The Vietnam International Commercial Joint Stock Bank (VIB) is migrating its core banking systems to the cloud as part of its efforts to modernise and revamp IT infrastructures.
The bank will implement the latest Temenos core banking version, R23, on both the Amazon Web Services (AWS) cloud and VIB’s private cloud platform.
VIB’s deputy CEO and CIO Trần Nhất Minh said the banking industry in Vietnam is undergoing significant transformation and the landscape is evolving due to an increase in “customer demand for digital experiences and the constant advancement of technology”.
He added that VIB's decision to migrate "emerged as a game-changing factor” and would create “a strong foundation to serve customers”.
The technology platform will enable the bank to bolster security, enhance operations, decrease associated tech infrastructure operational costs, and minimise downtime during peak traffic.
VIB has been using the cloud since 2021 and has been developing a cloud-native mobile banking application MyVIB.
The move to the cloud is part of VIB’s broader strategy with a focus on mobile access, cloud computing, and artificial intelligence (AI) to improve banking services, customer experience and operational efficiency.
On-demand scalability
Tran said this initiative ensures automatic and rapid on-demand infrastructure scalability and seamless service delivery to users.
The bank is also working to leverage AI and machine learning to provide predictive analytics and suitable financial solutions.
The deployment of Temenos Core Banking is said to ensure the enhancement of input data quality through tight automated system controls.
For VIB's "mobile first" approach, cloud deployment provides robust APIs, high operational performance and flexibility, enabling the bank to maintain seamless access to banking services through mobile banking.
It optimises the customer experience, aligns with growth plans, and accommodates future increases in customer numbers, products, and transactions through digital banking channels, VIB said.
VIB hopes the new system will support its expansion plans and to introduce new digital products and services to the market quickly.
