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The adopt-and-build strategy on the Backbase Engagement Banking Platform elevated TPBank into the Prime 10 banks in Vietnam inside 5 years
SINGAPORE – Media OutReach Newswire – 26 April 2024 – Backbase, the worldwide chief in Engagement Banking, in partnership with Vietnam’s Tien Phong Industrial Joint Inventory Financial institution (TPBank), has received the ‘Finest Omni-Channel Digital CX Resolution’ award at The Digital CX Awards 2024. This accolade highlights TPBank’s important strides in reworking banking experiences via omni-channel touchpoints, enabled by Backbase Engagement Banking Platform. The awards ceremony occurred on 25 April 2024 in Marina Bay Sands.
Since its inception in 2012, TPBank has grown from modest beginnings to turn into one in every of Vietnam’s Prime 10 banks, with a buyer base of over 12 million. Pushed by a singular financial institution improvement philosophy of “State of the Artwork – Stylish – From the Coronary heart”, TPBank is devoted to successful the hearts of thousands and thousands via revolutionary banking options which are artistic and insightful.
The Digital Banker’s panel of judges famous, “TPBank’s implementation of the Backbase Engagement Banking Platform has categorically augmented its omni-channel capabilities. Commendably, the strategic undertake and construct strategy enabled the Financial institution to utterly revamp its web and cell banking system, migrating virtually three million clients to the brand new platform driving progress in digitally energetic clients and contributing to retail enterprise progress.”
Leveraging Backbase as their anchor platform for digital buyer engagement, TPBank has strategically embraced an ‘undertake and construct’ strategy to develop a complete end-to-end omnichannel digital platform. By constructing on the platform, TPBank has achieved a digital-first and customer-first omnichannel banking expertise that not solely accelerated their acquisition of recent clients by way of a number of touchpoints but in addition lowered their value to serve. To attain accelerated construct, TPBank educated and expanded its in-house improvement groups to steer ongoing custom-made options and UI/UX improvement.
The implementation of the Backbase platform at TPBank has enabled important scalability:
- Engagement Banking Platform was launched in 9 months to just about 3 million present customers
- Progress of energetic retail banking customers to over 7 million inside 5 years.
- Doubling of cell banking transactions in 2023, with over 1 billion transactions recorded.
“Backbase has been pivotal in advancing our shift towards a digital-first, customer-centric banking mannequin, considerably enhancing operational effectivity and repair agility,” acknowledged Mr. Nguyen Hung, CEO, TPBank. “With the Backbase Engagement Banking Platform, we’ve been in a position to hole out the core to deal with modernizing buyer experiences easily. The speed of modernization has quickly accelerated as our in-house crew of UI/UX designers are in a position to simply and confidently construct on the platform. As we speak, we’re growing characteristic launches 6 occasions sooner, from as much as 6 months to lower than a month.`
Hung continued, “As well as, buyer satisfaction and frictionless utilization of our banking companies throughout the omnichannel are enhanced. We have now achieved 100% straight-through-process for over 200 self service on-line banking merchandise and 95% discount in downtime to only a few minutes per 30 days. Our objective is evident—to proceed to maneuver TPBank as much as turn into a high ten all-rounder financial institution in Vietnam.”
Riddhi Dutta, Regional Vice President, Asia, Backbase, remarked, “TPBank had a transparent imaginative and prescient of the shopper expertise they needed to ship for omnichannel banking 5 years in the past. They strategically adopted the Backbase Engagement Banking Platform, differentiating the place it issues by constructing distinctive journeys they’d envisioned. The power of the platform lies in its potential to degree the taking part in subject for banks at any stage of their modernization journey, no matter their age or tenure within the business. We’re grateful that TPBank believed within the platform from the outset and are proud to see them rise to the highest as we speak.”
TPBank additionally appeared for the primary time within the Model Finance Rankings with a model worth exceeding 425 million USD, among the many Prime 5 personal banks with the very best model worth in Vietnam. The Vietnam Evaluate Report Joint Inventory Firm (VNR) acknowledges TPBank as one of many ten most prestigious Vietnamese business banks, and one of many 4 most prestigious personal banks of 2023.
