AI-powered banking platform provider Backbase has formed a strategic partnership with financial data network Plaid to tackle one of banking's most persistent challenges: data fragmentation that stifles innovation and limits customer experience.
The collaboration integrates Plaid's secure, real-time financial data connectivity with Backbase's AI-powered Banking Platform, enabling banks to accelerate customer onboarding, seamlessly aggregate account data, and deliver personalized financial journeys without struggling with legacy integrations.
"Data is only valuable when it is actionable and understandable," said Mayank Somaiya, Global Vice President and Head of Ecosystem Partnerships at Backbase. "By integrating Plaid's aggregation and enrichment capabilities, we are enabling banks to move beyond raw transaction lists. We are providing a pre-integrated solution that gives customers a holistic, 360-degree view of their financial health—enriched with the clarity they expect—without the burden of building it from scratch."
The solution is now available to banks worldwide through Backbase's website, complete with solution consultants, technical guidance, and implementation support.
Plaid's network connects over 12,000 financial institutions and 7,000 fintechs. Combined with Backbase's footprint of 100+ banks globally, this partnership unites two proven leaders in digital banking transformation.
"Artificial intelligence is rapidly changing what's possible in financial services, but only with strong data foundations," said Adam Yoxtheimer, Head of Partnerships at Plaid. "By combining Plaid's real-time connectivity and intelligence with Backbase's Banking Platform, more banks can access the permissioned data and corresponding insights needed to deliver enhanced, personalized experiences."
Both companies will continue strengthening the partnership, working closely to address evolving client needs and expand the solution as market demands grow.