Backbase, an AI-powered banking platform, has teamed up with Jet Bank to introduce a digital-only bank in Albania. This collaboration is centered on delivering a customer-centric banking experience.
The partnership seeks to establish a fully digital engagement platform that emphasizes speed, innovation, and growth, enabling Jet Bank to transition from setup to User Acceptance Testing within about three months and become an operational digital bank within six months.
Albania’s First Digital-Only Bank
Jet Bank aimed to launch rapidly while ensuring security and future growth. Traditional banking tools were inadequate, requiring a platform that could facilitate swift time-to-market, product development, and regulatory compliance. Backbase’s AI-driven banking platform was chosen as the digital engagement layer due to its ability to integrate with core banking, card processing, and third-party solutions.
The bank’s decision was influenced by Backbase’s marketplace-oriented approach, which allows for easy integration of new services and partners in a consistent manner. This feature is crucial for a digital bank that aims to expand its offerings over time.
The platform supports the launch of new products every month, enabling Jet Bank to introduce innovative features based on customer usage without disrupting existing processes. It encompasses end-to-end digital banking capabilities, including onboarding, lending, and investing, all orchestrated through a unified experience.
Following the launch, both companies will focus on optimization and expansion. Jet Bank plans to enhance user experiences based on real-world interactions and gradually roll out additional features. The platform’s architecture permits the introduction of new features like AI-driven solutions without affecting core systems.
The collaboration between Backbase and Jet Bank also involves partnership with implementation partners, such as Facilization for core banking services. The initial phases were handled by Backbase to meet strict timelines, while subsequent phases will be supported by Facilization. This model helps in mitigating risks and ensuring a smooth deployment.
Jet Bank’s immediate goal is to increase its market presence in Albania by refining its digital product offerings based on customer preferences. In the long term, the bank aims to scale into a regional digital banking platform capable of launching market-first products and expanding beyond Albania.
