Netherlands-headquartered Backbase has deployed its digital-first banking platform at Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank).
The Backbase platform allows banks to design a unique banking digital banking experience made up of modular neo-banking capabilities for easy customisation.
TPBank has successfully revamped its mobile and internet banking system with the platform in nine months.
The introduction of comprehensive digital banking back-end services from Backbase has also enabled TPBank to shorten the time taken to develop new products and accelerate time-to-market.
It took TPBank 10 months to successfully migrate nearly three million customers to the new platform.
Nguyen Hung, chief executive officer of TPBank, said: “Backbase’s global expertise and extensive range of solutions has allowed TPBank to successfully navigate our digital transformation road map and accelerate the development of our digital banking products services for the next five to 10 years.”
“Our digital innovation journey that is being undertaken with Backbase has placed the people at the centre of our digital investment, with technology being the critical driver in transforming our bank and ensuring we stay ahead of the competition in the next digital banking revolution.”
Riddhi Dutta, regional head for ASEAN and India at Backbase, added: “Legacy channels and outdated core systems are cumbersome and is one of the factors which hinders banks from scaling at a pace that keeps up with evolving customer demands. Without completely overhauling a bank’s core which it has built over decades, Backbase’s breadth of integration mechanisms can support incumbent banks to execute strategic digital transformation projects that are tailored uniquely for them.”
“Now more so than ever, banks need to respond swiftly to greater customer expectations while implementing digital transformation with minimal disruptions to remain competitive in the current marketplace by implementing more efficient business models and delivering superior value to its customers.”