Tien Phong Commercial Joint Stock Bank (TPBank) in Vietnam engaged Backbase, a digital-first banking platform, to transform the their’s traditional products, services and core banking system.
Backbase drove the digitisation to enable TPBank to operate on a secure, efficient, and sustainable omni-channel digital platform that is agile and scalable as the bank prepares for strong future growth and expansion.
With Backbase’s solutions, TPBank has successfully revamped its mobile and Internet banking system, which was in development for the last decade, in just nine months.
The introduction of comprehensive digital banking back-end services from Backbase has enabled TPBank to shorten the time taken to develop new products and accelerate time-tomarket, as it only took the bank 10 months to successfully migrate nearly 3 million customers to the new platform.
Backbase’s ready-to-go banking with widget collections has also provided TPBank the flexibility to customise their core-independent development, enabling faster digital innovation without the limitations from back-end systems.
“Without completely overhauling a bank’s core which it has built over decades, Backbase’s breadth of integration mechanisms can support incumbent banks to execute strategic digital transformation projects that are tailored uniquely for them,” said Riddhi Dutta, Backbase regional head for ASEAN and India.
Nguyen Hung, CEO of TPBank, said Backbase’s solutions has accelerated the development of their digital banking products services for the next five to 10 years.
“Our digital innovation journey that is being undertaken with Backbase has placed the people at the centre of our digital investment, with technology being the critical driver in transforming our bank and ensuring we stay ahead of the competition in the next digital banking revolution,” said Nguyen.
