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“Legacy channels and outdated core systems are cumbersome and one of the factors which hinders banks from scaling at a pace that keeps up with evolving customer demands,” added Mr.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