Backbase’s Intelligence Fabric: benefits and functionality
Backbase has launched a new solution to improve banking productivity. The Intelligence Fabric functionality is available on the Engagement Banking Platform.
The new solution is an AI infrastructure and a set of tools to work with it. Intelligence Fabric unlocks the power of artificial intelligence for the banking industry. Innovations enable financial institutions to take their operations to a higher level. The aim of the product is to impact performance in critical areas, primarily customer service and product sales.
It is worth noting that since their emergence, AI solutions have played an important role in transforming the banking sector. With their help, companies can improve operational efficiency and manage risks more intelligently. In addition, AI-based products make it possible to provide a personalised customer experience.
Product benefits
Backbase’s solution enables an Agentic AI strategy that works with cross-bank data. Based on this data, financial institutions can plan their operations, implement new approaches and expand their service offerings. Another benefit of Intelligence Fabric is the ability to create custom AI agents. These can help to organise work and assist customers throughout their interaction with the business. In addition, AI agents manage basic workflows and process data in real time.
The use of artificial intelligence is becoming increasingly relevant to the banking sector. Even now, banks are actively using generative AI to interact with customers. Backbase’s solution helps to solve a range of tasks, including:
– interpreting information and providing personalised answers to customer questions;
– understanding the context of the conversation;
– processing simple tasks such as searching for transactions, scheduling payments;
– logging customer data.
In addition, Intelligence Fabric ensures compliance with industry standards. This is crucial in the banking industry, where every step is structured and subject to a certain hierarchy.
According to Backbase director Yuk Plater, the new tool helps maximise the potential of AI. The company aims to give AI agents autonomy in the background. This will allow them to take on tasks and manage processes alongside humans in the future. Next-generation AI will help to significantly reduce internal and external costs. Financial institutions can optimise marketing, sales and customer service budgets.
Intelligence Fabric integrates data from multiple sources, including payment gateways, CRM, fintech and banking systems. This creates a single infrastructure to manage all key business processes.
