Backbase Launches Intelligence Fabric for Banks in Amsterdam

On September 25, 2024, Backbase announced a significant enhancement to its Engagement Banking Platform with the launch of the Intelligence Fabric layer. This new feature integrates advanced data and AI capabilities, allowing banks to implement Agentic AI functionalities that can significantly improve productivity in service and sales operations. By utilizing cross-bank data, banks can create AI Agents that enhance customer journeys and streamline workflows through real-time data interpretation. The Intelligence Fabric is built on Backbase's Grand Central, an Integration Platform-as-a-Service that consolidates data from various sources, including core banking systems and fintech solutions. This integration not only democratizes data access for banks and their partners but also equips support teams with AI tools to analyze customer sentiment and provide personalized responses. The AI Agents can handle tasks ranging from simple transaction searches to complex processes like customer onboarding. Thomas Fuss, the Chief Technology Officer at Backbase, emphasized that this innovation is transformative for the banking sector. The embedded AI capabilities enable banks to create event-driven systems and tailor AI agents for specific tasks while maintaining control over their data and compliance with regulatory standards. This development aligns with industry predictions that by 2028, a significant portion of interactions with generative AI services will involve autonomous agents. Ultimately, the introduction of the Intelligence Fabric represents a pivotal advancement in Backbase's mission to empower banks to leverage data and AI effectively. The potential for AI Agents to operate autonomously could redefine customer interactions and operational workflows within the banking industry.