The Times Australia
News From Asia

.

OCB Launches OMNI 4.0 App Offering Instant Modern Financial Services in Just 6 months with Backbase Engagement Banking Platform

OCB achieves technology implementation speed 3x faster than industry norm in its launch of a customer-centric omnichannel banking platform, setting a new benchmark in Vietnam

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 15 May 2024 - Backbase, the global leader in Engagement Banking, Orient Commercial Joint Stock Bank (OCB), a top private bank in Vietnam, together with SmartOSC, the premium digital enabler, announce the successful go-live of the Backbase Engagement Banking Platform to launch OCB's OMNI 4.0 app.

The OCB OMNI 4.0 version offers modern and convenient digital banking services such as account opening and management, money transfers, bill payments, card services, deposits, loans, and many other outstanding features. As a result of the platform's industrialized composable capabilities and with close cooperation from Backbase's local implementation partner SmartOSC, this project was operational within just six months, positioning OCB as a leading bank in the current digital transformation race.

OCB OMNI 4.0 has set a new standard in the digital banking sector with features that meet the immediate satisfaction, speed, and convenience needs of Vietnamese consumers. Featuring one-touch QR payment functionality, the application enables seamless transactions at thousands of different service points, from e-commerce to travel. Additionally, OCB OMNI 4.0 also brings advanced benefits such as rewarding referral codes, all supported by absolute security measures. The digital bank OCB OMNI 4.0 utilizes FIDO security technology, with robust encryption algorithms, multi-layer security to sign each transaction, rated as the safest today, combined with OCB's readiness to supplement biometric authentication from July 1, 2024, pursuant to Decision 2345 of the SBV, aiming for security, ensuring safety, and optimizing protection of users' financial information.

Moreover, OCB OMNI 4.0 incorporates modern technological applications to personalize the customer experience, from the interface to transaction support features. These include intuitive transaction recommendations that require only two clicks, a service experience space, and personalized offers for each customer. Additionally, customers can proactively divide large-value orders for quick transfers and categorize transactions to manage expenses, among many other conveniences.

To successfully deploy the OMNI 4.0 version within a short timeframe, OCB has accelerated the launch of Backbase Engagement Banking Platform solutions. This rapid deployment encompassed crucial features such as account management, term deposit handling, bill payments, card services, and loans, all finely tailored to suit the unique characteristics of the Vietnamese market.

During the initial deployment of OMNI 4.0, OCB migrated over 7,000 internal users to the new platform, receiving overwhelmingly positive feedback 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."

Statistical data reveal that by the end of 2023, OCB OMNI had seen a 61% increase in transactions compared to 2022 and a 25-fold increase compared to 2018. Transactions on OCB OMNI accounted for 95% of total transactions. Online savings have grown by 55% from 2022 to 2023. In addition, CASA balances increased by 44% in 2023 compared to 2022.


Hashtag: #Backbase

The issuer is solely responsible for the content of this announcement.

About 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 120 financial institutions 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, China Bank, EastWest Bank, HDFC Bank, JudoBank, OCB, Techcombank, and TPBank.

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.

About Orient Commercial Joint Stock Bank

was established on June 10, 1996. After more than 27 years of operation and development, OCB currently has more than 200 business units spread across all regions and key economic centers across the country. And considered as one of the banks with good and stable growth for many years.

OCB was recognized by the State Bank as one of the first three banks to complete risk management items according to Basel II international standards by the end of 2018. Moody's Investors Service, one of the three credit rating agencies most prestigious in the world, increased Counterparty Risk Assessment (CRA) and Counterparty Risk Rating (CRR) to Ba3 in July 2019. This is the highest ranking level in Vietnam today.

Rated as the leading bank in Vietnam in terms of operational efficiency with sustainable growth potential, OCB has created confidence for Aozora Bank - one of the most efficient banks in Japan, to invest. 15% share capital of OCB and become a long-term strategic partner.

OCB has gradually risen to the top of the group of private banks in Vietnam according to three criteria: growth rate, safety and efficiency. Not only operational efficiency and profit, OCB always actively controls costs, synchronously implements cost-optimizing solutions to improve business efficiency, this is the Bank's direction throughout. OCB's equity has now increased by nearly 8 times, profit by more than 16 times and total assets by 12 times. Thereby, OCB became a joint stock commercial bank holding the No. 1 position in terms of profit growth rate and No. 3 in terms of return on capital efficiency.

About SmartOSC

With 18 years in operation, is an industry-leading digital transformation agency of 1000+ experts across countries including Vietnam, Australia, Singapore, Japan, Thailand, Indonesia, Korea, the US and the UK. Deep experience across most enterprise platforms and technology stacks has made SmartOSC a trusted partner for leading brands and financial institutions worldwide.

SmartOSC delivers top-tier solutions and caters to the unique requirements of banks and financial institutions worldwide by leveraging the latest technologies. This expertise enables banks to reduce operating costs, save implementation time, and ensure security with SmartOSC's suite of offerings.

Recognized at the Global Economics Awards 2023 and the Digital CX Awards 2024, hosted by The Digital Banker, for its outstanding platform implementation capabilities, SmartOSC is committed to helping clients succeed in an ever-evolving world.

Times Magazine

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

What AI Adoption Means for the Future of Workplace Risk Management

Image by freepik As industrial operations become more complex and fast-paced, the risks faced by workers and employers alike continue to grow. Traditional safety models—reliant on manual oversight, reactive investigations, and standardised checklist...

From Beach Bops to Alpine Anthems: Your Sonos Survival Guide for a Long Weekend Escape

Alright, fellow adventurers and relaxation enthusiasts! So, you've packed your bags, charged your devices, and mentally prepared for that glorious King's Birthday long weekend. But hold on, are you really ready? Because a true long weekend warrior kn...

Effective Commercial Pest Control Solutions for a Safer Workplace

Keeping a workplace clean, safe, and free from pests is essential for maintaining productivity, protecting employee health, and upholding a company's reputation. Pests pose health risks, can cause structural damage, and can lead to serious legal an...

The Times Features

Distressed by all the bad news? Here’s how to stay informed but still look after yourself

If you’re feeling like the news is particularly bad at the moment, you’re not alone. But many of us can’t look away – and don’t want to. Engaging with news can help us make ...

The Role of Your GP in Creating a Chronic Disease Management Plan That Works

Living with a long-term condition, whether that is diabetes, asthma, arthritis or heart disease, means making hundreds of small decisions every day. You plan your diet against m...

Troubleshooting Flickering Lights: A Comprehensive Guide for Homeowners

Image by rawpixel.com on Freepik Effectively addressing flickering lights in your home is more than just a matter of convenience; it's a pivotal aspect of both home safety and en...

My shins hurt after running. Could it be shin splints?

If you’ve started running for the first time, started again after a break, or your workout is more intense, you might have felt it. A dull, nagging ache down your shins after...

Metal Roof Replacement Cost Per Square Metre in 2025: A Comprehensive Guide for Australian Homeowners

In recent years, the trend of installing metal roofs has surged across Australia. With their reputation for being both robust and visually appealing, it's easy to understand thei...

Why You’re Always Adjusting Your Bra — and What to Do Instead

Image by freepik It starts with a gentle tug, then a subtle shift, and before you know it, you're adjusting your bra again — in the middle of work, at dinner, even on the couch. I...