iGTB featured in IBS Intelligence case study on Vietcombank’s Cashup program
By Gloria Methri
Intellect Global Transaction Banking (iGTB), the transaction banking arm of Intellect Design Arena, has been recognised by IBS Intelligence, the leading independent financial services analysis and advisory firm, for playing a part in this transformation with Vietcombank.
Their case study report “Surpassing Benchmarks in Payments & Cash Management” published on January 8, shows how Vietcombank, one of the largest commercial banks in Vietnam, has reaped results from an integrated banking infrastructure modernisation from iGTB with cross-product transaction flows and is setting the pace for the accelerated wave of digital transaction banking transformation.
The report states, “The bank’s movement to centralising the transaction banking systems and enabling the omnichannel capabilities to allow the bank to configure products efficiently across channels at a centralised platform for maintenance and customisation has done exceptionally well in accelerating the processes of new product and service launch and improving operational efficiency.”
CashUp also provides agility to Vietcombank in onboarding new customers – while reducing time to market. As a result of this successful initiative, Vietcombank was not only able to create a differentiated and superior client experience for its corporate clients but also create impressive, quantified results:
- Increase transaction performance capabilities to a peak of 5 million/month
- Increasing CashUp customer base by 600% since the project went live in 2021
- Improve CASA growth of CashUp customers by 150%
According to Tung Nguyen Thanh, General Director at Vietcombank, “Vietcombank, through this high-performance technology, has now set the benchmark in Vietnam with new capabilities to launch new products and services faster, reduce systemic overheads & TCO and, through pre-configuration, acquire new corporate customers. This is important to Vietcombank’s business in the coming years. Vietcombank has spent two years studying the pre-feasibility of the project and submitting it to the State Bank for approval until it selected iGTB to ensure success in implementing the project.
Robin Amlôt, Managing Editor, IBS Intelligence added, “Together with their partner Intellect Design, Vietcombank’s CashUp initiative is implemented successfully despite all the operational challenges and uncertainties brought by the pandemic through effective collaboration between the local and remote teams, which paves the way for similar banks in Vietnam and Asia also to adopt these best practices of strengthening digital infrastructure to empower corporate banking processes and services.”
Manish Maakan, CEO of iGTB, said, “More than 100 global banking groups across Americas, Europe, India, MEA and APAC transact daily and in huge volumes on the iGTB’s Transaction Banking Platforms. We applaud the vision of Vietcombank to enhance its digital proposition in Vietnam for corporates. iGTB’s Digital Transaction Banking platform powered by eMACH.ai technologies creates customer stickiness with the ability to respond to customer and market needs quickly. The outcomes documented in this case study are further proof that iGTB continues to be the key ingredient in the success of corporate digital transformation programs.”
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