ABBank powers up banking transformation with Dutch firm Backbase’s solution

Backbase, a global leader in engagement banking, launched its partnership with ABBank Thursday to help the Vietnamese lender speed up its banking transformation with a platform by the Dutch technology firm.

Under a deal signed by the two sides on the same day, Backbase will deliver the full suite of the engagement banking platform, which encompasses digital onboarding, digital banking, digital assistance, and digital engagement. The business partnership is supported by their Vietnamese partner CMC Technology and Solution.

The platform will enable omnichannel banking, increase ease in customer acquisition, retention, cross-sell, hyper-personalization, and improve customer servicing through a 360-degree unified customer view for ABBank retail banking and business banking lines of business.

“ABBANK has taken the fundamental step to architect omnichannel banking around the needs of their customers by leveraging on the platform to unify data and journeys across different lines of business, channels and banking products,” said Riddhi Dutta, Backbase’s regional vice president in Asia.

“In this region, Vietnam is set to take the lead in digital banking usage for the next three years. It is imperative for banks to harness scalable and agile architecture and be empowered to dynamically execute against shifting customer needs,” he said.

ABBank CEO Le Bich Phuong said, “In cooperation with experienced partners such as Backbase and CMC in this project, we expect to optimize our customer’s experience across different customer segments for corporate and retail clients, as well as transform the customer’s experience in digital sales across different customer’s touchpoints.”

The Ho Chi Minh City-based private lender will also be able to strengthen its capability in customer’s data management and operation efficiency, she added.

Founded in 2003 in Amsterdam, Backbase is a privately-funded fintech company that has regional offices in Singapore and the U.S., and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.

Backbase’s engagement banking platform was created to empower banks to accelerate their digital transformation. The solutions provider claims this platform easily plugs into existing core banking systems and comes pre-integrated with the latest financial technologies, therefore financial institutions can innovate at scale.