The collaboration enables MSB to provide a better banking experience across all channels, reducing operational costs for its retail clients. Credit: Backbase.

Maritime Commercial Joint Stock Bank (MSB) has announced an investment in the Backbase Engagement Banking Platform, with local implementation support from SmartOSC.

This move aims to improve digital banking in Vietnam by providing seamless experiences and driving financial innovation.

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MSB serves 5.5 million customers and is enhancing its digital offerings to provide accessible financial solutions to individuals and corporate clients.

Through this investment, MSB aims to boost omnichannel acquisition by 10-20%, increasing the proportion of digitally active customers.

MSB CEO Nguyen Hoang Linh said: “Through this platform, we will unify, modernize, and launch our retail and business banking channels on a single platform within the next 12 months, achieving the speed, agility, and control needed to scale differentiated customer experiences.

“This investment aims to lower our cost-income ratio by 8%, reduce cost-to-serve by 30% through frictionless onboarding-to-usage journeys, and increase our CSAT scores to 93 for retail and 85 for enterprise banking.”

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The adoption of the Backbase Engagement Banking Platform will allow MSB to consolidate its in-house applications.

This development will enable MSB to offer a frictionless banking journey across all channels, improving customer engagement and reducing operational costs for its millions of retail and enterprise customers.

MSB’s digital factory, powered by the Backbase platform, is expected to deliver impact banking experiences and reduce time-to-market.

The bank anticipates a 30% increase in active digital customers and a 20% to 40% annual rise in digital acquisition following the platform’s launch.

Backbase Asia regional vice president Riddhi Dutta said: “Backbase provides a strategic architecture that complements and amplifies MSB’s current efforts, fostering growth without disrupting the valuable work already in place.

“This approach ensures business continuity while advancing their digital transformation on their own terms, driving progress in a way that aligns with their established processes.”