- April 21, 2020
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VietBank and partner Finastra were awarded Best Core Banking Technology Implementation at The Asian Banker Vietnam Awards 2020
- The project exhibited a comprehensive journey of VietBank from legacy to new integrated systems
- The technology implementation provides a solid foundation for growth
- The Core Banking transformation will drive VietBank’s digital capabilitie
HANOI, 9 April 2020 — VietBank and partner Finastra were awarded Best Core Banking Technology Implementation at The Asian Banker Vietnam Awards 2020.
The project exhibited a comprehensive journey of VietBank from legacy to new integrated systems
The project was implemented with an aim to digitally transform the bank across its business and operational divisions, including: Retail Banking, Corporate Banking, Treasury, Digital Channel and IT. The bank had an old legacy system that could not expand, and a very fragmented structure. Thus, with the help of Finastra, the bank was able to successfully replace its core banking system, as well as automate processes such as teller operations, CASA accounts, party management, deposits, lending operations, and loan origination.
The technology implementation provides a solid foundation for growth
In order to remain a competitive bank in the Vietnam market, the bank needed to shift to a new core banking system. This gave the bank a 360-degree view of its customers, agility in product manufacturing and improved customer experience. Operations and transactions at the front-end will be quicker, enhancing customer acquisition and services, and staff productivity in branches. Products are expected to be developed and delivered within 2-3 weeks, while operational costs are projected to be slashed significantly.
The Core Banking transformation will drive VietBank’s digitial capabilities
As the bank is building its digital adoption, the project will accelerate its progress. It is estimated that the bank will double its digital transactions after the implementation. It will also help in migrating customers to digital – increasing users in all platforms including internet banking, mobile banking and SMS banking
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. Its business revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.
Visit The Asian Banker Vietnam Awards 2020 official page at http://theasianbanker.com/finance-vietnam-2020/.
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi Head of Research
Tel: (+61) 452 514 145