Viet Nam Public Commercial Joint Stock Bank (PVcomBank) and IBM have teamed up to accelerate modernisation with agile integration as the foundation for digital banking services with the implementation IBM Cloud Pak for Integration (CP4I).
To execute the reforms of data models, connection handlers, message routing, modify communication protocols and effectively manage the complex composition of multiple requests, PVcomBank has entrusted IBM CP4I as the underlying technology for its Enterprise Service Bus (ESB) system.
The ESB system enables stable connectivity, provides data security; while continuously improving system performance, allowing the bank to be time-saving and cost-effective in project implementation and simultaneously ensuring compatibility and synchronisation in compliance with technical standards. With CP4I as the foundation, the hybrid integration platform at present allows the bank to connect cloud and on-premises apps, protects data integrity during transfer, in addition to the fully-integrated agile architecture that learns from hundreds of customer interactions and records the dynamic factors that influence the integration environment.
“IBM CP4I has enhanced our digital transformation process, integrating front-end applications into the backend system, which allows us to quickly implement new business initiatives," said Nguyen Thi Nga, Director of Digital Banking, PVcomBank. “As of now, the system has helped our bank retain 30 per cent allocation of time and resources thanks to seamless integration between systems and increased 20 per cent in performance and transaction processing capacity.”
“We are delighted to support PVcomBank to streamline its operation which leads to innovative products and services for customers, said Nguyen Tuan Khang, Country Manager, IBM Software. “This will lay the foundation for the bank’s Open Banking API platform, and will also be fundamental in building the bank’s core competency in integrated technology, today and tomorrow."
The Worldwide Digital Transformation Spending Guide, released by the International Data Corporation in October 2022, revealed that the banking sector is forecast to have a significant growth rate in digital transformation expenditure, with a five-year Compound Annual Growth Rate (CAGR) of 19.4 per cent, closely followed by the Securities and Investment Services industry, which was expected to have a CAGR of 20.6 per cent. Whereas, Viet Nam, in particular, is said to be among the world's best performers in digital banking, with around VND15 trillion (US$631.18 million) invested in digital transformation.
PVcomBank has been constantly investing in technology infrastructure to develop the bank’s ecosystem, educate and guide human resources towards full integration of the digital transformation process, thereby, enhancing performance on all transaction channels in order to meet the diverse needs and high demand of both corporate and individual customers in various segments. — VNS