SYDNEY, AUSTRALIA - Media OutReach - 18 September 2023 - Backbase is pleased to announce the partnership with Judo Bank (ASX: JDO) is now live. Judo selected Backbase’s Engagement Banking Platform (EBP) to create new digital experiences for its small and medium (SME) business banking and term deposit customers.
The adoption of Backbase’s EBP will enable Judo’s relationship bankers to dedicate more time to customers. The platform will also allow for monthly releases of additional features going forward.
Judo’s purpose-built, modern, cloud-based, flexible technology stack uses adoptive technology principles. Judo was looking for a global leading, digital platform capability that embraced both strong design and security principles, with the customer at the core. Backbase was selected after a comprehensive search with the build commencing in 2022.
Judo Bank is Australia’s first purpose-built challenger bank, uniquely focused on SMEs and on 1 November 2021, was the first commercial bank to list on the Australian Stock Exchange in 30 years. Relationship Banking is the core of Judo’s strategy. Technology at Judo is designed and built to enable banker and customer relationships. This differentiated, human-centered approach has seen Judo’s growth since inception reach a lending book of over $9B and a deposit book over $6B with over 35,000 customers.
Judo Bank’s 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.”