Vietnam’s Maritime Commercial Joint Stock Bank partners Backbase for Engagement Banking platform
Vietnam’s Maritime Commercial Joint Stock Bank (MSB) has tapped Dutch vendor Backbase to upgrade its digital banking offering.
MSB taps Backbase for its Engagement Banking platform
The partnership will see Vietnam’s first joint-stock commercial bank, which currently serves 5.5 million customers, implement Backbase’s Engagement Banking platform to consolidate its internal applications through a single unified solution.
Backbase says MSB will look to build on its platform to enhance the digital banking experience for customers by streamlining onboarding and boosting customer engagement, adding that its tech can also help the bank simplify product bundling, accelerate “unique feature development”, and reduce cost-to-serve.
Speaking on the collaboration, Nguyen Hoang Linh, CEO of MSB, states: “Through this platform, we will unify, modernise, and launch our retail and business banking channels on a single platform within the next 12 months”.
“This investment aims to lower our cost-income ratio by 8%, reduce cost-to-serve by 30% through frictionless onboarding-to-usage journeys, and increase our CSAT scores to 93 for retail and 85 for enterprise banking,” adds the bank’s CEO.
The implementation will be overseen by Backbase’s partner SmartOSC, which previously worked with the vendor to integrate its Engagement Banking platform at Orient Commercial Joint Stock Bank (OCB) in July 2023.
The partnership also comes shortly after MSB tapped UK paytech TerraPay to strengthen its cross-border money transfer capabilities in September.
