ABBANK selects CMC TS to deploy its digital banking platform

10/04/2023

ABBANK has entered into a partnership with CMC Technology & Solution (CMC TS) and Backbase, a technology company from the Netherlands, to implement an Engagement Banking Platform aimed at transforming customer experiences in the era of digital sales across various touchpoints.

ABBANK accelerates banking transformation with Backbase and CMC TS / 06/04/2023
ABBank creates exceptional customer & employee experiences through digital innovation / 18/10/2021

The transformation to digital banking is an inevitable trend

According to a report by the State Bank of Vietnam, in the first two months of 2023, non-cash payment transactions increased by 50.14% in terms of quantity compared to the same period in 2022. Transactions conducted through mobile channels saw a rise of 60.29% in quantity and 13.89% in value compared to the same period in 2022. 68% of Vietnamese adults have bank accounts; there are 5.5 million accounts and around 8.9 million bank cards opened using electronic Know Your Customer (eKYC) methods (as of June 2022).

Some experts suggest that consumers are seeking smarter, safer, and faster technology and are inclined to switch if they find other banks offering better advantages and services. Therefore, banks must also become smarter, automate more swiftly, provide personalized services, and better align with customer needs.

The increasingly fierce race for digital transformation demands that banks, if they wish to retain market share and competitive advantage, focus on their digital banking development strategy. Ms. Le Thi Bich Phuong, CEO of ABBANK, stated that 'Omnichannel banking is not just a current trend but also a prerequisite for banks to timely capture the ever-diverse and rapidly changing consumer needs, parallel to the relentless development of information technology."

Digital transformation helps banks optimize customer experiences

ABBANK has entered into a partnership with CMC Technology & Solution (CMC TS) and Backbase, a technology company from the Netherlands, to deploy an interactive banking platform.

Digital transformation is one of the key priorities in ABBANK's 5-year development strategy until 2025. The bank aims to elevate the customer experience across digital channels while strengthening its digital products and services through an advanced digital banking platform. This initiative is geared towards enhancing the bank's competitive edge in the market.

In order to achieve these objectives, on April 6, 2023, ABBANK entered into a collaboration with CMC Technology & Solution (CMC TS) and Backbase, a technology company from the Netherlands, to deploy an Engagement Banking Platform. The comprehensive Engagement Banking Platform comprises Digital Onboarding, Digital Banking, Digital Assist, and Digital Engage. By selecting CMC TS as the implementation partner for the Backbase platform, ABBANK aims to optimize the experience for different customer segments within the Retail and Business Customer domains. Furthermore, this partnership aims to transform the customer experience in the era of digital sales across various touchpoints.

Mr. Nguyen Trung Chinh - Chairman of CMC Corporation, emphasized: “CMC is delighted to collaborate with ABBANK to expedite the digital transformation process through the application of the Backbase Engagement Banking Platform. CMC believes that this new banking platform will enhance ABBANK's customer experience in every aspect. We will make comprehensive investments in capabilities and expert teams to successfully accompany ABBANK in the implementation of this project”.

Mr. Pham Ngoc Bac - Deputy General Director of CMC Technology & Solution (CMC TS), stated: “As a strategic partner in implementing numerous IT projects ranging from infrastructure, cloud computing platforms, security solutions, to operational and business support solutions for ABBANK over the past years, CMC Corporation in general and CMC TS in particular, deeply understand the digital transformation needs and vision that ABBANK is aiming for”.

With 30 years of experience in consulting and implementing IT projects for financial and banking institutions, the CMC TS team comprises experts in digital banking, project management, solution architects, application developers, and quality management directors who have collectively joined the project to assist ABBANK in building a secure and user-friendly banking platform.

Thanh Nien

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