MSB receives The Asian Banker award for core banking technology

Vietnam Maritime Commercial Joint Stock Bank (MSB) has received the Best Core Banking Technology Initiative in Asia-Pacific award for mid-sized banks from The Asian Banker magazine.

The award recognizes MSB’s achievements in applying technology and innovation to improve operational efficiency while providing superior banking service experiences to customers.

MSB's core banking system is built on Temenos's advanced solution suite. To deploy the new platform, the bank integrated more than 1,000 application programming interfaces (APIs) and more than 200,000 data items, while maintaining stable 24/7 system operation.

The project was completed on April 28, 2024. MSB has completely migrated to the new core banking platform without having to operate in parallel with the old system, demonstrating outstanding platform understanding and technical capabilities.

As the most modern version, MSB's core banking can meet all business requirements well and flexibly, including supporting the deployment and operation of a variety of products and services with high complexity, allowing other systems to integrate flexibly and operate stably in real time and supporting large volume transactions 24/7 with high reliability.

Data enrichment and synchronization are also enhanced, while ensuring accuracy and integrity, thereby effectively serving business analysis and accurate decision making.

Through strict decentralization, requiring multi-factor authentication when accessing and using data on the new core bank, MSB has proactively raised security to the highest standards, aiming to protect the information security of both customers and MSB.

Core Banking modernization is one of the outstanding projects in MSB's digital transformation roadmap. This roadmap started in 2020 with the advice of the world's leading consulting groups such as Boston Consulting Group and McKinsey with over 15 key transformation initiatives, focusing on important core products and services of customers.

For each initiative, the bank selects the most suitable advanced technology solutions and prioritizes implementation to offer advanced products and services with high quality such as Temenos (Switzerland) - core banking system; Backbase (Netherlands) - digital interactive banking platform; Qualtrics (USA) - customer experience management platform; FICO (USA) - credit approval system for customers using big data; and IBM (USA) - big data management and processing platform. These are all world-leading solutions deployed by many international banks.

MSB expects that the successful implementation of these initiatives will create a smart, fast banking service ecosystem that meets the increasing needs of customers, helping its customers to experience financial products and services easily and effectively.

Completing the core banking system transformation is a major milestone in MSB's transformation journey, helping to realize the goal of making digital channels a growth driver. This is not only a common development trend, but also reflects the lender's careful preparation to adapt to the strict requirements of modern customers.

In the digital transformation journey, the bank not only wants to improve operational efficiency and revenue growth, but also “put customers at the center”, building long-term user engagement and sustainable development in the long term.

MSB said it understands that digital transformation is not simply the application of new technology, but a comprehensive change in the way banks operate, creating new value for customers and contributing to the overall development of the economy.

From results recognized by international organizations, transformation strategies and initiatives, MSB is constantly moving closer to the goal of becoming one of the leading banks in digital transformation in Vietnam, it said in a release on Wednesday.