Backbase Engagement Banking Platform powers award-winning retail bank offering
SINGAPORE – Media OutReach – 9 May 2023 – Backbase, the global leader in Engagement Banking, and Techcombank, one of the largest joint stock banks in Vietnam and a leading bank in Asia in digital transformation, have been named joint winners of The Best Digital CX Partner – Retail Bank award by The Digital Banker, for the implementation of the Backbase Engagement Banking Platform. The official awards gala was held on April 27, 2023 at The Andaz Hotel, Singapore.
The Digital Banker’s judges noted “The Backbase Engagement Platform has proven to be effective in driving digital transformation in banking. Its unified platform structure is revolutionizing the customer journey of retail consumers and enabling much-needed access to finance in a coherent and seamless manner.”
“Techcombank is able to continuously create digital banking experience on the cutting edge as a result of the autonomous control and flexibility derived from Backbase’s Engagement Banking Platform,” Mukesh Pilania, Executive Vice President & Head of Digital Banking, Techcombank said. “The architecture built on a single codebase is clean and robust to enable our team to confidently customize user interface, create bespoke journeys, and deliver a synchronous experience across both digital front-end and employee back-end channels; at the same time, its pre-built journeys operate as accelerators for faster go-to-market”
Agility , Control, and Time to Market
Techcombank partnered with Backbase for retail banking in October 2020 and went live in November 2021 for its 5.5 million retail banking customers. Following the success of the retail banking solution launch, Techcombank expanded the use of Backbase Engagement Banking platform to business banking in December 2021. Techcombank chose Backbase to accelerate the digitalization of its retail and business banking lines of business after assessing the fit of Backbase’s Engagement Banking Platform with the bank’s digital transformation vision. The bank’s strategy is to create mobile banking UI/UX uniquely as their own and Backbase’s platform architecture gave them the ability to create multi-layer building, which provided the bank with greater agility and faster time to market. Techcombank has been able to create, manage, and optimize its end-to-end customer experience seamlessly as it scales up its digital offerings as a digital-first bank. Today, Techcombank boasts an App Store app rating of 4.8 and a Google Play app rating of 4.7.
The strong fit between Backbase and Techcombank is a result of the comprehensive suite of tools, architecture, and developer support Backbase provides as a value-add, within Asia itself, for banks to become practitioners of the platform. The Backbase Asia Customer Success Hub based in Singapore and Vietnam provides local implementation, technology and architecture support, which encompasses leadership and consultation on architecture governance, imparting the knowhow to design and implement the solution, performance tuning, scalability, and change management. In addition, the Backbase Application Development Support (ADS) is set up to continuously provide ongoing coaching and best practices on app development on the Engagement Banking Platform.
“Techcombank is a very forward-looking bank with clear goals and enterprising visions for their digital banking offerings. As their engagement banking platform partner , we are required to deliver solutions that fulfill their objectives.” Riddhi Dutta, Regional Vice President, Asia, Backbase said.“ The fact that our architecture is able to consistently deliver to their needs is testament to the agility and strength of our technology. We are very proud to be winning the Best Digital CX Partner – Retail Bank award together with Techcombank.”
The Backbase Engagement Banking Platform was recognized as a leader earlier this year by industry research analysts at Celent and Omdia.
Hashtag: #Backbase, #digitalbanking, #engagementbanking, #retailbanking, #omnichannelbanking
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Backbase is on a mission to re-architect banking around the customer.
Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty, and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.
Industry analysts Gartner, Omdia, and IDC continuously recognize Backbase’s category leadership position. Over 150 financials around the world have embraced the Backbase Engagement Banking Platform. In APAC, the customers we serve include ABBANK, BDO Unibank, Bank of the Philippine Islands, EastWest Bank, HDFC, IDFC First, JudoBank, Techcombank, TPBank, and UBank.
Backbase is a privately funded fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Singapore (APAC HQ), Atlanta (Americas HQ), and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is one of the largest joint stock banks in Vietnam, and a leading bank in Asia, with a vision to Change Banking, Change Lives. The Bank pursues a proven customer-centric strategy in providing a broad range of retail and corporate banking solutions and services to help financially empower its customers. Techcombank has over 11.2 million retail and corporate customers, which it serves through a market-leading digital banking platform and mobile app, and an extensive network of transaction service outlets at locations across Vietnam. The Bank’s ecosystem approach, co-created through partnerships in multiple key economic sectors, adds further scale and differentiation in one of the fastest growing markets in the world. Techcombank is rated at Ba3 by Moody’s and at BB- by S&P which is the highest among Vietnam joint stock commercial banks. Techcombank is listed on the Ho Chi Minh Stock Exchange (HoSE) as TCB.Recognized for excellence and innovation, Techcombank received the following awards in 2022:
- “Best Bank in Vietnam” – Euromoney in 2022 (awarded for 3rd year);
- “Domestic Retail Bank of the Year – Vietnam”, and “Credit Card Initiative of the Year – Vietnam” – Asian Banking & Finance in 2022 (ABF);
- “Best Digital Consumer Bank” – Global Finance in 2022;
- “Best Companies to work for in Asia” – HR Asia in 2022;
- “Leading Partner Bank in Vietnam” 3Q22 – Asia Development Bank (the third year in a row).
The Digital Banker
The Digital Banker is a globally trusted news, business intelligence and research partner to the worldwide financial services sector. Our consultants and subject matter experts provide thematic research, data driven insights and forecasts, exclusively across the global Financial Services sector.