Vietnam’s OCB taps Backbase for personalised digital banking solution
Orient Commercial Joint Stock Bank (OCB), a private Vietnamese bank, has selected Backbase for omnichannel banking modernisation.
OCB partners with Backbase for digital banking solution
The project implementation, which will be led by Backbase’s partner SmartOSC, will help OCB create a personalised digital banking system for each customer across all channels, by fully digitalising every customer journey and providing services via mobile apps and computer platforms.
“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,” says Nguyen Dinh Tung, CEO of OCB.
Nguyen adds that the bank chose Backbase due to three reasons: 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.
“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 goal to grow to 10 million monthly active users in five years of the launch,” Nguyen states.
Backbase says OCB previously attempted to build its own banking solution in-house. The 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”, it adds.
