Vietnam’s MSB Taps Backbase to Power Digital Banking Transformation

Maritime Commercial Joint Stock Bank (MSB) has chosen Backbase‘s Engagement Banking Platform to modernise its digital banking services.

The bank will work with Backbase and its partner, SmartOSC, to implement the platform and create a unified, customer-centric experience for its 5.4 million retail and 100,000 enterprise customers.

This move is part of MSB’s ongoing digital transformation strategy to streamline its offerings and enhance customer service.

The Backbase platform will allow MSB to consolidate its in-house applications and provide a seamless digital journey.

This includes simplifying onboarding, daily transactions, and product bundling, ultimately enhancing customer engagement and simplifying product management.

By streamlining these processes, MSB expects to reduce its cost-to-serve by 30%.

The bank aims to increase active digital customers by 30% and digital acquisition by 20-40% annually through this initiative.

Vietnamese digital enabler SmartOSC will assist in tailoring the platform to MSB’s specific requirements, ensuring it aligns with local regulations and customer expectations.

The bank plans to launch both retail and business banking channels on the platform within a year.

“At MSB, we are advancing our digital factory by combining the strengths of Backbase’s Engagement Banking Platform with our in-house developments, gaining refreshing flexibility to seamlessly integrate and elevate our existing capabilities.

Through this platform, we will unify, modernise, and launch our retail and business banking channels on a single platform within the next 12 months, achieving the speed, agility, and control needed to scale differentiated customer experiences.

said Nguyen Hoang Linh, CEO of MSB.

“Rather than uproot and restart, the ‘adopt and build’ approach enables MSB to reinvent their existing channels and apps, upskill their digital factory, and empower in-house talent to unlock new efficiencies and innovation.

Backbase provides a strategic architecture that complements and amplifies MSB’s current efforts, fostering growth without disrupting the valuable work already in place.”

said Riddhi Dutta, Regional Vice President, Asia of Backbase.