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High Non-public Vietnamese financial institution chooses Backbase Engagement Banking Platform for Retail Banking
HO CHI MINH, VIETNAM – Media OutReach – 21 July 2023 – Backbase, the worldwide chief in Engagement Banking right now introduced that Orient Industrial Joint Inventory Financial institution (OCB) has chosen Backbase to energy its omnichannel banking modernization in a signing ceremony on 20 July 2023. OCB’s aim is to create a personalised digital banking system for every buyer throughout all channels, by absolutely digitizing each buyer journey and touchpoint to offer seamless providers through cellular purposes and pc platforms. This undertaking implementation might be led by Backbase’s companion SmartOSC.
Cooperation settlement between OCB, Backbase and SmartOSC to speed up, modernize and personalize omnichannel digital banking with Backbase Engagement Banking Platform 
OCB is the highest non-public financial institution in Vietnam and is Backbase’s fifth buyer in Vietnam. In 2022, OCB expanded OCB OMNI to greater than 200 merchandise, providers, and utilities. OCB OMNI customers elevated greater than 1.7 instances, whereas the variety of transactions elevated by greater than 200% in comparison with 2021. OCB’s fee of deposit by means of digital channels additionally elevated by 178% over the identical interval.
Mr. Nguyen Dinh Tung, CEO, OCB, stated “As a pioneer financial institution of digital transformation on the whole and omnichannel banking particularly, our technique is to create a unified buyer lifecycle first within the retail banking line of enterprise and swiftly develop to the enterprise banking line of enterprise. With the Backbase Engagement Banking Platform (EBP) primarily based on three major elements together with: a six-month go-live timeline, full management over constructing, proudly owning, and customizing differentiated upstream and downstream necessities, and native assist for implementation and future undertaking wants. OCB expects to speed up buyer acquisition development and double its retail banking month-to-month lively customers within the first 12 months of the platform launch, and aim to develop to 10 million month-to-month lively customers in 5 years of the launch.”
OCB’s earlier in-house try lacked scalability, pace to market, and failed to satisfy expectations, posing a menace to the financial institution’s place as a fast-growing and customer-centric establishment. With the implementation of Backbase’s EBP, OCB now has the power to undertake and construct, aligning with its fashionable banking tradition and customer-centric strategy. he funding aligns with OCB’s enterprise mannequin and administration values of low threat, effectivity, security, and development.
“Revolutionary banks with excessive digital maturity like OCB endeavor to take the driving force’s seat to ship their very own distinctive omnichannel digital banking proposition. The wonder in adopting and constructing is that banks don’t want to fret in regards to the underlying enterprise guidelines, orchestration of banking providers, hygiene safety and compliance necessities, and the important micro providers and journeys which are already confirmed to work throughout the strains of enterprise and channels they wish to re-architect. On day one, banks might begin constructing on high of the platform to customise journeys and expertise for particular client segments, merchandise, and channels, which is the rationale that go-live for such an intensive omnichannel platform will be inside 6 months,” Riddhi Dutta, Regional Vice President, Asia, Backbase stated.
SmartOSC will help OCB in integrating the Engagement Banking Platform, additionally known as the Digital Banking Omnichannel Platform, into its present data techniques, whereas additionally addressing OCB’s preliminary localization necessities, by leveraging their intensive expertise and market-leading options, Moreover, SmartOSC will develop OCB’s Cell Banking, Web Banking, and Worker App.
“We’re excited to collaborate with OCB and Backbase at this pivotal time in banking. Being able to rapidly adapt to evolving buyer wants is important in right now’s digital panorama. That is what makes this collaboration so essential!” Mr. Le Mai Anh, Vice Chairman of SmartOSC stated. “We’re honored to work collectively to modernize omnichannel banking utilizing the Engagement Banking Platform showcasing one of the best that innovation and customer-centricity have to supply. It’s with nice confidence that we ship this undertaking on time and assist OCB’s mission of placing buyer wants first by delivering high-quality services and products with out disruption.”
The Backbase Engagement Banking Platform was acknowledged as a pacesetter earlier this 12 months by {industry} analysis analysts at Celent and Omdia.Hashtag: #Backbase #digitalbanking #engagementbanking #retailbanking #omnichannelbanking
https://www.linkedin.com/firm/backbase/
The issuer is solely answerable for the content material of this announcement.
Backbase
Backbase is on a mission to re-architect banking across the buyer.
Backbase created the Backbase Engagement Banking Platform – a unified platform with the client on the middle, empowering banks to speed up their digital transformation. From buyer onboarding, to servicing, loyalty, and mortgage origination, our single platform — open and frictionless, with ready-to-go apps — improves each side of the client expertise. Constructed from the bottom up with the client on the coronary heart, our Engagement Banking Platform simply plugs into present core banking techniques and comes pre-integrated with the newest fintechs so monetary establishments can innovate at scale.
Trade analysts Gartner, Omdia, and IDC repeatedly acknowledge Backbase’s class management place. Over 120 financials world wide have embraced the Backbase Engagement Banking Platform. In APAC, the shoppers we serve embrace ABBANK, BDO Unibank, Financial institution of the Philippine Islands, EastWest Financial institution, HDFC, IDFC First, JudoBank, Techcombank, TPBank, and UBank.
Backbase is a privately funded fintech firm, based in 2003 in Amsterdam (International HQ), with regional workplaces in Singapore (APAC HQ), Atlanta (Americas HQ), and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.
Orient Industrial Joint Inventory Financial institution (OCB)
Orient Industrial Joint Inventory Financial institution (OCB) was established on 10 June 1996. After greater than 27 years of operation and growth, OCB at present has greater than 200 enterprise models unfold throughout all areas and key financial facilities throughout the nation.
OCB was acknowledged by the State Financial institution as one of many first three banks to finish threat administration objects in accordance with the Basel II worldwide requirements by the tip of 2018. Moody’s Buyers Service, one of many three most prestigious credit standing businesses on the planet, elevated Counterparty Danger Evaluation (CRA) and Counterparty Danger Score (CRR) to Ba3 in July 2019. That is the highest-ranking stage in Vietnam right now.
OCB has step by step risen to the highest of the group of personal banks in Vietnam in accordance with three standards: development fee, security and effectivity. Not solely operational effectivity and revenue, OCB all the time actively controls prices, synchronously implements cost-optimizing options to enhance enterprise effectivity, that is the Financial institution’s course all through.
SmartOSC
With 18 years in operation, SmartOSC is an industry-leading digital transformation company of 1000+ consultants throughout international locations together with Vietnam, Australia, Singapore, Japan, Thailand, Indonesia, Korea, the US and the UK. Deep expertise throughout most enterprise platforms and expertise stacks has made SmartOSC a trusted companion for main manufacturers and monetary establishments worldwide.
SmartOSC Fintech offers top-tier options and caters to tailored necessities for banks and monetary establishments worldwide by leveraging the newest applied sciences. This functionality means banks can scale back working prices, save implementation time and guarantee safety with SmartOSC Fintech suite.
Being acknowledged as a number one customer-centric eCommerce companion at The International Economics Awards 2023, SmartOSC is ready to signify its dedication to serving to purchasers to achieve an ever-changing world.
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