People First Bank launches new digital banking platform on Backbase AI-native banking OS. People First Bank and Backbase have announced the successful launch of People First Bank's new digital banking platform, operated by Backbase's AI-native Banking OS - a major milestone in the bank's broader technology transformation. People First Bank was formed through the merger of Heritage Bank and People's Choice in 2023, with the goal of bringing together two distinct legacy technology systems to serve approximately 750,000 customers nationally. The new platform underpins the recently launched People First Bank App and Online Banking experience, providing customers with simpler onboarding, stronger security, improved reliability and a more intuitive user experience. People First Bank selected Backbase for its flexibility and proven market track record. Backbase allowed them to work toward unifying their platforms and channels without replacing any core banking systems - reducing risk and accelerating time to market through pre-built journeys for onboarding and lending. It also provides a strategic integration asset, making future mergers easier to execute and positioning the bank as a partner of choice in Australia's customer-owned banking sector. Australian Fintech Companies Andy Weir, Chief Technology and Transformation Officer at People First Bank, said the new platform was an important step forward for customers. "Digital banking is the primary way most customers engage with their bank, so getting that experience right is extremely important," Weir said. "Customers can now join more easily, navigate their accounts more intuitively and access improved support when they need it. We have also built a foundation that lets us keep improving over time." Weir described the launch as one of the bank's most significant technology milestones. "This is a major step in a broader transformation program that is modernising the technology that supports our customers and our people," Weir said. Discover more financial services Open Banking Solutions Responsible Lending Guides "Over the past three years we have delivered a new residential lending platform, and now a completely new and enhanced digital banking experience. "Importantly, we have done this in a way that creates a strong basis for future delivery, allowing us to continue improving digital banking, while progressing payments and core banking initiatives in the year ahead." The digital banking partnership delivered six production releases in the first nine months, and more than 600 employees participated in a launch program ahead of customer rollout to refine the experience and identify improvements. The platform is currently being rolled out to former People's Choice customers, with Heritage customers continuing to use existing digital banking services while preparations for their migration continue. Weir said the phased approach reflected the bank's focus on customer experience and operational resilience. "This is a significant change and we want to make sure customers are supported every step of the way. The staged rollout allows us to focus on delivering a smooth transition while continuing to learn and improve." Jeremy Thomas (pictured), Regional Vice President ANZ at Backbase said, "People First Bank is one of the most significant digital launches in Australian customer-owned banking. The team's commitment to getting this right, from executive alignment to staff onboarding, is what made it possible. We're proud to partner with People First Bank and what they're building for their customers." Australian Fintech Companies

Belize Bank ties up with Backbase for AI-native platform. The project will cover both retail and business banking and is intended to reshape the bank's digital operations in Belize. Belize Bank Limited (BBL) has agreed a six-year alliance with Backbase to introduce an AI-native banking operating system. The project will cover both retail and business banking and is intended to reshape the bank's digital operations in Belize. BBL accounts for roughly 43% of national banking assets and serves more than 100,000 retail and business customers, Backbase said. The bank also has over $1bn in total assets and the largest branch network in the country. BBL plans to use Backbase's Banking OS to bring together services that are currently handled through separate processes. The system is expected to support self-service functions, digital onboarding and cash-flow monitoring for business customers. Belize Bank executive chairman Filippo Alario said: "Our strategic partnership with Backbase represents a transformative step toward delivering a new era of banking - one that is seamless, intelligent, personalised, and built around the evolving needs of our customers. By combining Backbase's innovation with Belize Bank's commitment to excellence and customer-first vision, we are laying the foundation for a future where digital banking goes beyond transactions - creating more meaningful connections, empowering our customers, and transforming the way Belizeans experience banking." Within the bank, the platform is also intended to link internal teams through a single customer view, with the goal of shortening service resolution time, noted the tech vendor. The new system will operate on top of BBL's current banking core rather than replacing it. Backbase's Connectivity Layer, called Grand Central, will be used to connect the platform with existing banking systems and support the customer lifecycle. Additional Backbase marketplace partners will provide parts of the infrastructure, creating an integrated digital banking setup through a single system. Backbase CEO Jouk Pleiter said: "Belize Bank is exactly the kind of institution Backbase was built for - a market leader that takes its responsibility to customers seriously and wants technology that matches that ambition. Embarking on this comprehensive modernisation across retail, SME, and digital lending is a true reflection of the strategic discipline of the team at Belize Bank. We are proud to partner with them to architect the financial backbone of Belize's future economy." Give your business an edge with its leading industry insights.

Backbase AI outperforms GPT-4.1 in banking by learning to say 'I don't know' Quick summary. Backbase has developed a 12-billion-parameter banking AI model that outperforms GPT-4.1 by admitting uncertainty. By training the system to say "I don't know" when evidence is missing, Backbase achieved a 7.1% increase in query resolution at 50x lower operational costs compared to frontier models. How does Backbase solve AI hallucinations in banking? Backbase solves the critical issue of AI hallucinations by training its 12B-parameter model, FinRAG-12B, to recognize the limits of its own knowledge. Unlike standard models that are rewarded for confident guessing, this system was trained on a dataset where 22% of examples had no correct answer, forcing the AI to prioritize grounded accuracy over sycophancy. * The model reached a 12% refusal rate, significantly more honest than the 4.3% rate of untuned base models. * It outperformed GPT-4.1 on citation grounding by 2.3 points, ensuring answers are tied to source documents. * Training costs were remarkably low at just $1,800, proving specialized models can beat general-purpose giants. What results has this AI delivered for financial institutions? In a seven-month live deployment at a large US financial institution, the model demonstrated that honesty drives resolution. By refusing to answer nearly three times as often as its base model, it paradoxically solved more problems because users trusted the validated responses it did provide. * Query resolution rose by 7.1 percentage points across 3,297 sampled customer queries. * Operational costs dropped to $0.001 per query, making it 20-50x cheaper than using GPT-4.1. * Processing speeds were 3-5x faster than frontier models, running efficiently on a single GPU. Ff news take: This announcement moves the needle by debunking the "bigger is better" myth in fintech AI. While the industry has been obsessed with massive parameter counts, Backbase proves that domain-specific calibration and calibrated refusal are the real keys to ROI. Achieving a 7.1% resolution lift while slashing costs by 50x is a massive win that finally addresses why 95% of AI pilots fail to impact the bottom line. Featured speakers.