Hashtag: #Backbase, #digitalbanking, #engagementbanking, #retailbanking, #omnichannelbanking, #engagementbankingplatform
https://www.backbase.com
https://www.linkedin.com/firm/backbase/
The issuer is solely chargeable for the content material of this announcement.
Backbase
Backbase is on a mission to re-architect banking across the buyer.
Backbase created the Backbase Engagement Banking Platform – a unified platform with the shopper on the middle, empowering banks to speed up their digital transformation. From buyer onboarding to servicing, loyalty, and mortgage origination, our single platform — open and frictionless, with ready-to-go apps — improves each side of the shopper expertise. Constructed from the bottom up with the shopper on the coronary heart, our Engagement Banking Platform simply plugs into present core banking techniques and comes pre-integrated with the newest fintechs so monetary establishments can innovate at scale.
Business analysts Gartner, Omdia, and IDC constantly acknowledge Backbase’s class management place. Over 120 monetary establishments all over the world have embraced the Backbase Engagement Banking Platform. In APAC, the shoppers we serve embrace ABBANK, BDO Unibank, Financial institution of the Philippine Islands, China Financial institution, EastWest Financial institution, HDFC Financial institution, JudoBank, OCB, Techcombank, and TPBank.
Backbase is a privately funded fintech firm, based in 2003 in Amsterdam (International HQ), with regional workplaces in Singapore (APAC HQ), Atlanta (Americas HQ), and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.
TPBank
Established in 2008, Tien Phong Industrial Joint Inventory Financial institution (TPBank) inherits the power from robust strategic shareholders at dwelling and overseas, together with DOJI Jewellery Group, FPT Expertise Group, and Reinsurance Company. Vietnam (Vinare), SBI Ven Holding Pte. Ltd (Singapore), IFC Worldwide Finance Firm (a part of the World Financial institution) and PYN Elite Fund funding fund, with the aspiration of changing into a clear, environment friendly, sustainable monetary establishment and bringing the perfect advantages to shareholders and clients.
With a stable basis and long-term technique, TPBank has been persevering with on a journey of breakthroughs with a number of spectacular milestones. By the tip of 2023, whole property has elevated to 356,000 billion VND, a rise of 8.5% in comparison with the tip of 2022, with greater than 22,000 billion VND constitution capital. The regular enhance in capital has offered a robust monetary basis. Along with danger administration, this have stored TPBank’s capital adequacy ratio (CAR) in accordance with Basel III requirements at 12.4% as of 31/12/2023, which is within the main group of the business, upholding the rules of mortgage progress and capital security.
The full variety of clients grows miraculously past 12 million in 2023. In simply 3 years, with a number one and complete digital banking technique, TPBank has attracted greater than 8.6 million clients, twice the cumulative variety of the earlier 12 years. The proportion of CASA elevated by 34%, the proportion of demand deposits elevated by 34%, exceeding 47,000 billion VND. Balancing the wants for deposit progress in accordance with the wants for capital use to attain the perfect effectivity, the financial institution’s whole deposits in 2023 reaches 316,500 billion VND, a rise of practically 9.5% and exceeding the yr’s plan.
The Financial institution continues to uphold its place at many home and worldwide prestigious awards. For the second consecutive time, TPBank ranked first in Vietnam within the record of “Strongest Banks in Asia Pacific” by The Asian Banker. TPBank appeared for the primary time within the Model Finance Rankings with a model worth exceeding 425 million USD, among the many Prime 5 personal banks with the very best model worth in Vietnam. Vietnam Evaluate Report Joint Inventory Firm (VNR) ranks TPBank as one of many 10 most prestigious Vietnamese business banks, and in addition one of many 4 most prestigious personal banks of 2023.
With the model manifesto “A deeper understanding “, TPBank places buyer “understanding” on the middle of analysis and implementation, to construct a mode of high quality and repair. The financial institution units itself the mission of accompanying clients, consistently innovating, and making use of expertise to create the perfect and most handy monetary options, services and products for purchasers.
The Digital Banker
The Digital Banker is a globally trusted information, enterprise intelligence and analysis associate to the worldwide monetary companies sector. Our consultants and material consultants present thematic analysis, knowledge pushed insights and forecasts, completely throughout the worldwide Monetary Companies sector.
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