Backbase partners with OCB to provide seamless omnichannel banking, aiming to double monthly active users in retail banking within a year.
Backbase, an interaction banking platform, has been selected by Orient Commercial Joint Stock Bank (OCB) to fuel its omnichannel banking modernization. Each customer will have a unique digital banking experience with OCB across all channels. SmartOSC, a partner of Backbase, will be in charge of this project. Because of this, OCB wants to completely digitize every client interaction and journey so that it can offer seamless services through mobile apps and computer platforms.
The leading private bank in Vietnam, OCB, is Backbase’s fifth client there. OCB increased the scope of OCB OMNI in 2022 to include more than 200 goods, services, and utilities. Users of OCB OMNI rose by more than 1.7 times. In the meantime, compared to 2021, the number of transactions climbed by more than 200 percent. Over the same time period, OCB’s rate of deposit through digital channels climbed by 178%.
As a leader in digital transformation generally and omnichannel banking specifically, Mr. Nguyen Dinh Tung, CEO of OCB, stated: “Our aim is to first develop a single customer lifecycle in the retail banking line of business then swiftly expand to the business banking line of business.
“With the Backbase Engagement Banking Platform (EBP), a six-month go-live schedule, complete control on developing, owning, and customizing varied upstream and downstream requirements, and local support for implementation and future project requirements are the three primary factors.
“In the first year of the platform’s debut, OCB anticipates accelerating client acquisition growth and doubling its monthly active users in retail banking. In five years after the inception, it wants to reach 10 million active monthly users.
Addressing earlier difficulties
The prior internal effort at OCB fell short of expectations and lacked scalability and speed to market. This put the bank’s reputation as a rapidly expanding, customer-focused organization in jeopardy. Now that Backbase’s EBP has been put in place, OCB is able to adopt and develop. This fits with its customer-centric philosophy and modern banking culture. The investment is consistent with the low risk, efficiency, safety, and growth management philosophies of OCB.
“Innovative banks with high digital maturity like OCB endeavor to take the driver’s seat to deliver their own specific omnichannel digital banking proposition,” said Riddhi Dutta, regional vice president, Asia, for Backbase.
The benefit of adopting and building is that banks do not have to worry about the compliance regulations, hygienic security, or orchestration of financial services. Additionally, they don’t need to worry about the crucial micro services and journeys that have already been demonstrated to be effective across the lines of business and channels they wish to re-architect.
“Banks could begin constructing on top of the platform the very first day to begin customizing journeys and experiences for particular consumer segments, goods, and channels. Because of this, a comprehensive omnichannel platform may go live in less than six months.
The engagement banking platform’s integration
The engagement banking platform, also known as the digital banking omnichannel platform, will be integrated into OCB’s current record-keeping systems with the help of SmartOSC. In addition, it will utilize its vast experience and solutions to solve OCB’s first localization needs. Additionally, SmartOSC will create the employee app, online banking, and mobile banking for OCB.
“At this critical juncture in the banking industry, we are thrilled to work with OCB and Backbase. In today’s digital environment, being able to quickly react to changing client needs is crucial. This is what makes our partnership so crucial. The vice chairman of SmartOSC, Mr. Le Mai Anh, remarked.
“It is an honor for us to collaborate on modernizing omnichannel banking using the engagement banking platform, which exemplifies the best of innovation and customer-centricity. We are very certain that we will complete this project on schedule and contribute to OCB’s purpose of prioritizing client needs by providing high-quality goods and services without interference.