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Backbase, the global leader in Engagement Banking, Orient Commercial Joint Stock Bank (OCB), a top private bank in Vietnam, together with SmartOSC, the premium digital enabler, have announced the successful go-live of the Backbase Engagement Banking Platform to launch OCB OMNI 4.0.

The OCB OMNI 4.0 version offers modern and convenient digital banking services such as account opening and management, money transfers, bill payments, card services, deposits, loans, and many other outstanding features. As a result of the platform’s industrialised composable capabilities and with close cooperation from Backbase’s local implementation partner SmartOSC, this project was operational within just six months, positioning OCB as a leading bank in the current digital transformation race.

“Vietnam is positioned as the fastest-growing digital economy in Southeast Asia. In this context, rapid market access to ensure high-quality interaction with customers is crucial for banks to gain priority in the market. I am delighted to officially launch OCB OMNI 4.0 today with the efficient Backbase Engagement Banking Platform, maintaining our commitment to operational readiness within 6 months along with a range of modern financial services,” said Pham Hong Hai, Acting Chief Executive Director of OCB, at the event.

“The industry standard for development and transition to an end-to-end omnichannel platform typically takes 18 months; however, with this platform, OCB not only achieves strong readiness for infrastructure modernization in a very short time but also distributes this project at less than half the industry standard cost. This accelerated implementation of OCB’s platform and app launch is assessed to have delivered time savings of 40%,” he added.

“Having interacted with numerous banks in Vietnam and across Asia, we’ve observed that many are still grappling with the formulation of the right digital transformation strategies and remain in the planning stages. The agility and decisiveness of OCB’s management team in swiftly implementing the Backbase Engagement Banking Platform has positioned OCB ahead of many of its banking peers in fulfilling their commitment to customer-first and digital-first innovation as part of their digital transformation. The readiness of our local ecosystem is also a key factor in the success of OCB’s launch; our implementation partner, SmartOSC, has been diligent in adhering to the go-live timeline,” said Riddhi Dutta, Regional Vice President of Asia at Backbase.

Setting New Standards in Digital Banking with OCB OMNI 4.0

OCB OMNI 4.0 has set a new standard in the digital banking sector with features that meet the immediate satisfaction, speed, and convenience needs of Vietnamese consumers. Featuring one-touch QR payment functionality, the application enables seamless transactions at thousands of different service points, from e-commerce to travel.

Additionally, OCB OMNI 4.0 also brings advanced benefits such as rewarding referral codes, all supported by absolute security measures. The digital bank OCB OMNI 4.0 utilises FIDO security technology, with robust encryption algorithms, multilayer security to sign each transaction, rated as the safest today, combined with OCB’s readiness to supplement biometric authentication from 1 July 2024, pursuant to Decision 2345 of the SBV, aiming for security, ensuring safety, and optimising protection of users’ financial information.

“Having interacted with numerous banks in Vietnam and across Asia, we’ve observed that many are still grappling with the formulation of the right digital transformation strategies and remain in the planning stages. The agility and decisiveness of OCB’s management team in swiftly implementing the Backbase Engagement Banking Platform has positioned OCB ahead of many of its banking peers in fulfilling their commitment to customer-first and digital-first innovation as part of their digital transformation. The readiness of our local ecosystem is also a key factor in the success of OCB’s launch; our implementation partner, SmartOSC, has been diligent in adhering to the go-live timeline,” said Riddhi Dutta, Regional Vice President of Asia at Backbase.

OCB OMNI 4.0 Is Using the Most Advanced Technologies

Moreover, OCB OMNI 4.0 incorporates modern technological applications to personalize the customer experience, from the interface to transaction support features. These include intuitive transaction recommendations that require only two clicks, a service experience space, and personalised offers for each customer. Additionally, customers can proactively divide large-value orders for quick transfers and categorize transactions to manage expenses, among many other conveniences.

To successfully deploy OCB OMNI 4.0 within a short timeframe, OCB has accelerated the launch of Backbase Engagement Banking Platform solutions. This rapid deployment encompassed crucial features such as account management, term deposit handling, bill payments, card services, and loans, all finely tailored to suit the unique characteristics of the Vietnamese market.

During the initial deployment of OMNI 4.0, OCB migrated over 7,000 internal users to the new platform, receiving overwhelmingly positive feedback regarding its smoothness, speed, efficiency, and security.

Hai further shared, “Flexible modernisation is not an easy endeavour; we are proud to be at the forefront of the digital transformation strategy in the industry. In the upcoming period, OCB will demonstrate even stronger capabilities in constructing unique and customized journeys on the platform to enable timely and swift omnichannel penetration.”

“We are proud of our collaboration with Backbase, which enables us to bring our clients’ fintech dreams to life and set a new standard for go-live in Vietnam,” said Le Mai Anh, Vice Chairman of SmartOSC. “As an award-winning platform implementer, we look forward to continuing our partnership to further expand OCB OMNI’s second phase with new digital offerings and onboarding new customers.”

Statistical data reveal that by the end of 2023, OCB OMNI had seen a 61% increase in transactions compared to 2022 and a 25-fold increase compared to 2018. Transactions on OCB OMNI accounted for 95% of total transactions. Online savings have grown by 55% from 2022 to 2023. In addition, CASA balances increased by 44% in 2023 compared to 2022.

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