ABBANK accelerates digital banking transformation with Backbase Platform
The comprehensive set of Engagement Banking Platform includes Digital Onboarding (verifying client information), Digital Banking, Digital Assist, and Digital Engage. This platform will support banks in omnichannel service activities, help increase customer acquisition and retention, advise and cross-sell financial services and solutions, hyper-personalize and improve customer experience through a 360-degree unified customer identity mode that prioritizes focus on ABBANK's retail and corporate banking businesses.
On 6 April 2023, An Binh Commercial Joint Stock Bank (ABBANK) signed a cooperation agreement with CMC Technology and Solution (CMC TS) and Backbase - a technology company specializing in Engagement Banking Platform in order to transform the digital banking experience for millions of customers in Vietnam.
In 2021, with its vision of bringing customers financial solutions that meet their expectations along with convenient and friendly experiences based on a modern digital platform, ABBANK developed a 5-year transformation strategy, in which, digital transformation is one of the indispensable factors contributing to the success of the banking strategy execution. With the mission of Digital transformation strategy to elevate customer experience on digital channels while consolidating digital products and services through an advanced digital banking platform, ABBANK has also partnered with the world's leading consulting firm - McKinsey Vietnam - to design the technology structure and a long-term implementation roadmap.
Ms. Le Thi Bich Phuong - General Director of ABBANK, said, "Multi-channel service banking is not only a current trend but also a prerequisite for banks to promptly grasp the increasingly diverse and changing needs of clients. ABBANK expects to optimize experiences of different customer segments in Retail and Corporate as well as transform the customer experience in the seamless digital sales age across different touchpoints through this cooperation project with experienced partners such as Backbase and CMC.
Ms. Phuong added, “Thanks to the execution of multi-channel service banking, ABBANK's customers will experience thorough, synchronous and transparent financial services at all different touchpoints. At the same time, the bank's ability to manage customer data and operational efficiency will be improved, thereby enhancing the bank's competitiveness in the market.”
ABBANK chose Backbase because of the distinct value brought by its interactive banking platform. With this platform, ABBANK can shorten the time in establishing the fundamentals to create a different experience based on a customer-centric philosophy. Backbase's platform enables the Bank to more rapidly own, manage and build the right technology architectures, thereby providing a long-term strategic advantage to help it focus on improving efficiency of business activities, shorten development time, and bring financial solutions and services that meet the needs of each customer segment to the market as well as improve the digital development level of employees. Speed to market and scaling up has been recognized by ABBANK Digital Banking and Transformation Committee as important factors in meeting the Bank's transformation goals and vision. The platform is built based on software architectures and application programming interfaces (APIs) in order to deliver banking journeys from basic to advanced, which are measurable in real-time. The platform is designed to streamline the most complex requirements into a seamless experience on digital channels across the entire customer lifecycle.
ABBANK has been working closely with CMC TS - a longtime business partner and a leading provider of technology services and solutions in Vietnam to ensure the achievement of project goals in terms of time and budget. With their experience and in-depth understanding of the banking and finance industry as well as data and integration solutions, CMC TS's team including digital banking experts, project managers, solution architects, application developers and quality control managers, have joined the project to support ABBANK in building a safe and user-friendly banking platform for customers.
Mr. Nguyen Trung Chinh, President of CMC Corporation said, "We are delighted to partner with ABBANK to accelerate the digital transformation using Backbase’s Engagement Banking Platform. CMC TS believes that this platform will help ABBANK enhance customer experience in every aspect.”
Honored by Human Resources Asia Magazine (HR Asia) as the "Best Place to Work" in Asia, ABBANK is leading in upskilling the Vietnamese banking talent team. In 2022, ABBANK organized more than 670 training courses for more than 88,000 trainees and provided 219,360 hours of training in addition to investing in interactive banking. This project will offer job and re-training opportunities at ABBANK to talented people who are passionate about the opportunity to reshape the banking experience of customers in Vietnam by using advanced technology platforms.