Danske Bank has teamed up with BackBase, signing a deal that aims to improve customer experiences across Danske Bank’s online services.

Enhanced Digital Experiences

Under the terms of the agreement, BackBase's Engagement Banking Platform (EBP) will be leveraged to help Nordic bank Danske Bank offer seamless, personalized experiences for the bank's customers.

Frans Woelders, Chief Operating Officer at Danske Bank, says, “This engagement is testament to our customer focus and our commitment to ensuring the best digital banking experience for the future. A new platform that works across the web, mobile apps and our adviser tools is one of the ambitions in Danske Bank’s Forward ’28 strategy, and the agreement with Backbase is the next step towards achieving that ambition.”

BackBase’s Fintech Expertise

Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term BackBase will be providing Danske Bank with its EBP that aims to help financial institutions accelerate their digital transformation through the creation of seamless, exceptional user journeys.

This move is in line with Danske Bank's Forward '28 strategy, setting ambitious goals to fortify its standing as a leading bank in the Nordic region. The plan involves hefty investments and efforts towards strengthening customer offerings, and stepping up the bank’s digital game.

Increased Personalization

Christian Bornfeld, Head of Personal Customers and Financial Crime Risk & Prevention, said, “This platform will allow us to take our interaction with customers though our digital solutions to the next level and to introduce enhancements at greater speed than ever before. It will thus enable us to provide market-leading convenience and personalization for our customers with great insights, increased proactivity and easy access to assistance and advice.”

Significant Investments

Alongside this digital expansion, Danske Bank also announced a significant boost in its annual investments. As of June 7, 2023, Danske is doubling down on its commitment to core capabilities within digital platforms, expert advisory services, and sustainability.

Danske Bank isn’t the only finance house embarking on a digital journey as banks increasingly focus on online. One potential downside to increasing focus on online is the gradual shrinking of physical bank branches, as is the case with Wells Fargo.

However, the key takeaway is that digital banking and payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are the future and this is going to continue to evolve in 2024.