OCB & Backbase team to enable omnichannel banking in Vietnam

By Gloria Mathias

Backbase, an engagement banking platform, has partnered with Orient Commercial Joint Stock Bank (OCB) to power its omnichannel banking.

OCB aims 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.

Nguyen Dinh Tung, CEO of OCB said, “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. The goal is to grow to 10 million monthly active users within 5 years of the launch.”

With the implementation of Backbase’s EBP, OCB can now adopt and build, aligning with its modern banking culture and customer-centric approach.

“Innovative banks with high digital maturity like OCB endeavour 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 microservices 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 experiences 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,” said Riddhi Dutta, Regional Vice President, Asia, Backbase.

SmartOSC will assist OCB in integrating the digital banking omnichannel platform into its existing records systems while also addressing OCB’s initial localization requirements by leveraging its extensive experience and solutions. Furthermore, SmartOSC will develop OCB’s Mobile Banking, Internet Banking, and Employee App.