Cooperation agreement between OCB, Backbase and SmartOSC to accelerate, modernize and personalize omnichannel digital banking with Backbase Engagement Banking Platform. — Photo courtesy of the agency
Orient Commercial Joint Stock Bank (OCB) has chosen Backbase, one of the global leaders in engagement banking, to power its omnichannel banking modernisation.
OCB’s goal is to create a personalised digital banking system for each customer across all channels, by fully digitising every customer journey and touchpoint to provide seamless services via mobile applications and computer platforms. This project implementation will be led by Backbase’s partner SmartOSC.
SmartOSC will assist OCB in integrating the Engagement Banking Platform, also referred to as the Digital Banking Omnichannel Platform, into its existing records systems, while also addressing OCB's initial localisation requirements, by leveraging their extensive experience and market-leading solutions, Furthermore, SmartOSC will develop OCB's Mobile Banking, Internet Banking, and Employee App.
Nguyễn Đình Tùng, CEO of OCB, said: “With the Backbase Engagement Banking Platform (EBP) based on three main factors: a six-month go-live timeline, full control over building, owning, and customising differentiated upstream and downstream requirements, and local support for implementation and future project needs.
"OCB expects to accelerate customer acquisition growth and double its retail banking monthly active users in the first years of the platform launch, and aims to grow to 10 million monthly active users after five years”.
“Innovative banks with high digital maturity like OCB endeavour to take the driver’s seat to deliver their own unique omnichannel digital banking proposition. The beauty in adopting and building is that banks do not need to worry about the underlying business rules, orchestration of banking services, hygiene security and compliance requirements, and the essential microservices and journeys that are already proven to work across the lines of business and channels they want to re-architect," Riddhi Dutta, Regional Vice President, Asia, Backbase said.
"On day one, banks could start building on top of the platform to customize journeys and experiences for specific consumer segments, products, and channels, which is the reason that the launch for such an extensive omnichannel platform can be within just six months,” he said. — VNS