Backbase and Atomic to deliver digital first solutions for community banks and credit unions

Backbase and Atomic to deliver digital first solutions for community banks and credit unions

As open banking continues to shape the US financial landscape, Atomic’s integration into Backbase’s Engagement Banking Platform offers a streamlined user experience while increasing direct deposit penetration and lending opportunities for financial institutions.

Atomic, a leader in consumer-enabled direct deposit switch technologies, is to integrate its direct deposit and income and employment verification capabilities directly into Backbase’s Engagement Banking Platform.

This partnership is pitched as offering financial institutions the ability to, in turn, offer their customers the ability to digitally switch direct deposits during account setup and electronically confirm income and employment details during loan processes – enhancing user experience and increasing user retention.

With this partnership, the entire process of switching accounts and verifying income is said to become digitally seamless, removing what is now a paper method that is full of friction, takes more time and is also open to fraud.

Atomic’s integration into Backbases’s Engagement Banking Platform helps community banks and credit unions become more competitive by offering:

  • Enhanced Customer Experience: The integration provides a frictionless end-to-end process for users to manage their money and digitally update their direct deposit.
  • Higher Direct Deposit Adoption: Financial institutions can see significant increases in direct deposit adoption rates over paper methods.
  • Increased Lending Rates: Real-time verification data provides faster and more thorough customer qualification, keeping applicants engaged from initiation to submission.
  • Streamlined Operations: Backbase’s platform eliminates vendor lock-in and silos, while Atomic’s service facilitates quicker account changes that go into effect the same or next pay cycle.

This latest partnership with Atomic further expands Backbase’s Fintech-as-a-Service (FaaS) offering, which enables banks and credit unions to elevate their customer and member experience by seamlessly incorporating cutting-edge features directly into their apps.

By integrating Atomic’s direct deposit switch and income verification technologies into Backbase’s Engagement Banking Platform, financial institutions can decrease time-to-market while making contracting easier and more streamlined.

“We understand how important it is for banks and credit unions to provide more flexibility to their customers and members when it comes to managing their finances. It also aids in customer retention as it makes for a more seamless user experience,” said Mayank Somaiya, Director, Global Head of Fintech-as-a-Service, Backbase.

“By integrating Atomic into our FaaS offering, financial institutions are in a better position to upgrade their banking applications with high-demand features – like offering account holders a convenient and secure way to switch deposits.”

In addition to offering a fully integrated solution that allows account holders to set up and switch direct deposits quickly and conveniently, financial institutions can also leverage Atomic to authenticate user income and employment details for loan evaluations – helping financial institutions to grow and strengthen direct deposits, account acquisition and primary customer relationships.

“Combining Atomic’s leading direct deposit switch technology with Backbase’s cutting-edge Engagement Banking Platform is a win-win,” said Jordan Wright, Co-Founder and CEO, Atomic. “These financial institutions can also expand their lending operations by leveraging digital income and employment verification directly within their online and mobile banking platforms. We’re focused on providing financial institutions with a toolkit to modernize their operations and exceed customer expectations.”

Atomic’s solutions use patent pending TrueAuth connectivity technology to securely update direct deposits and verify income and employment.

With TrueAuth, users authenticate directly on their own devices, eliminating the need to share passwords with Atomic. This approach empowers users by giving them control over their own data and reinforces trust and commitment to privacy.

For a smooth user experience, TrueAuth integrates natively with password managers and biometrics – driving higher conversion rates.

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