Backbase, the global leader in engagement banking successfully concluded its flagship event, ENGAGE Asia 2024, in Ho Chi Minh City on September 11-12, 2024. The event, held at Le Méridien Saigon, was attended by over 150 banking CXOs and industry leaders to discuss “Banking Reinvented” focusing on AI-driven strategies and customer-centric innovations.
The event opened with Jouk Pleiter, CEO and Backbase’s founder, who thanked the Vietnam Banks Association (VNBA) for their invaluable support. Both Dr Nguyen Quoc Hung, vice chairman & general secretary of the Vietnam Banks Association and Pham Anh Tuan, director general of Payment Department of The State Bank of Vietnam, delivered welcome keynotes to address the banking leaders in the audience, setting a prestigious tone for the event.
Highlighting Backbase’s commitment to the region, Pleiter announced the launch of Backbase’s global AI Centre of Excellence in Ho Chi Minh City. This strategic move underscores Backbase’s dedication to fueling innovation in Asian banking.
Customer success stories: Engagement banking at its best
ENGAGE Asia 2024 showcased the region’s advancement toward Banking 4.0, highlighting the success of five banks using the Engagement Banking Platform. These banks have designed digital banking solutions, omnichannel experiences, personalised and humanised banking, as well as beyond-banking initiatives to achieve steady growth in customer acquisition and satisfaction, along with differentiated digital journeys that enhance brand preference and drive business benefits.
Techcombank’s new-to-bank acquisition has grown 20x in two years and has become a pure digital play. Digital now accounts for over 94% of transactions, driving better customer engagement, stellar financial performance, and substantial financial gains, accelerating the bank’s achievements.
EastWest Bank, the 9th largest bank in the Philippines has honed its ability to provide banking services tailored to different life stages. Within just one month of its launch, its EasyWay app tracks over 619,000 installs and has maintained a rating between 4.6 and 4.8 on both the Apple App Store and Google Play, along with strong return rates.
ABBANK launched its ABBANK Business app three months ago and has successfully migrated 100% of its business customers onto the new platform very quickly. The app is now the preferred choice for active users, making up the majority of total transactions.
OCB launched its OMNI 4.0 app in just six months—three times faster than the industry norm for omnichannel banking platforms. This accelerated implementation delivered an estimated 40% in time savings. The app achieved a 61% year-on-year increase in transactions and a 25-fold increase since 2018, setting a new benchmark in Vietnam’s banking sector.
HDFC Bank, India’s largest private sector bank, has reinvented its NetBanking platform to deliver a futuristic, multi-dimensional banking experience. With hundreds of native features and integration with key Indian payment systems like RTGS, IMPS, and UPI, the platform is designed to support hundreds of millions of localized transactions per month.
AI and customer-centricity: driving Banking 4.0 objectives
Intelligence Fabric is an expansion of the Engagement Banking Platform incorporating a powerful set of natively embedded data and AI capabilities to empower banks to foster stronger relationships with customers throughout key stages: acquisition, activation, expansion, and retention. As digital banking platforms evolve into growth engines, they are increasingly designed to maximise customer lifetime value.
In acquisition, AI-based recommendations leverage open banking data to deliver personalised product suggestions, treating each customer as a unique individual and segment of one at scale. In activation, the platform uses scheduled triggers and smart nudges to encourage product usage, replacing traditional push marketing methods. For banking employees, AI-driven insights streamline new audience identification and enable fast, efficient segmentation opportunities. In expansion, AI analyses spending patterns to match consumers with the most suitable credit products. For retention, predictive analytics encourage repeat usage by anticipating customer needs. Backbase’s platform, with its move towards enhanced UI/UX for conversational banking and AI-driven dialogue, will drive advancements in the banking community.
Banking 4.0 focuses on creating seamless, customer-centric experiences by leveraging technology to tailor services to individual needs. AI is crucial in this evolution, enhancing customer interactions and streamlining operations to drive efficiency and engagement. At ENGAGE Asia 2024, Chris Shayan, Backbase’s Head of AI, led a CXO panel with PT Bank Sinarmas Tbk, VietinBank, and Chinabank to discuss AI’s transformative role in banking. Additionally, Greg Fahy, SVP of Technology, presented a session titled “Enhance Customer Value Through AI and Automation,” which highlighted how AI fosters personalized experiences and efficient operations.
Journeying together and celebrating milestones in banking excellence
The Excellence in Customer Engagement Awards 2024 took place during the grand opening of the event. The annual awards ceremony exemplifies banks that have demonstrated a commitment to achieving digital excellence in engaging consumers, enabling business owners, and empowering employees.
An immersive conclusion with Asian hospitality
The event concluded with an immersive experience along the Saigon River, offering attendees a luxury dinner cruise with panoramic views and a taste of Asian hospitality.
Jouk Pleiter, CEO and Founder of Backbase states, “ENGAGE Asia 2024 in Vietnam was an incredible experience. The warmth of the Vietnamese people and the dynamism of the business community truly impressed me. Meeting so many forward-thinking executives from across Asia reinforced my belief in the region’s pivotal role in shaping the future of global finance. This event wasn’t just about business—it was a meaningful cultural exchange that I’ll cherish for years to come. Asia, and Vietnam in particular, is well-positioned to lead the charge towards a customer-centric digital banking economy, aligning perfectly with our focus on the next wave of innovation in engagement orchestration, super apps, AI, and enhancing customer lifetime value. We are confident in our ability to contribute to the pace of the region’s digital economy and meet its evolving needs.”
