Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) accelerated their digital transformation with Backbase, a digital-first banking platform, to transform the bank’s traditional products, services and core banking system. As the bank prepares for strong future growth and expansion, Backbase drove the digitisation to enable TPBank to operate on a secure, efficient, and sustainable omni-channel digital platform that is agile and scalable.
TPBank’s digital transformation has enhanced its value proposition in delivering high quality and digital-first products and services to its customers and partners. TPBank has successfully revamped its mobile and Internet banking system with Backbase’s solutions, which was in development for the last decade, in just nine months.
The introduction of comprehensive digital banking back-end services from Backbase has enabled TPBank to shorten the time taken to develop new products and accelerate time-to-market, as it only took the bank 10 months to successfully migrate nearly 3 million customers to the new platform. Backbase’s ready-to-go banking with widget collections has also provided TPBank the flexibility to customise their core-independent development, enabling faster digital innovation without the limitations from back-end systems.
Backbase’s solutions have allowed TPBank to transition and operate on an advanced, modern, and highly efficient technology architecture that is future ready to meet the digital-first demands of customers. TPBank envisions a future where digital delivery of its products will lead the way towards the adoption of cashless and digital financial solutions by using cutting-edge technology that will benefit and transform the lives of Vietnamese community.
Riddhi Dutta, Regional Head for ASEAN and India of Backbase, said, “Legacy channels and outdated core systems are cumbersome and is one of the factors which hinders banks from scaling at a pace that keeps up with evolving customer demands. Without completely overhauling a bank’s core which it has built over decades, Backbase’s breadth of integration mechanisms can support incumbent banks to execute strategic digital transformation projects that are tailored uniquely for them.”
“Now more so than ever, banks need to respond swiftly to greater customer expectations while implementing digital transformation with minimal disruptions to remain competitive in the current marketplace by implementing more efficient business models and delivering superior value to its customers,” said Dutta.
Mr Nguyen Hung, CEO of TPBank said, “Backbase’s global expertise and extensive range of solutions has allowed TPBank to successfully navigate our digital transformation road map and accelerate the development of our digital banking products services for the next 5 to 10 years. Our digital innovation journey that is being undertaken with Backbase has placed the people at the centre of our digital investment, with technology being the critical driver in transforming our bank and ensuring we stay ahead of the competition in the next digital banking revolution.”
Testament to TPBank’s successful digital transformation, aided by Backbase, the bank was awarded the ‘Best Digital Bank’, ‘Best Branch Innovation’ and ‘Best Savings Account Product” by The Asian Banker Vietnam Country Awards 2020 in April 2020.