Navy Federal Credit Union Announces 7-year Strategic Partnership with Backbase

Backbase's Engagement Banking Platform will serve as a platform for Navy Federal Credit Union’s ongoing progressive modernization of their member- and employee-facing operations.

ATLANTA--(BUSINESS WIRE)--Backbase, the leading Engagement Banking Platform provider, announces today the renewal and expansion of its partnership with Navy Federal Credit Union, the world’s largest credit union with more than 13 million members and $171 billion in assets, proudly serving U.S. veterans, retired service members and active duty in all branches of the armed forces and their family members.

Navy Federal Credit Union has strategically embarked on an ambitious multi-year transformation journey by continuing to standardize on Backbase as their engagement layer of choice. This renewal positions Backbase as a platform for member and employee-facing applications, ensuring a seamless banking experience across multiple channels.

By adopting the Backbase platform, Navy Federal Credit Union will achieve:

• Modernization and simplification of the credit union’s existing IT landscape by reducing the number of siloed channel applications.
• One unified platform, consolidating data, business logic, and workflows into a single, member-centric platform for efficient journey orchestration, benefiting both members and employees.
• Agility and freedom, enhancing flexibility to swiftly implement business capabilities and adapt to evolving market dynamics.

“We are continuously looking for ways to enable our digital transformation,” said Kathy Ward, SVP Digital of Navy Federal Credit Union. “Collaborating with strategic partners like Backbase has been instrumental to our goal of simplifying and enhancing member experiences by utilizing a single platform across digital interactions.”

“With this partnership renewal, we’re excited to reaffirm our mutual commitment to revolutionizing digital experiences for Navy Federal Credit Union’s members and employees,” said Jouk Pleiter, CEO of Backbase.

“Our decision to extend the partnership was driven by Backbase’s comprehensive engagement platform, which allows us to truly innovate,” says Ward.

The partnership between the world’s largest credit union and Backbase represents a significant leap toward modernizing banking. Together, the collaboration emphasizes the importance of long-term, strategic investments in technology to bring true value creation, moving away from legacy systems that hold speed and innovation back.

Discover more about the partnership between Backbase and Navy Federal Credit Union, and witness firsthand how they enhance the digital capabilities of the credit union’s members, at the Engage Americas event in Miami (April 23, 2024). More information about this event, speakers and sessions can be found at: https://www.backbase.com/events/engage-2024-americas.

About Backbase

Backbase is on a mission to re-architect banking around the customer.

We are the creators of the Engagement Banking Platform – a composable platform that empowers banks to accelerate their digital transformation through progressively modernizing their main customer journeys. From onboarding, to servicing, lending and investing, our platform streamlines every aspect of the customer and employee journey. Pre-integrated with leading core systems and cutting-edge fintechs, it enables institutions to unlock innovation at scale, driving instant value creation.

Industry analysts Forrester, Gartner, Celent, Omdia and IDC continuously recognize Backbase’s category leadership. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform — including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank.

Backbase is a private fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Boise, Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Milano, New York, Singapore (Asia HQ), Sydney, and Toronto.

About Navy Federal Credit Union

Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving more than 13 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 24,000 and has a global network of 355 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.