DNVN - Backbase, the interactive banking platform creator, announced on November 15 that Vietnam Maritime Commercial Joint Stock Bank (MSB) has decided to make a strategic investment in the Backbase Interactive Banking Platform with implementation support from SmartOSC.
As one of the pioneering banks in implementing digital transformation in the market, MSB aims to become a leading digital platform bank and bring the best service experience to customers. Based on a strong digital strategy, MSB has transformed its services to provide streamlined and accessible financial solutions for both individual and corporate customers. MSB currently serves 5.5 million customers.
By adopting the Backbase Interactive Banking Platform, MSB is consolidating its disparate applications into a single, comprehensive and efficient platform. This strategic transformation enables MSB’s digital platform to deliver a seamless, end-to-end digital banking experience by building on this platform from registration and daily transactions to product management, enhancing customer engagement, simplifying product offerings, accelerating feature development and reducing customer service costs.
Specifically, MSB can consolidate and streamline customer journeys, significantly reduce time to market, and deliver seamless, impactful banking experiences that set new standards in Vietnam’s financial industry. The platform’s flexible architecture enables MSB to develop a unique technology ecosystem that seamlessly integrates with other platforms to drive greater synergies and innovation. MSB estimates that its digital customers will increase by 30% and its digital channel new customers will increase by 20% to 40% annually thanks to the delivery of comprehensive digital experiences after the launch of the platform.
“We are accelerating MSB’s digital platform by combining the strengths of Backbase’s Interactive Banking Platform with in-house solutions that seamlessly integrate and enhance our existing capabilities in a flexible and efficient manner,” said Nguyen Hoang Linh, CEO of MSB. “Using this platform, we will consolidate, modernize and launch our retail and corporate banking channels on a single platform within the next 12 months, achieving the speed, agility and control needed to scale differentiated customer experiences. This investment aims to reduce MSB’s cost-to-income ratio by 8%, reduce cost to serve by 30% through a frictionless onboarding journey, and increase customer satisfaction scores to 93 for retail banking and 85 for corporate banking.”
“Rather than having to completely overhaul and start from scratch, the ‘adopt and build’ approach allows MSBs to reinvent existing channels and applications, upskill their digital platforms, and empower internal talent to tap into cutting-edge efficiencies and innovations,” said Riddhi Dutta, Vice President, Asia, Backbase. “Backbase provides a strategic architecture that complements and enhances the efforts MSBs are already making, driving growth without disrupting existing valuable work. This approach ensures business continuity while driving digital transformation on their own terms, progressing in a manner consistent with established processes.”
SmartOSC will be responsible for adjusting and customizing the Backbase platform to suit MSB's specific needs, ensuring the platform operates effectively and meets expectations and regulations in Vietnam.
Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/msb-dau-tu-chien-luoc-vao-nen-tang-ngan-hang-tuong-tac/20241115110804009
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