September 8, 2020 – Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) accelerated their digital transformation with Backbase, a digital-first banking platform, to transform the bank’s traditional products, services and core banking system. Backbase drove the digitization to enable TPBank to operate on a secure, efficient, and sustainable omni-channel digital platform that is agile and scalable as the bank prepares for strong future growth and expansion.
TPBank’s digital transformation has enhanced its value proposition in delivering high quality and digital-first products and services to its customers and partners. With Backbase’s solutions, TPBank has successfully revamped its mobile and Internet banking system, which was in development for the last decade, in just nine months.
The introduction of comprehensive digital banking back-end services from Backbase has enabled TPBank to shorten the time taken to develop new products and accelerate time-to-market, as it only took the bank 10 months to successfully migrate nearly 3 million customers to the new platform. Backbase’s ready-to-go banking with widget collections has also provided TPBank the flexibility to customize their core-independent development, enabling faster digital innovation without the limitations from back-end systems.
Backbase’s solutions have allowed TPBank to transition and operate on an advanced, modern, and highly efficient technology architecture that is future ready to meet the digital-first demands of customers. By using cutting-edge technology that will benefit and transform the lives of Vietnamese community, TPBank envisions a future where digital delivery of its products will lead the way towards the adoption of cashless and digital financial solutions.
Riddhi Dutta, Regional Head for ASEAN and India of Backbase, said,
“Legacy channels and outdated core systems are cumbersome and is one of the factors which hinders banks from scaling at a pace that keeps up with evolving customer demands.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,” said Dutta.
Mr Nguyen Hung, CEO 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 5 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.”
Testament to TPBank’s successful digital transformation, aided by Backbase, the bank was awarded the ‘Best Digital Bank’, ‘Best Branch Innovation’ and ‘Best Savings Account Product” by The Asian Banker Vietnam Country Awards 2020 in April 2020.
Backbase’s Digital-First Banking Platform powers seamless customer experiences, unifying data and functionality from core banking systems and innovative fintech partners. We believe it is vital that banks evolve and maintain superior digital experiences in order to retain privileged control of the customer relationship, drive efficiency, stave off new competition and continue to grow.
More than 100 large financials around the world have benefitted from Backbase’s omni-channel, Digital-First Banking Platform, including ABN AMRO, AIB, Barclays, Banamex, Bank United, BNP Paribas, Central1, Citi bank, Citizens bank, CheBanca!, HDFC, Hiscox, IDFC First, KeyBank, Lloyds Banking Group, Metrobank, Navy Federal Credit Union, PostFinance, RBC, Societe Generale and Westpac.
Industry analysts continue to recognize Backbase’s front runner position. Backase is named a leader in the Celent 2020 Modern Digital Banking Platforms report and awarded Backbase three XCelent eXemplar awards for Technology, Functionality and Service. Celent also named Backbase a leader in Onboarding & Origination Solutions in the 2020 Retail Banking Customer Acquisition Platforms report, awarding Backbase with two XCelent eXemplar awards for Technology and Functionality. Backbase was named a Leader in the Forrester Wave (TM): Digital Banking Engagement Platforms, Q3 2019. The 2019 Ovum Decision Matrix also lists Backbase as the Ultimate Digital Banking Platform Market Leader.
Tien Phong Commercial Joint Stock Bank (TPBank) was founded on May 5th 2008. TPBank inherits technological expertise and financial strength from its strategic shareholders including DOJI Gold & Gems Group, FPT Group, Vietnam National Reinsurance Corporation (Vinare), SBI Ven Holding Pte. Ltd (Singapore), IFC International Finance Company (under World Bank) and PYN Elite Fund.
Possessing a solid foundation and the right strategy, TPBank has made a breakthrough with impressive business results. By the end of 2019, total assets of TPBank reached nearly 165 trillion dong; Profit before tax was nearly 3,900 billion VND, an increase of 71.3% compared to 2018; total mobilization was over 147 trillion dong. With the orientation of focusing on retail banking, TPBank’s credit grew steadily during the year with outstanding loans reaching nearly 102 trillion dong, up over 20%. In particular, the credit quality of the bank is always guaranteed, the NPL ratio is low, at 1.3%.
With the leading goal of digital banking, TPBank has created many breakthrough products such as LiveBank – automatic 24/7 banking model, Savy – universal savings application, QuickPay – QR code payment, using Ebank. TPBank has successfully applied the virtual assistant T’Aio with artificial intelligence AI and machine learning technology, customer identification system by voice and fingerprint. These have helped TPBank become the first bank to have a diverse and outstanding digital banking ecosystem in Vietnam.
In 2019, TPBank continued to be among the top 500 most powerful banks in Asia as voted by The Asian Banker, and won the award for Outstanding Financial Institution in Asia – Pacific as assessed by Enterprise Asia, Top 10 prestigious banks in Vietnam. TPBank also cooperates with many major partners, showing the bank’s long-term vision and a sustainable development roadmap. Gradually consolidate the branch system with the number of nationwide transaction points reaching nearly 300 points, the total number of individual customers reaches 3 million.
With the slogan “A deeper understanding”, TPBank wants to put customers at the heart of our business, basing on customer needs to build leading service quality. Understand to share; understand to accompany customers, to create the best and the most suitable products and services, to bring the highest added value to our customers. This is also the compass for TPBank’s sustainable development.