Tien Phong Commercial, a Vietnamese bank that joined RippleNet back in 2019, has shared the results of its partnership with fintech software provider Backbase to speed up its digital transformation.
By using Backbase's services, TPBank has now completed the transformation of its internet and banking system in less than a year, while migrating 3 mln of its clients to the revamped platform.
Reclaiming its digital destiny
In a statement, TPBank CEO Nguyen Hung claims that the partnership enables them to "navigate" their ambitious digitization roadmap. Hung highlights the importance of innovation when it comes to staying ahead of the curve:
Backbase’s global expertise and extensive range of solutions has allowed TPBank to successfully navigate our digital transformation road map and accelerate the development of our digital banking products services for the next 5 to 10 years. Our digital innovation journey that is being undertaken with Backbase has placed the people at the centre of our digital investment, with technology being the critical driver in transforming our bank and ensuring we stay ahead of the competition in the next digital banking revolution.
Backbase's Riddhi Dutta says that legacy institutions are no longer capable of addressing their customers' demands due to outdated infrastructure.
Most core systems are inflexible and expensive, which is why banks choose to implement digital-first banking solutions to stay competitive.
Now more so than ever, banks need to respond swiftly to greater customer expectations while implementing digital transformation with minimal disruptions to remain competitive in the current marketplace by implementing more efficient business models and delivering superior value to its customers.
Vietnamese workers in Japan
After loosening its immigration policy, Japan started welcoming plenty of Vietnamese workers who send money back home.
TPBank became a member of RippleNet to make cross-border payments more efficient with the help of the blockchain technology, according to Hung.
By joining RippleNet, remittance transactions from abroad to TPBank will be faster, while ensuring safety and transparency, cash flows will still be legally transferred via foreign banks to Vietnam.