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 omnichannel 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.
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“Legacy channels and outdated core systems are cumbersome and are one of the factors which hinder banks from scaling at a pace that keeps up with evolving customer demands,” said Riddhi Dutta, regional head for ASEAN and India of Backbase. “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.”
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 three 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 of back-end systems.
Backbase’s solutions have allowed TPBank to transition and operate on an advanced technology architecture designed to become “future-ready” to meet the digital-first demands of customers. By using cutting-edge technology that will benefit and transform the lives of the 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.
“Backbase’s global expertise and extensive range of solutions have 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,” said Nguyen Hung, CEO of TPBank. “Our digital innovation journey that is being undertaken with Backbase has placed the people at the center 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.”