FrankieOne and Backbase Help Customers Secure Digital Financial Services

In a bid to fortify the security of digital financial services in Australia and New Zealand, Backbase, the renowned engagement banking firm, has announced a strategic partnership with FrankieOne, a leading Australian identity verification and fraud prevention platform provider. This collaboration aims to facilitate seamless customer onboarding for banks and credit unions in the region by combining Backbase’s personalized banking experience platform with FrankieOne’s robust identity verification solutions, according to The Fintech Times.

The need for such a partnership has become evident as recent statistics from the 2023 Australian Payment Fraud Report, released by the Australian Payments Network, unveiled alarming figures. In 2022, fraud on payment card transactions surged by 16.5 percent compared to the previous year, totaling a staggering $577 million. This increase in fraudulent activity coincided with a 16 percent rise in total spending on cards, reaching an astonishing $1 trillion during the same period. The fraud rate on Australian card payments, although marginally increased from the previous year to 57.5 cents per $1,000 spent, underscores the growing threat of fraud in the region.

Confronted with escalating levels of fraud, consumers have heightened their awareness of the critical importance of secure digital banking. Fraudulent activities are costing Australian consumers billions of dollars, making the need for enhanced security paramount.

Elliott Haralambous, the Director of Partnerships and Alliances at Backbase, expressed his enthusiasm for the collaboration, stating, «As pioneers in the digital banking space, this partnership will bring a new level of innovation to the Australian and New Zealand banking sector. This collaboration enables us to offer seamless digital experiences while maintaining the highest standards of security and compliance.»

The Backbase and FrankieOne partnership aspires to furnish local financial institutions with increased trust throughout customer onboarding processes. It is anticipated that this joint effort will lead to higher customer loyalty within the local banking industry and a simplification of compliance requirements.

Backbase’s engagement banking platform now gains access to FrankieOne’s comprehensive suite of offerings, including Know-Your-Customer (KYC), Anti-Money Laundering (AML), biometric verification, transaction monitoring, fraud detection, and compliance capabilities, drawing from a carefully curated selection of both local and international providers.

In addition to this strategic collaboration, Backbase has recently introduced its Engagement Banking Cloud (EBC) offering, presenting customers with a unified platform that extends across all lines of business and supports the complete customer lifecycle through seamless customer journeys.

In the face of evolving threats in the digital financial landscape, the Backbase and FrankieOne partnership seeks to fortify the security and trustworthiness of Australia and New Zealand’s financial institutions, ultimately ensuring a safer and more secure digital banking experience for all.