The launching of OCB OMNI 4.0 app in HCM City on Wednesday. – Photo Courtesy OCB

Orient Commercial Joint Stock Bank (OCB), a prominent private bank in Việt Nam, unveiled the OMNI 4.0 app in HCM City, showcasing modern and convenient digital banking services for their customers.

The bank's deployment of this customer-centric omnichannel banking platform sets a new standard in Việt Nam, achieving a remarkable technology implementation speed three times faster than the industry norm.

Developed in close collaboration with Backbase's local implementation partner, SmartOSC, the project became operational in just six months, positioning OCB as a frontrunner in the current digital transformation landscape.

The OCB OMNI 4.0 version offers contemporary digital banking services, including account management, money transfers, bill payments, card services, deposits, loans, and various other exceptional features.

"Việt Nam is positioned as the fastest-growing digital economy in Southeast Asia. In this context, rapid market access to ensure high-quality interaction with customers is crucial for banks to gain priority in the market," stated Phạm Hồng Hải, acting chief executive director of OCB.

"The industry standard for development and transition to an end-to-end omnichannel platform typically takes 18 months; however, with this platform, OCB not only achieves strong readiness for infrastructure modernisation in a very short time but also distributes this project at less than half the industry standard cost.

"This accelerated implementation of OCB’s platform and app launch is assessed to have delivered time savings of 40 per cent," he added.

Featuring one-touch QR payment functionality, the app facilitates seamless transactions across numerous service points, from e-commerce to travel, while ensuring absolute security and benefits like rewarding referral codes.

The digital bank OCB OMNI 4.0 utilises FIDO security technology, with robust encryption algorithms, multi-layer security to sign each transaction, rated as the safest today, combined with OCB's readiness to supplement biometric authentication from July 1, 2024, pursuant to Decision 2345 of the SBV, aiming for security, ensuring safety, and optimising protection of users' financial information.

Moreover, OCB OMNI 4.0 incorporates modern technological applications to personalise the customer experience, from the interface to transaction support features.

To successfully deploy the OMNI 4.0 version within a short timeframe, OCB has accelerated the launch of Backbase Engagement Banking Platform solutions, namely Digital Assist for employee backend enablement and Digital Engagement for real-time marketing communications, further enhancing OCB’s operational efficiency and customer engagement.

During the initial deployment of OMNI 4.0, OCB migrated over 7,000 internal users to the new platform, receiving overwhelmingly positive feedback regarding its smoothness, speed, efficiency, and security.

Statistical data reveal that by the end of 2023, OCB OMNI had seen a 61 per cent increase in transactions compared to 2022 and a 25-fold increase compared to 2018. Transactions on OCB OMNI accounted for 95 per cent of total transactions. – VNS