Javelin Strategy & Research Announces Small-Business Digital Account Opening Award Winners
Backbase wins Best in Class. NCR Terafina and FIS recognized as Overall Leaders
San Francisco, Calif., June 15, 2021 — Javelin Strategy & Research announced the winners of its 2021 Small-Business Digital Account Opening Scorecard. The in-depth report assesses vendors that address the complex, multifaceted challenge of opening small business checking accounts, from the perspective of both applicants and bankers.
Six vendors were evaluated on three essential categories for success in digital account opening:
- Customer Journey, a quantitative evaluation of the applicant-facing flow, using a 108-point scorecard, from pre-application and product selection
- Administrative Tools, a qualitative evaluation of the banker-facing platform, application management, portfolio analysis and insight, and process testing and improvement
- User Experience, an assessment of innovative approaches that optimize efficiency and speed, reduce friction and abandonment, and build long-term customer engagement
Backbase earned “Best in Class” honors and ranked highest in Javelin’s 108-point customer journey assessment. Backbase’s Digital Sales solution for SMEs shines due to the breadth of its account and product offerings, comprehensive digital capabilities and back-office tools. NCR Terafina and FIS are also recognized as Overall Leaders for their high ranks in Javelin’s scorecard.
In addition to identifying and evaluating the top features of digital account opening technologies, Javelin’s scorecard report lays out a detailed set of best practices for building an efficient and engaging account-opening process for business banking. Other digital banking vendors evaluated in the report include Bottomline Technologies, Finastra and nCino.
“Only half of the top 24 U.S. banks offer digital account opening for small businesses, but it should be table stakes,” said Ian Benton, Senior Analyst of Digital Banking. “Banks that force business owners to call a banker or visit a branch not only will fall behind competitors but also popular fintechs that are poaching customers from banks.”
More information on the scorecard report and ranking can be found HERE
Javelin Strategy & Research, part of the Escalent family, helps its clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. For more information, visit https://www.javelinstrategy.com. Follow us on Twitter and LinkedIn.