Vietnam’s OCB Joins Forces with Backbase to Revolutionize Omnichannel Banking

Orient Commercial Joint Stock Bank (OCB) has sealed a deal with global banking leader Backbase to lead its omnichannel modernisation today (20 July 2023). The move marks an exciting advancement in OCB's journey to keep up with changing customer preferences and the evolving banking industry.

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OCB’s goal is to create a personalized digital banking system for each customer across all channels, by fully digitizing every customer journey and touchpoint to provide seamless services via mobile applications and computer platforms. This project implementation will be led by Backbase’s partner SmartOSC.

Cooperation agreement between OCB, Backbase and SmartOSC to accelerate, modernize and personalize omnichannel digital banking with Backbase Engagement Banking Platform
Cooperation agreement between OCB, Backbase and SmartOSC to accelerate, modernize and personalize omnichannel digital banking with Backbase Engagement Banking Platform

OCB is the top private bank in Vietnam and is Backbase’s fifth customer in Vietnam. In 2022, OCB expanded OCB OMNI to more than 200 products, services, and utilities. OCB OMNI users increased more than 1.7 times, while the number of transactions increased by more than 200% compared to 2021. OCB’s rate of deposit through digital channels also increased by 178% over the same period.

Mr. Nguyen Dinh Tung, CEO, OCB, said “As a pioneer bank of digital transformation in general and omnichannel banking in particular, 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. With the Backbase Engagement Banking Platform (EBP) based on three main factors including: a six-month go-live timeline, full control over building, owning, and customizing differentiated upstream and downstream requirements, and local support for implementation and future project needs. 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 5 years of the launch.”

OCB’s previous in-house 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. With the implementation of Backbase’s EBP, OCB now has the ability to adopt and build, aligning with its modern banking culture and customer-centric approach. he investment aligns with OCB’s business model and management values of low risk, efficiency, safety, and growth.

“Innovative banks with high digital maturity like OCB endeavor to take the driver’s seat to deliver their own unique omnichannel digital banking proposition. The beauty in adopting and building is that banks do not need to worry about the underlying business rules, orchestration of banking services, hygiene security and compliance requirements, and the essential micro services and journeys that are already proven to work across the lines of business and channels they want to re-architect. On day one, banks could start building on top of the platform to customize journeys and experience for specific consumer segments, products, and channels, which is the reason that go-live for such an extensive omnichannel platform can be within 6 months,” Riddhi Dutta, Regional Vice President, Asia, Backbase said.

SmartOSC will assist OCB in integrating the Engagement Banking Platform, also referred to as the Digital Banking Omnichannel Platform, into its existing records systems, while also addressing OCB’s initial localization requirements, by leveraging their extensive experience and market-leading solutions, Furthermore, SmartOSC will develop OCB’s Mobile Banking, Internet Banking, and Employee App.

“We are excited to collaborate with OCB and Backbase at this pivotal time in banking. Having the ability to quickly adapt to evolving customer needs is essential in today’s digital landscape. This is what makes this collaboration so important!” Mr. Le Mai Anh, Vice Chairman of SmartOSC said. “We are honored to work together to modernize omnichannel banking using the Engagement Banking Platform showcasing the best that innovation and customer-centricity have to offer. It is with great confidence that we deliver this project on time and support OCB’s mission of putting customer needs first by delivering high-quality products and services without disruption.”

The Backbase Engagement Banking Platform was recognized as a leader earlier this year by industry research analysts at Celent and Omdia.

Backbase is dedicated to revolutionizing the banking industry by placing the customer at the forefront of its architecture.

We have developed the Backbase Engagement Banking Platform, an all-encompassing solution that empowers banks to accelerate their digital transformation. Our platform encompasses customer onboarding, servicing, loyalty, and loan origination, providing a seamless and frictionless experience throughout the customer journey. With our ready-to-go apps and open architecture, we enhance every aspect of the customer experience. Additionally, our platform easily integrates with existing core banking systems and comes pre-integrated with cutting-edge fintech solutions, enabling financial institutions to innovate at scale.

Backbase’s position as a leader in the industry is continuously recognized by esteemed analysts such as Gartner, Omdia, and IDC. With over 120 financial institutions worldwide embracing our Engagement Banking Platform, our proven success extends to APAC, where we proudly serve customers including ABBANK, BDO Unibank, Bank of the Philippine Islands, EastWest Bank, HDFC, IDFC First, JudoBank, Techcombank, TPBank, and UBank.

Founded in 2003 in Amsterdam, Backbase operates as a privately funded fintech company. We maintain global headquarters in Amsterdam, with regional headquarters in Singapore for the APAC market and Atlanta for the Americas. Our operations span across Australia, India, Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Latin America, and the UK.

Orient Commercial Joint Stock Bank (OCB) Reports 11% Profit Increase in 2019

Established on June 10, 1996, Orient Commercial Joint Stock Bank (OCB) has become a leading player in Vietnam’s banking industry. With a strong presence of over 200 business units strategically located across the nation’s economic hubs, OCB has proven to be a reliable and trusted financial institution for its customers.

Recognized by the State Bank as one of the first three banks to successfully implement risk management measures in accordance with the Basel II international standards by the end of 2018, OCB has demonstrated its commitment to maintaining the highest levels of compliance and safety. In July 2019, Moody’s Investors Service upgraded OCB’s Counterparty Risk Assessment (CRA) and Counterparty Risk Rating (CRR) to Ba3, a testament to its strong financial standing in Vietnam’s market.

OCB has consistently achieved remarkable growth rates while prioritizing operational efficiency and profitability. The bank’s proactive approach in cost control and optimization measures has further enhanced its business efficiency and solidified its position among Vietnam’s private banks. OCB’s unwavering dedication to delivering value to its stakeholders sets it apart in the industry.

SmartOSC

With over 18 years of experience, SmartOSC is a renowned digital transformation agency with a team of more than 1000 experts located in various countries including Vietnam, Australia, Singapore, Japan, Thailand, Indonesia, Korea, the US, and the UK. Our deep expertise in enterprise platforms and technology stacks has earned us the trust of leading brands and financial institutions worldwide.

At SmartOSC Fintech, we specialize in delivering top-tier solutions tailored to the unique requirements of banks and financial institutions. By leveraging the latest technologies, we enable our clients to reduce operating costs, streamline implementation processes, and ensure the highest level of security with our comprehensive Fintech suite.

Our dedication to customer-centricity has been recognized by The Global Economics Awards 2023, where we were honored as a leading eCommerce partner. This award underscores our commitment to helping our clients succeed in a rapidly evolving business landscape.

Backbase