Orient Commercial Joint Stock Bank (OCB) in Vietnam has chosen Backbase to power its omnichannel banking modernisation drive through a project implementation that will be led by Backbase’s partner SmartOSC.
OCB’s goal is to create a personalised digital banking system for each customer across all channels, by fully digitising every customer journey and touchpoint to provide seamless services via mobile applications and computer platforms.
Nguyen Dinh Tung, CEO of OCB, said that as a pioneer bank of digital transformation in general and omnichannel banking in particular, their strategy is to create a unified customer lifecycle first in the retail banking line of business and swiftly expand to the business banking line of business.
“With the Backbase Engagement Banking Platform (EBP), OCB expects to accelerate customer acquisition growth and double its retail banking monthly active users in the first year of the platform launch, and to grow to 10 million monthly active users in five years of the launch,” said Nguyen.
OCB’s previous in-house attempt lacked scalability, speed to market, and failed to meet expectations, posing a threat to the bank’s position as a fast-growing and customer-centric institution.
With the implementation of Backbase’s EBP, OCB now has the ability to adopt and build, aligning with its modern banking culture and customer-centric approach. The investment aligns with OCB’s business model and management values of low risk, efficiency, safety, and growth.
“The beauty in adopting and building is that banks do not need to worry about the underlying business rules, orchestration of banking services, hygiene security and compliance requirements, and the essential micro services and journeys that are already proven to work across the lines of business and channels they want to re-architect,” said Riddhi Dutta, Backbase regional VP for Asia.
“On day one, banks could start building on top of the platform to customise journeys and experience for specific consumer segments, products, and channels, which is the reason that go-live for such an extensive omnichannel platform can be within six months,” he said.
SmartOSC will assist OCB in integrating the Engagement Banking Platform into its existing records systems, while also addressing OCB’s initial localization requirements, by leveraging their extensive experience and market-leading solutions.
Also, SmartOSC will develop OCB’s Mobile Banking, Internet Banking, and Employee App.
“Having the ability to quickly adapt to evolving customer needs is essential in today’s digital landscape. This is what makes this collaboration so important,” said Le Mai Anh, vice chairman of SmartOSC.
