- Partnership Announcement: MyState Bank, based in Hobart, Tasmania, has selected Dutch digital banking solutions provider Backbase to enhance its digital banking services.
- Platform Deployment: The bank will implement Backbase’s Engagement Banking platform to simplify money management and provide a more user-friendly and secure experience for customers.
- Features and Functions: The platform will offer a range of digital banking features, including:
- Payments (e.g., Pay ID and digital wallets)
- Personal finance management (PFM)
- Integrated threat and fraud protection
- Consolidation of loan origination, servicing, loyalty programs, and customer onboarding.
- Background and Goals: The partnership aims to help MyState Bank respond to the evolving needs of banking customers in Tasmania and expand its growth on Australia’s east coast as a challenger brand. The bank previously updated its core banking systems in 2017 using TCS Bancs from TCS Financial Solutions.
- Backbase’s Global Reach: MyState Bank joins other banks globally, such as Malaysia’s Bank Muamalat, EverBank in the US, and Australia’s Judo Bank, in adopting Backbase’s platform.
- Technological Advancements: Backbase continues to innovate, appointing Chris Shayan as head of AI in June to further advance its Engagement Banking platform.
