A strategic partnership between Jet Financial institution and banking platform Backbase will energy the launch of Albania’s first digital-only financial institution. A greenfield digital financial institution in a position to leverage trendy, enabling applied sciences, Jet Financial institution selected Backbase to function its digital engagement layer, orchestrating buyer interactions throughout channels whereas integrating with core banking, card processing, and third-party companies.
“Our ambition is to set a brand new normal for digital banking in Albania by constructing a financial institution that feels intuitive, dependable, and related in on a regular basis use,” Jet Financial institution CEO Fatbardha Rino stated. “This partnership with Backbase offers us the digital basis to launch rapidly whereas sustaining the belief and self-discipline anticipated from a licensed financial institution. We’re not simply launching an app—we’re constructing a platform that may constantly evolve with our prospects.”
To date, the collaboration between Backbase and Jet Financial institution has enabled the establishment to transition from setup to Person Acceptance Testing in three months, and acquire full operational functionality as a licensed digital financial institution inside six months. The platform additionally helps month-to-month product releases, enabling Jet Financial institution to launch new services based mostly on precise buyer demand whereas guaranteeing uninterrupted buyer journeys.
The answer gives end-to-end banking capabilities starting from buyer onboarding and lending to wealth administration and clever help—all orchestrated by way of a single unified expertise. Moreover, Jet Financial institution famous that Backbase’s marketplace-driven strategy was a serious purpose why the establishment sought out the collaboration. Particularly, the financial institution pointed to the power to rapidly launch new merchandise and third-party companies inside a constant digital expertise, a vital functionality for a digital financial institution.
“Jet Financial institution represents the way forward for digital banking—quick to market, constructed for steady innovation, and designed round buyer wants from day one,” Backbase Regional Vice President Robert Mihaljek stated. “Their strategic option to accomplice with a single, unified platform slightly than assembling disconnected channels demonstrates the self-discipline required to construct a really scalable digital financial institution. We’re proud to help their imaginative and prescient and assist them convey world-class digital banking to Albania.”
A Finovate alum since 2009, Backbase is a four-time Finovate Better of Present award winner, most lately securing high honors at FinovateEurope 2018. Based in 2003 and headquartered in Amsterdam, Backbase presents an AI-powered banking platform that unifies all servicing and gross sales journeys into an built-in suite. Backbase’s know-how allows banks to modernize operations throughout retail, SME, industrial, and personal banking, in addition to wealth administration. Greater than 150 monetary establishments around the globe use Backbase’s options and companies.
This week’s collaboration just isn’t the primary between Backbase and an Albanian financial institution. Final spring, Backbase introduced that Albania’s Tirana Financial institution would deploy Backbase’s Engagement Banking Platform to energy its digital transformation. The five-year strategic partnership will improve Tirana Financial institution’s suite of options together with new capabilities for net and cell banking, digital lending, and different companies.
Based in 1996 as the primary financial institution in Albania launched completely with personal capital, Tirana Financial institution surpassed complete property of €1.5 billion ($1.6 billion) in 2024. The establishment is positioned in Tirana, Albania’s capital metropolis with an estimated 542,730 residents—greater than 800,000 within the larger metropolitan space.
Picture by Mario Beqollari on Unsplash
Views: 5