ABBANK accelerates banking transformation with Backbase Platform in Vietnam

Media OutReach – 6 April 2023 – Backbase, the global leader in Engagement Banking, has partnered An Binh Bank (ABBANK) to transform the banking experiences for millions of Vietnamese customers. Supported by their local partner CMC Technology and Solution, Backbase will deliver the full suite of the Engagement Banking Platform, which encompasses Digital Onboarding, Digital Banking, Digital Assist and Digital Engage. The platform will enable omni-channel banking, increase ease in customer acquisition, retention, cross-sell, hyper-personalization, and improve customer servicing through a 360 degree unified customer view for ABBANK retail banking and business banking lines of business.

ABBANK, Backbase & CMC partner to launch digital transformation with Backbase Engagement Banking Solution

ABBANK is a bank with the vision to enable modernizing of customer experiences. ABBANK set a five-year digital transformation strategy in 2021 with the mission to deliver a new level of customer experience in digital channels and to strengthen digital products and services enabled by an advanced digital banking platform. ABBANK also has partnered with McKinsey Vietnam to design a technological architecture and long-term implementation plan.
Le Thi Bich Phuong, CEO, ABBANK said, “Omnichannel banking is not only a trend, but also a necessary service for banks to keep up with the increasingly diverse needs of users, which are rapidly changing along with the progress of technology. In cooperation with experienced partners such as Backbase and CMC in this project, ABBANK expects to optimize the customer’s experience across different customer segments for Corporate and Retail clients, as well as transform the customer’s experience in digital sales across different customer’s touchpoints”
“With the plan to launch Omnichannel Banking, ABBANK’s customers will experience financial services in a seamless, synchronous and transparent manner across all touchpoints. Meanwhile, ABBANK will also be able to strengthen its capability in customer’s data management, operation efficiency resulted in improvement in competitive advantage for ABBANK in the market,” Ms. Phuong elaborated.
ABBANK chose Backbase because of the differentiated value the Backbase Engagement Banking Platform brings. Taking the platform approach unlocks the Bank towards a faster path in establishing fundamentals to creating a unique and customer-centric experience. Backbase’s platform empowers the Bank to own, manage and create accelerated builds upon the platform, which will provide the long-term strategic advantage for the Bank to focus on improving business operation efficiency, time to market, and upskilling employees’ digital development. The Bank’s Transformation and Digital Banking Committee recognized speed to market and scalability are critical to meet the Bank’s vision and transformation goals. The platform is built on microservices and APIs to deliver not only essential but also advanced banking journeys in real-time; the platform is designed to orchestrate the most complex requests into frictionless experiences across digital channels and through the entire customer lifecycle.
“ABBANK has taken the fundamental step to architect omnichannel banking around the needs of their customers by leveraging on the Backbase Engagement Platform to unify data and journeys across different lines of business, channels and banking products,”
Riddhi Dutta, Regional Vice President, Asia, Backbase said. “In this region, Vietnam is set to take the lead in digital banking usage for the next 3 years; it is imperative for banks to harness scalable and agile architecture and be empowered to dynamically execute against shifting customer needs while continuing to deliver the highest standard in digital customer experience.”
ABBANK has been working closely with long-time business partner CMC TS, a leading technology solution and service provider to ensure the project’s objectives were achieved within the time and budget allowed. With deep expertise and insights of the banking industry and data and integration solutions, CMC TS has assigned a team of digital banking professionals, project manager, solution architects, application developers and quality assurance manager to support ABBANK in creating a secure and user-friendly digital banking platform.
“We are delighted to partner with ABBANK to accelerate their digital transformation with the Backbase Engagement Banking Platform. CMC TS believes that this platform will help ABBANK to improve every aspect of the customer experience,”
Nguyen Trung Chinh, CMC Chairman shared.
Accredited as a “Best Place to Work” in Asia by HR Asia, ABBANK is leading the way in upskilling the Vietnamese banking talent pool. In addition to investing in engagement banking, ABBANK organized more than 670 training courses for 88.000 trainees and provided 219.360 training hours in 2022. This project will open up job opportunities and retraining opportunities within ABBANK for talents passionate about the opportunity to reshape the customer banking experience through leveraging the technology in Vietnam.
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