Vietnam’s TPBank says goodbye to legacy technology to become digital-first with Backbase

Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) has joined forces to accelerate their digital transformation and say goodbye to their legacy banking systems with the help of Backbase.

Backbase, a Netherlands-based digital banking software provider, transitioned TPBank to an omni-channel digital platform, enabling agility and scalability for the next generation of digital banking where a cashless society could be made possible.

“Technology is the critical driver in transforming our bank and ensuring we stay ahead of the competition in the next digital banking revolution,” said Nguyen Hung, the CEO of TPBank.

The birth of a digital bank in nine months

The bank transformed its decade-old mobile and Internet banking system in nine months, migrating nearly three million customers to the new platform.

“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,” said Riddhi Dutta, the Regional Head for ASEAN and India at Backbase.

Backbase’s digital banking architecture runs either on-premise, in a Platform-as-a-Service setup or fully cloud native.

“Legacy channels and outdated core systems are cumbersome and one of the factors which hinders banks from scaling at a pace that keeps up with evolving customer demands,” added Mr. Dutta.

Thanks to their work with Backbase, TPBank saw success in its digital transformation efforts by being recognised as the ‘Best Digital Bank’ at the The Asian Banker Vietnam Country Awards 2020.

Elsewhere in the banking industry, India’s largest bank introduced digitally transformed their payment system to 440 million customers using ACI architecture and DBS Bank in Singapore joined forces with AWS to digitally transform 3,000 staff with AI training.

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Image credit: TPBank

Is cloud hosting right for your business?

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India’s largest bank introduces digitally transformed payment system to 440 million customers using ACI architecture

India’s largest bank, the State Bank of India (SBI) has introduced a new payment system to its 440 million customers.

The bank adopted ACI Worldwide’s open service-oriented, cloud-based architecture to enable SBI’s network of over 58,000 ATMs in acquiring Visa, Mastercard and RuPay cards. 

On top of that, ATM networks can now manage ATM and point-of-sale authorisations.

“Size need not restrict adaptability and agility, which will be critical to meeting more than 440 million customers’ needs in the years ahead while staying ahead of security and regulatory requirements,” said Kaushik Roy, the Vice President and South Asia Country Leader of ACI Worldwide.

With 22,000 branches in India and a presence in 32 countries around the world, one would expect the migration process to be challenging, but Dhananjay Tambe, the Deputy Managing Director and CIO for the State Bank of India said it was seamless with minimised risk, downtime and impact for customers.

The SBI sees over 30 million transactions per day. Such an upgrade would thus enable the processing of higher transaction volumes.

To achieve this, ACI collaborated closely with SBI, implementing code consolidation and technology upgrades using public cloud or through ACI’s private cloud.

In addition to payment infrastructure upgrades, SBI will also be mitigating fraud and tightening its payment protection with ACI’s fraud management solution for debit cards, mobile banking, internet banking, pre-paid and UPI payments.

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How has the COVID-19 pandemic affected technology adoption in the BFSI market?

With economic downturns and recessions caused by the COVID-19 pandemic hitting the world, it is a unique and uncertain time for the BFSI sector, as more and more services are going digital.

Banking, financial services and insurance organisations are activating business continuity and risk management plans to survive the impacts and challenges of COVID-19.

“Somehow, over the past three years, the practices of risk management got deprioritised, so that the other priorities like customer centricity or digital innovation world take more importance,” said Michael Araneta, the Associate Vice-President for IDC Financial Insights.

Following the COVID-19 pandemic, Mr. Araneta believes it is important for BFSI organisations to revisit risk managements plans and consider cybersecurity, which could lead to being as extensive as capital related issues regarding liquidity and asset liability management.

“This is really just a matter of activating your risk management plans, but also ensuring that you are well equipped to take on the operational aspects of this crisis,” said Mr. Araneta.

Which technologies did the BFSI sector adopt to react to the pandemic?

To react to this pandemic crisis, BFSI companies began to increase investments and priority in digital technologies to ensure their operations were running 24 hours, 7 days a week.

“The critical technologies they obviously would be using are productivity tools, but more importantly, productivity tools that are on the cloud,” said Mr. Araneta.

It was crucial for these cloud-based technologies to be made as reliable, secure, and accessible by staff as quick as possible, even if they were working remotely.

“The ability of the organisations to sustain operations on uninterrupted basis is very important,” said Mr. Araneta.

Along with cloud applications, the next set of technologies to be prioritised concerned cybersecurity and threat intelligence, as the nature of security threats had already started to change alongside the rise of digitalisation, fintechs and insurtechs long before the pandemic.

“Many of these technologies are already available, it’s just really a matter of making sure that you adopt them in a safe and secured manner,” warned Mr. Araneta.

To take a more proactive approach during this crisis, Mr. Araneta also identified the growing importance in the need to observe data analytics, new types of data and make decisions based on the data.

“The ability of the institutions to analyse data on a real-time basis, so that they can proactively react to the trends in the market became very important,” added Mr. Araneta.

As one of the largest technology research organisations, IDC’s financial insights studied the big BFSI industry trends and developments coming out of the COVID-19 pandemic. One of their major findings was that the financial data we used to rely on does not work anymore.

“The data that we used to rely on to make decisions in 2019 are completely different from the data that we need for 2020,” observed Mr. Araneta.

He speculated that this could be due to the changing conditions and macroeconomic situation that has changed the way that businesses are built.

The key is to remain adaptable and adjust to new working environments, customer needs and technologies to make sure that these are a good fit for your organisation.

> Watch the full interview with IDC’s Michael Araneta

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