Backbase Engagement Banking Platform Leveraged By OCB to Launch Modern Financial Services

Backbase, the global enabler of Engagement Banking, Orient Commercial Joint Stock Bank (OCB), a private bank in Vietnam, together with SmartOSC, the digital enabler, announce the go-live of the Backbase Engagement Banking Platform to launch OCB’s OMNI 4.0 app.

The OCB OMNI 4.0 version reportedly “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.”

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.”

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 “utilizes FIDO security technology, with robust encryption algorithms, multi-layer security to sign each transaction, rated as the safest today, combined with OCB’s readiness to supplement biometric authentication from July 1, 2024, pursuant to Decision 2345 of the SBV, aiming for security, ensuring safety, and optimizing protection of users’ financial information.”

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 personalized 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 deploy the OMNI 4.0 version “within a short timeframe, OCB has accelerated the launch of Backbase Engagement Banking Platform solutions, namely Digital Assist for employee backend enablement and Digital Engagement for real-time marketing communications, further enhancing OCB’s operational efficiency and customer engagement.”

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.”

Mr. Pham Hong Hai, Acting Chief Executive Director of OCB, at the event said:

“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 version 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.”

Mr. Pham Hong Hai also shared:

“Flexible modernization is not an easy endeavor; 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.”

Key to OCB’s successful six-month app go-live is OCB’s management team.

The launch of this extensive end-to-end omnichannel platform “was efficiently managed by OCB’s 50-member core team, ensuring agile decision-making on project needs and localization requirements for rapid progression. In preparation for the go-live, OCB is holding an OMNI 4.0 launch event to unveil the new app on 15 May at GEM Center.”

The accelerated implementation of OCB’s platform and app launch “is made possible with technology provider, Backbase and the support of Backbase’s implementation partner, SmartOSC, who have been developing Vietnamese localization for the platform.”

This expedited setup included crucial features “such as account management, term deposits, and bill payments, all tailored to the local nuances of the Vietnamese market.”

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