Temenos (SIX: TEMN), the cloud banking platform, today announced that Saigon-Hanoi Bank (SHB) has selected Temenos to accelerate its digital transformation.
SHB is one of the largest joint-stock commercial banks in Vietnam, serving more than five million individual and corporate customers. Adopting the digital banking capabilities on top of Temenos open platform for composable banking will enable SHB to reimagine how it engages with customers and deliver a consistent, seamless experience across multiple channels. For SHB, the move to Temenos digital banking platform is a crucial step toward its goal to rank first in efficiency and technology among Vietnam’s commercial banks by 2025.
Following the State Bank of Vietnam’s plan for digital transformation, Vietnam is witnessing an increased demand for online and mobile banking services. According to a McKinsey report, the adoption of digital banking in Vietnam has caught up with that in developed markets, with a large majority (73 percent) of Vietnamese consumers being multi-channel banking users. To meet the needs of Vietnamese consumers, SHB has identified digital transformation as one of its strategic pillars, with a focus on building a digital corporate culture and investing in IT systems.
The digital banking capabilities of Temenos open platform will enable SHB to deliver seamless state-of-the-art customer experiences with highly personalized and AI-supported user journeys. Additionally, SHB will leverage Temenos’ open architecture - with its combination of APIs, microservices and Micro Apps - to create a true omnichannel experience across all channels, including internet, mobile, branches and ATMs.
Do Quang Vinh, Deputy General Director and Director of SHB Digital Banking Division, said: “SHB aims to become a leading digital bank in Vietnam in the next five years. We are confident that choosing Temenos, the world leader in banking software, will enable us to complete the transformation project in the fastest and most effective way. With a modernized and secure system, we will be able to engage existing customers better and attract new customers through a digital banking experience that meets their current and future financial service needs.”
David Becker, Managing Director, Asia Pacific, Temenos, said: “SHB is a visionary bank with a clear digital transformation roadmap, and we are proud to support and partner with the bank on this journey. Temenos has nearly 30 years of experience in implementing core and front-office solutions for over 20 clients in Vietnam. This deep expertise together with the powerful capabilities of our open platform will help SHB accelerate the digital transformation initiatives that will differentiate its service and realize its growth ambitions.”