Source: Media Outreach
SINGAPORE – Media OutReach Newswire – 26 April 2024 – Backbase, the global leader in Engagement Banking, in partnership with Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank), has won the ‘Best Omni-Channel Digital CX Solution’ award at The Digital CX Awards 2024. This accolade highlights TPBank’s significant strides in transforming banking experiences through omni-channel touchpoints, enabled by Backbase Engagement Banking Platform. The awards ceremony took place on 25 April 2024 in Marina Bay Sands.
Since its inception in 2012, TPBank has grown from modest beginnings to become one of Vietnam’s Top 10 banks, with a customer base of over 12 million. Driven by a unique bank development philosophy of “State of the Art – Trendy – From the Heart”, TPBank is dedicated to winning the hearts of millions through innovative banking solutions that are creative and insightful.
The Digital Banker’s panel of judges noted, “TPBank’s implementation of the Backbase Engagement Banking Platform has categorically augmented its omni-channel capabilities. Commendably, the strategic adopt and build approach enabled the Bank to completely revamp its internet and mobile banking system, migrating almost three million customers to the new platform driving growth in digitally active customers and contributing to retail business growth.”
Leveraging Backbase as their anchor platform for digital customer engagement, TPBank has strategically embraced an ‘adopt and build’ approach to develop a comprehensive end-to-end omnichannel digital platform. By building on the platform, TPBank has achieved a digital-first and customer-first omnichannel banking experience that not only accelerated their acquisition of new customers via multiple touchpoints but also reduced their cost to serve. To achieve accelerated build, TPBank trained and expanded its in-house development teams to lead ongoing customized features and UI/UX development.
The implementation of the Backbase platform at TPBank has enabled essential scalability:
- Engagement Banking Platform was launched in 9 months to nearly 3 million existing users
- Growth of active retail banking users to over 7 million within five years.
- Doubling of mobile banking transactions in 2023, with over 1 billion transactions recorded.
“Backbase has been pivotal in advancing our shift toward a digital-first, customer-centric banking model, significantly enhancing operational efficiency and service agility,” stated Mr. Nguyen Hung, CEO, TPBank. “With the Backbase Engagement Banking Platform, we’ve been able to hollow out the core to focus on modernizing customer experiences smoothly. The rate of modernization has rapidly accelerated as our in-house team of UI/UX designers are able to easily and confidently build on the platform. Today, we are developing feature launches 6 times faster, from up to 6 months to less than a month.`
Hung continued, “In addition, customer satisfaction and frictionless usage of our banking services across the omnichannel are enhanced. We have achieved 100% straight-through-process for over 200 self service online banking products and 95% reduction in downtime to just a few minutes per month. Our goal is clear—to continue to move TPBank up to become a top ten all-rounder bank in Vietnam.”
Riddhi Dutta, Regional Vice President, Asia, Backbase, remarked, “TPBank had a clear vision of the customer experience they wanted to deliver for omnichannel banking 5 years ago. They strategically adopted the Backbase Engagement Banking Platform, differentiating where it matters by building unique journeys they had envisioned. The strength of the platform lies in its ability to level the playing field for banks at any stage of their modernization journey, regardless of their age or tenure in the industry. We are grateful that TPBank believed in the platform from the outset and are proud to see them rise to the top today.”
TPBank also appeared for the first time in the Brand Finance Rankings with a brand value exceeding 425 million USD, among the Top 5 private banks with the highest brand value in Vietnam. The Vietnam Review Report Joint Stock Company (VNR) recognizes TPBank as one of the ten most prestigious Vietnamese commercial banks, and one of the four most prestigious private banks of 2023.
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