The latest news about technology products and services relevant for wealth managers around the world.

Capital Bank of Jordan, Backbase
Capital Bank of Jordan, which serves individuals and institutions, has launched a digital banking platform, working with financial software firm Backbase.

The Middle Eastern bank said that it has carried out a “complete digital overhaul” of its operations. Another partner, which implemented the project, was Bring Global. 

As far as Backbase is concerned, the project with the Middle Eastern bank adds to a large list of clients. More than a 100 financial firms use its digital platform, such as ABN AMRO, Barclays, CheBanca!, Fidelity, HDFC, Hiscox, HSBC, KeyBank, Legal & General, NBAD, OTP, PZU, PostFinance, Societe Generale de Banque au Liban and Westpac.

“The project was launched on Microsoft Azure using Kubernetes, which was previously uncharted territory for the region. Although a highly-complex process, Microsoft was on hand throughout to aid in implementation,” Eyas Khawaja, chief operating officer at Capital Bank of Jordan, said. 

The bank serves clients in Jordan and Iraq. It also operates an investment arm – Capital Investments – as well as advisory services via the Dubai International Financial Centre. 

A few days ago Backbase launched an “onboarding and origination solution” for clients, including wealth managers. Backbase says that its turn-key solution allows firms to acquire clients – or “onboard” them – more efficiently and speed up a process that can often take an hour and is frequently a laborious, exhausting and irritating experience. Some private banks take an average of two months to take a client on. Backbase said some traditional banks’ onboarding, if done at a physical branch, can take as long as 90 days, costing tens of thousands of dollars or equivalent currency values in lost revenues. The business said it can slash onboarding times by as much as 80 per cent, cut operational costs by more than 30 per cent, and get products to market up to 18 times faster.