Backbase, the global leader in Engagement Banking, Orient Commercial Joint Stock Bank (OCB), a top private bank in Vietnam, together with SmartOSC, the premium digital enabler, announce the successful go-live of the Backbase Engagement Banking Platform to launch OCB’s OMNI 4.0 app.
The OCB OMNI 4.0 version offers modern and convenient digital banking services such as account opening and management, money transfers, bill payments, card services, deposits, loans, and many other outstanding features. With close cooperation from Backbase’s local implementation partner SmartOSC, this project was operational within just six months, positioning OCB as a leading bank in the current digital transformation race.
OCB OMNI 4.0 has set a new standard in the digital banking sector with features that meet the immediate satisfaction, speed, and convenience needs of Vietnamese consumers. Featuring one-touch QR payment functionality, the application enables seamless transactions at thousands of different service points, from e-commerce to travel. Additionally, OCB OMNI 4.0 also brings advanced benefits such as rewarding referral codes, all supported by absolute security measures. The digital bank OCB OMNI 4.0 utilizes FIDO security technology, with robust encryption algorithms, multi-layer security to sign each transaction, rated as the safest today, combined with OCB’s readiness to supplement biometric authentication from July 1, 2024, pursuant to Decision 2345 of the SBV, aiming for security, ensuring safety, and optimizing protection of users’ financial information.
Moreover, OCB OMNI 4.0 incorporates modern technological applications to personalize the customer experience, from the interface to transaction support features. These include intuitive transaction recommendations that require only two clicks, a service experience space, and personalized offers for each customer. Additionally, customers can proactively divide large-value orders for quick transfers and categorize transactions to manage expenses, among many other conveniences.
To successfully deploy the OMNI 4.0 version within a short timeframe, OCB has accelerated the launch of Backbase Engagement Banking Platform solutions, namely Digital Assist for employee backend enablement and Digital Engagement for real-time marketing communications, further enhancing OCB’s operational efficiency and customer engagement. This rapid deployment encompassed crucial features such as account management, term deposit handling, bill payments, card services, and loans, all finely tailored to suit the unique characteristics of the Vietnamese market.
During the initial deployment of OMNI 4.0, OCB migrated over 7,000 internal users to the new platform, receiving overwhelmingly positive feedback regarding its smoothness, speed, efficiency, and security.
“Vietnam is positioned as the fastest-growing digital economy in Southeast Asia. In this context, rapid market access to ensure high-quality interaction with customers is crucial for banks to gain priority in the market. I am delighted to officially launch OCB OMNI version 4.0 today with the efficient Backbase Engagement Banking Platform, maintaining our commitment to operational readiness within 6 months along with a range of modern financial services,” stated Mr. Pham Hong Hai, Acting Chief Executive Director of OCB, at the event.
“The industry standard for development and transition to an end-to-end omnichannel platform typically takes 18 months; however, with this platform, OCB not only achieves strong readiness for infrastructure modernization in a very short time but also distributes this project at less than half the industry standard cost. This accelerated implementation of OCB’s platform and app launch is assessed to have delivered time savings of 40%,” he added.
Mr. Pham Hong Hai further shared, “Flexible modernization is not an easy endeavor; we are proud to be at the forefront of the digital transformation strategy in the industry. In the upcoming period, OCB will demonstrate even stronger capabilities in constructing unique and customized journeys on the platform to enable timely and swift omnichannel penetration.”
Key to OCB’s successful six-month app go-live is OCB’s management team. The launch of this extensive end-to-end omnichannel platform was efficiently managed by OCB’s 50-member core team, ensuring agile decision-making on project needs and localization requirements for rapid progression. In preparation for the go-live, OCB is holding an OMNI 4.0 launch event to unveil the new app on 15 May at GEM Center.
“Having interacted with numerous banks in Vietnam and across Asia, we’ve observed that many are still grappling with the formulation of the right digital transformation strategies and remain in the planning stages. The agility and decisiveness of OCB’s management team in swiftly implementing the Backbase Engagement Banking Platform has positioned OCB ahead of many of its banking peers in fulfilling their commitment to customer-first and digital-first innovation as part of their digital transformation. The readiness of our local ecosystem is also a key factor in the success of OCB’s launch; our implementation partner, SmartOSC, has been diligent in adhering to the go-live timeline,” said Riddhi Dutta, Regional Vice President of Asia, Backbase.
The accelerated implementation of OCB’s platform and app launch is made possible with technology provider, Backbase and the support of Backbase’s implementation partner, SmartOSC, who have been developing Vietnamese localization for the platform. This expedited setup included crucial features such as account management, term deposits, and bill payments, all tailored to the local nuances of the Vietnamese market.
“We are proud of our collaboration with Backbase, which enables us to bring our clients’ fintech dreams to life and set a new standard for go-live in Vietnam,” said Le Mai Anh, Vice Chairman of SmartOSC. “As an award-winning platform implementer, we look forward to continuing our partnership to further expand OCB OMNI’s second phase with new digital offerings and onboarding new customers.”
OCB OMNI stands out as one of the few digital banks highly regarded for its convenience,comprehensive utilities, speed, and above all, robust security and personalization. Mibrand’s announcement reinforced this acclaim, with the platform securing two awards, namely the “Banking App With The Most User-Friendly Language & Information”, and the “Most User-Friendly Banking App”.
Statistical data reveal that by the end of 2023, OCB OMNI had seen a 61% increase in transactions compared to 2022 and a 25-fold increase compared to 2018. Transactions on OCB OMNI accounted for 95% of total transactions. Online savings have grown by 55% from 2022 to 2023. In addition, CASA balances increased by 44% in 2023 compared to 2022.