Techcombank selects Backbase for retail and corporate omnichannel banking
Vietnam-based Techcombank has selected Backbase for retail and corporate banking. The bank will use the platform for new digital financial services as it seeks greater agility and faster time to market.
The bank has a stated “digital-first” strategy within which it is seeking to optimise end-to-end customer experience and scale up its digital offerings.
As a backdrop to the deal, a report published by Backbase and IDC, “Fintech & Digital Banking 2025 Asia Pacific”, predicts mobile transactions in Vietnam will increase by 300% between 2021 and 2025, led by an upsurge in mobile payments.
This, the pair claim, will be driven by shifting demands for financial solutions amid an increasingly digitally savvy consumer banking segment.
Pranav Seth, chief digital officer of Techcombank, says: “To achieve our new vision of ‘Change banking, Change lives’, Techcombank is embarking on a customer-centric, data and digital-first transformation.
“In a post pandemic world, making digital experiences simple, safe and seamless while empowering our staff to advise customers in an extremely personalised manner is a core priority.”
Techcombank is also looking to gain a competitive edge by addressing unmet needs and deepening financial enablement for both Vietnamese small and medium-sized enterprises (SMEs) as well as the wider population.
Techcombank was established in 1993 and is now Vietnam’s third largest bank by profit with highest return on assets.
It provides a broad range of products and services to over 8.4 million retail and corporate customers in Vietnam.
For core banking, it is a longstanding user of Temenos’ T24, starting with the previous version of this, Globus, in 2003 and upgrading to T24 in 2006.