Backbase is a Netherlands-based engagement banking platform, which helps financial institutions transform their digital operations to center around customer needs. Founded in 2003, Backbase most recently secured €120M in growth equity funding from Motive Partners in 2022, which valued Backbase at €2.5B. 

Onsite at Money20/20, The FR sat down with Thomas Fuss, CTO of Backbase. Fuss outlines:

• The difference between engagement banking and traditional banking; 

• How and why banks shift from traditional to engagement banking, including the priorities and values banks bring to the table when first engaging with Backbase; 

• Why Backbase has moved into offering SMB-focused solutions, in addition to serving its banking clients; 

• How Backbase’s technological platform was already compatible with a move SMB servicing; 

• The key challenges Backbase faces in 2024; and

• Why some banks aren’t ready for AI