More than 200% growth in corporate customers applying Open Banking

Integrating Open API into the operating system helps businesses save a lot of costs. Photo: Supplier

Open Banking is an open banking system.

Open Banking can be described as an open system consisting of three main entities: banks, third-party service providers (including Fintech companies) and customers. Open Banking allows third-party service providers to access customers' financial data with consent, through Open API connections to the banking system. This helps develop and provide modern, cost-effective and more convenient financial services for customers in general and businesses in particular.

“For example, when our corporate customers want to make a payment order to a supplier, instead of having to go to the bank's Internet Banking to make the order, they only need to make an internal transaction, and that transaction will automatically be transferred to the banking system. Thus, the corporate employees do not even need to know what the bank's Internet Banking system looks like. Or another example is that we connect to ecosystems with industries that have large supply chain networks such as: Logistics, F&B, Retail..., in which, OCB plays the role of a financial platform to process payment transactions, manage finances for customers from businesses to individuals" . OCB's representative leader said.

Integrating Open API into the operating system helps businesses save a lot of costs such as: technology infrastructure costs, software development costs and especially, minimizing risks during operation, system maintenance is also easier when APIs are provided and maintained by a professional service provider, which is the bank. In addition, businesses also optimize human resources costs by minimizing dependence on internal programmers to develop new features, instead focusing on core strategies of product development, market research and customer management.

Open Banking becomes a core solution and realizes growth goals.

Up to now, OCB has reached the milestone of more than 200 Open APIs, strong processing performance with an average of more than 6 million transactions/month, ready to integrate, meeting the diverse needs of partners from many industries. By 2025, in order for Open Banking to become a core solution and achieve the goal of increasing more than 200% of corporate customers, connecting and using Open APIs, OCB will focus on a number of key actions including: Building a seamless connection system to help businesses easily access and integrate financial services into their systems; Optimizing and enhancing customer experience by providing flexible, fast and accurate banking services; Expanding connections with partners, Fintech companies, technology platforms to develop new financial applications, thereby creating value-added services for corporate customers.

In addition to making Open API solutions the standard in providing financial services to corporate customers, OCB always ensures that APIs are developed on a highly secure platform, meeting customers' data protection requirements in an optimal manner, especially complying with current security standards and legal regulations, creating a safe and transparent environment for customers.

When using OCB's Open API service, customers will be provided with detailed instructions and participate in training programs to quickly become familiar with the product. This also opens up many opportunities for cooperation between OCB and partners and Fintech companies to develop and optimize Open API solutions.

OCB sets a target of 200% growth in corporate customers using Open API solutions by 2025. Photo: Supplier

“In fact, OCB is one of the banks that has been investing a large amount of money in digital transformation . In particular, we expect Open Banking to be the biggest difference of the bank. By the end of 2024, the number of customers connecting Open API with OCB increased by nearly 2.5 times compared to 2023. Notably, in 2024 alone, the number of new partners increased by nearly 2 times the cumulative total of previous years, an impressive number contributing to the increase in CASA ratio to over 30%. It can be said that this is a solid stepping stone for OCB to set a growth target of 200% in corporate customers using Open API solutions in 2025. We have great faith in Open Banking because this is a great opportunity that OCB must take the lead and create a clear difference in the market. ” The representative of OCB's leadership shared more.

It is known that OCB is currently building a research and development center for Open Banking Hub (OBH) products, applying advanced technology and algorithms to analyze data from Big Data. This helps the bank better understand customer behavior, preferences and needs, thereby building and adjusting personalized products and services. In addition, OCB is constantly investing and upgrading technology infrastructure to meet the requirements of Circular 64/2024/TT-NHNN - Regulations on the implementation of open application programming interfaces in the banking industry, ensuring that the Open API implementation process is carried out effectively and securely.

Viet Nguyen

Source: https://congthuong.vn/tang-truong-hon-200-khach-hang-doanh-nghiep-ap-dung-open-banking-379686.html