Technology drives transformation at Vietnam-based bank and ensures it stays ahead of the competition
Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) has accelerated its digital transformation with Backbase, a digital-first banking platform, to transform the bank’s traditional products, services, and core banking system.
Nguyen Hung, CEO of TPBank said the bank’s digital innovation journey with Backbase has placed the people at the centre of TP’s digital investment, with technology being the critical driver in transforming the bank and ensure it stays ahead of the competition in the next digital banking revolution.
Backbase enables 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.
TPBank’s digital transformation will allow it to deliver digital-first products and services to its customers and partners.
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 the digital banking back-end services from Backbase has enabled TPBank to shorten the time taken to develop new products and accelerate time-to-market, as it only took the bank 10 months to successfully migrate nearly three million customers to the new platform. Backbase’s ready-to-go banking with widget collections has also provided TPBank the flexibility to customize their core-independent development, enabling faster digital innovation without the limitations from back-end systems.
Backbase’s solutions also allow TPBank to transition and operate on an advanced, modern, and highly efficient technology architecture that is future ready to meet the digital-first demands of customers.
By using cutting-edge technology that will benefit and transform the lives of Vietnamese community, TPBank envisions a future where digital delivery of its products will lead the way towards the adoption of cashless and digital financial solutions.
Riddhi Dutta, regional head for ASEAN and India of Backbase said, legacy channels and outdated core systems are cumbersome and is one of the factors which hinders banks from scaling at a pace that keeps up with evolving customer demands.
“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,” he said.
Dutta notes, banks need to be able to respond swiftly to greater customer expectations while implementing digital transformation with minimal disruptions to remain competitive in the current marketplace by implementing more efficient business models and delivering superior value to its customers.