Vietnam’s OCB developing digital banking solution for customers

Orient Commercial Joint Stock Bank (OCB), a Vietnam-based private bank, is working with Dutch-based fintech solutions provider Backbase to modernise its omnichannel digital banking platform – OCB OMNI - and provide personalisation to customers.

According to OCB, the aim is to create a personalised digital banking system for customers across all channels, by fully digitising their journeys and touchpoints to provide services via mobile applications and computer platforms.

The number of OMNI users has increased over 1.7 times, and the number of transactions by more than 200 percent as compared to 2021.

The project implementation will be led by Backbase’s partner SmartOSC, a digital commerce agency.

OCB’s CEO, Nguyen Dinh Tung, said the bank is using the Backbase Engagement Banking Platform (EBP) that provides 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.

The bank expects to accelerate customer acquisition growth and double retail banking monthly active users in the first year of the platform launch, and the goal is to grow to 10 million monthly active users within five years of the launch, he added.

SmartOSC will assist OCB in integrating the EBP into its existing records systems, while addressing OCB's initial localisation requirements, by leveraging its experience and solutions.

It will also develop OCB's mobile banking, internet banking, and employee app.

OCB said the previous in-house tech stack lacked scalability and speed to market.

Backbase’s regional vice president, Asia, Riddhi Dutta, said banks could start building on top of the EBP platform to customise journeys and experiences for specific consumer segments, products, and channels.

This helps the omnichannel platform to go live within six months, he added.