditionally involved paperwork and inefficiencies.
By digitising these procedures, the partnership aims to meet customer expectations for digital-first solutions, resulting in a user-friendly experience that strengthens primary banking relationships.
Backbase is a leading global provider of Engagement Banking solutions. The company’s platform places the customer at the center of banking operations, enabling financial institutions to accelerate their digital transformation. From customer onboarding to loan origination, Backbase’s platform streamlines every aspect of the customer experience. It integrates seamlessly with existing core banking systems and is pre-integrated with cutting-edge fintech solutions, allowing financial institutions to innovate at scale.
Atomic is a trusted financial connectivity platform that serves over 195 financial institutions and FinTech firms, including 13 of the industry’s largest digital-first neobanks and 3 of the top 10 financial institutions.
The company acts as a bridge between consumer data and financial solutions, providing access to payroll, HRIS systems, and merchants. Their range of financial services includes direct deposit switching, income and employment verification, and payment method updating. Atomic is committed to empowering consumers to have better control of their personal data and offers a more transparent and equitable banking experience.
The partnership between Backbase and Atomic offers a range of benefits to financial institutions, including:
- Enhanced Customer Experience: Providing a frictionless process for users to manage their money and update their direct deposit digitally.
- Higher Direct Deposit Adoption: Significant increases in direct deposit adoption rates over traditional paper methods.
- Increased Lending Efficiency: Real-time verification data for faster and more comprehensive customer qualification.
- Streamlined Operations: Eliminating vendor lock-in and silos, facilitating quicker account changes.
Mayank Somaiya, Director, Global Head of Fintech-as-a-Service, Backbase, said, “We understand how important it is for banks and credit unions to provide more flexibility to their customers and members when it comes to managing their finances. It also aids in customer retention as it makes for a more seamless user experience. By integrating Atomic into our Fintech-as-a-Service offering, financial institutions are in a better position to upgrade their banking applications with high-demand features, like offering account holders a convenient and secure way to switch deposits.”
Jordan Wright, co-Founder and CEO of Atomic, said, “Combining Atomic’s leading direct deposit switch technology with Backbase’s cutting-edge Engagement Banking Platform is a win-win. These financial institutions can also expand their lending operations by leveraging digital income and employment verification directly within their online and mobile banking platforms. We’re focused on providing financial institutions with a toolkit to modernise their operations and exceed customer expectations.”
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