OCB Launches Cutting-Edge OMNI 4.0 with Backbase and SmartOSC

• OCB, with Backbase and SmartOSC, launched the advanced Omni 4.0 app in six months, enhancing digital banking and security.
• This rapid deployment boosted OCB’s transaction volume and customer engagement significantly.

Backbase, the global leader in Engagement Banking, together with Vietnam’s premier private bank Orient Commercial Joint Stock Bank (OCB), as well as SmartOSC a premium digital enabler, are proud to announce the successful implementation of Backbase Engagement Banking Platform to launch the bank’s Omni 4.0 app.

OCB Omni 4.0 version provides modern and convenient digital banking services including account opening/management, money transfers/bill payments/card services/deposits/loans and many other outstanding features. Thanks to Backbase’s industrialized composable capabilities and close cooperation from their local implementation partner SmartOSC, this project was up and running within six months, positioning OCB at the forefront of bank’s current digital transformation race.

OCB Omni 4.0 has set the bar high in digital banking by offering features designed to meet immediate satisfaction, speed and convenience demands of Vietnamese consumers. With one-touch QR payment functionality and advanced benefits like rewarding referral codes backed up by strong security measures, OCB OMNI 4.0 makes transactions seamless at thousands of different service points ranging from eCommerce to travel. Additionally, its advanced benefits such as rewarding referral codes make the app irreplaceable in today’s globalized business world. OCB Omni 4.0 employs FIDO security technology with robust encryption algorithms and multiple layers of protection to sign each transaction, rating as one of the safest today. Furthermore, pursuant to Decision 2345 from SBV it plans on supplementing biometric authentication from July 1, 2024 further enhancing customer protection while assuring their financial information’s protection.

OCB OMNI 4.0 leverages cutting-edge technological applications to personalize customer experiences from the interface through transaction support features, from transaction recommendations that require two clicks only, service experience spaces, personalized offers for each customer and proactive large order division for quick transfers as well as categorization to manage expenses are among many other conveniences.

OCB successfully deployed its Omni 4.0 version within an expedient timeline by rapidly rolling out Backbase Engagement Banking Platform solutions. This rapid deployment included key features, such as account management, term deposit handling, bill payments, card services and loans that perfectly suit Vietnam’s specific characteristics.

At its initial roll out of OMNI 4.0, OCB successfully transitioned over 7,000 of their internal users onto this new platform with tremendously positive reviews regarding its smoothness, speed, efficiency, and security.

“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,” stated Mr. Pham Hong Hai, Acting Chief Executive Director of OCB, at the event.

“The industry standard for development and transition to an end-to-end omnichannel platform typically takes 18 months; however, with this platform, OCB not only achieves strong readiness for infrastructure modernization in a very short time but also distributes this project at less than half the industry standard cost. This accelerated implementation of OCB’s platform and app launch is assessed to have delivered time savings of 40%,” he added.

Mr. Pham Hong Hai further 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.”

“Having interacted with numerous banks in Vietnam and across Asia, we’ve observed that many are still grappling with the formulation of the right digital transformation strategies and remain in the planning stages. The agility and decisiveness of OCB’s management team in swiftly implementing the Backbase Engagement Banking Platform has positioned OCB ahead of many of its banking peers in fulfilling their commitment to customer-first and digital-first innovation as part of their digital transformation. The readiness of our local ecosystem is also a key factor in the success of OCB’s launch; our implementation partner, SmartOSC, has been diligent in adhering to the go-live timeline,” said Riddhi Dutta, Regional Vice President of Asia, Backbase.

“We are proud of our collaboration with Backbase, which enables us to bring our clients’ fintech dreams to life and set a new standard for go-live in Vietnam,” said Le Mai Anh, Vice Chairman of SmartOSC. “As an award-winning platform implementer, we look forward to continuing our partnership to further expand OCB OMNI’s second phase with new digital offerings and onboarding new customers.”

Statistics demonstrate that by 2023’s conclusion, OCB OMNI saw an exponential 61% surge in transactions compared with 2022 and an extraordinary 25-fold surge versus 2018. 95% of total transactions took place through this platform and online savings rose 55% year-on-year while CASA balances increased 44% year-over-year.