The collaboration is designed to tackle what the companies say is one of the biggest challenges in banking: data fragmentation that impedes innovation and limits the customer experience. The partnership aims to address this issue by melding Plaid’s financial data connectivity with Backbase’s platform. This lets banks more quickly onboard customers faster, aggregate account data and offer personalized financial journeys.
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Plaid and Backbase team on faster bank customer onboarding
“Financial institutions face a common problem: Data lives in silos, legacy integrations break constantly, customer onboarding often takes several days—and lack of visibility across databases means creating personalized experiences is challenging and costly,” the companies said in a news release provided to PYMNTS.
