Backbase, the global leader in Engagement Banking today announced that Orient Commercial Joint Stock Bank (OCB) has chosen Backbase to power its omnichannel banking modernisation in a signing ceremony on July 20, 2023.
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. This project implementation will be led by Backbase’s partner SmartOSC.
OCB is the top private bank in Vietnam and is Backbase’s fifth customer in Vietnam. In 2022, OCB expanded OCB OMNI to more than 200 products, services, and utilities.
OCB OMNI users increased more than 1.7 times, while the number of transactions increased by more than 200% compared to 2021. OCB’s rate of deposit through digital channels also increased by 178% over the same period.
Nguyen Dinh Tung, CEO, OCB, said, “As a pioneer bank of digital transformation in general and omnichannel banking in particular, our 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) based on three main factors including a six-month go-live timeline, full control over building, owning, and customising differentiated upstream and downstream requirements, and local support for implementation and future project needs. OCB expects to accelerate customer acquisition growth and double its retail banking monthly active users in the first year of the platform launch, and the goal to grow to 10 million monthly active users in five years of the launch,” he added.
OCB’s previous in-house attempt lacked scalability, and 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 adapt 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.
“Innovative banks with high digital maturity like OCB endeavour to take the driver’s seat to deliver their own unique omnichannel digital banking proposition. 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 microservices and journeys that are already proven to work across the lines of business and channels they want to re-architect,” Riddhi Dutta, Regional Vice President, Asia, Backbase said.
“On day one, banks could start building on top of the platform to customize 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 6 months,” he said.
SmartOSC will assist OCB in integrating the Engagement Banking Platform, also referred to as the Digital Banking Omnichannel Platform, into its existing records systems, while also addressing OCB’s initial localisation requirements, by leveraging their extensive experience and market-leading solutions.
Furthermore, SmartOSC will develop OCB’s Mobile Banking, Internet Banking, and Employee App.
“We are excited to collaborate with OCB and Backbase at this pivotal time in banking. 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!” Le Mai Anh, Vice Chairman of SmartOSC said.
“We are honored to work together to modernise omnichannel banking using the Engagement Banking Platform showcasing the best that innovation and customer-centricity have to offer. It is with great confidence that we deliver this project on time and support OCB’s mission of putting customer needs first by delivering high-quality products and services without disruption,” he added.
