ABBANK invests in Backbase to launch digital banking platform with 100% customer migration in 3 months
ABBANK accelerates customer-centricity for business owners through platform innovation
HANOI, VIETNAM - Media OutReach Newswire - 15 January 2025 - Backbase, the pioneer in Engagement Banking, has announced that its customer, An Binh Commercial Joint Stock Bank (ABBANK), has successfully launched a new business digital banking platform - ABBANK Business, marking a pivotal step in ABBANK’s commitment to supporting all enterprise segments, enhancing customer-centric digital experiences across Vietnam.With this launch, ABBANK provides business owners with enterprise-grade technology and digital banking capabilities through the Backbase Engagement Banking Platform, leveling the playing field and delivering a seamless, secure platform for business growth and financial management.
This platform adoption represents one of ABBANK’s bold moves in the digital space, simplifying banking for SMEs and entrepreneurs through a fast, secure, app-based service. ABBANK Business delivers three core business values: superior management, fast and secure functionality, and a seamless user experience. Key features for the launch phase include customizable account numbers, quick bill payments for utilities, international money transfers, and a dashboard that provides an easy overview of assets, interest rate updates, and recent transaction information. With the agile working model, the advanced features are under developed in parallel for the optimal customer experience.
Transforming Banking Efficiency and Accessibility for SMEs
The new platform launch follows a seamless three-month migration, during which ABBANK transitioned 100% of its existing business banking clients to the new platform without disruption. Now, 88% of these most active customers use the app as their primary banking channel. Building on Backbase’s Engagement Banking Platform, the app offers SMEs a streamlined, user-friendly experience tailored to the unique demands of business banking.
Building Digital Expertise for Sustainable Growth
Over the last one-year ABBANK has attracted hundreds of talents in technology & data for the digital transformation drive.
“ABBANK Business is a strong testament to our customer centricity strategy, building solutions from insights to meet corporate clients’ needs. The new application makes banking easy, safe and convenient for our clients while enhancing ABBANK’s efficiency and enabling us to achieve transformative SME digital banking goals. Backbase platform, on which ABBANK Business is built, provides such robust architecture we need to deliver for our clients," said Pham Duy Hieu, CEO, ABBANK.
ABBANK Digital & Data is organized around four strategic pillars - Customer Experience, Data, Technology, and Agile to differentiate ABBANK’s services and enable rapid go-to-market which adapts to evolving customer needs, enhancing the digital experience for SMEs.
“ABBANK’s digital transformation is driven by its collaborative development approach and adaptability. By adopting an anchor platform and establishing a Center of Excellence with in-house expertise, ABBANK has laid the groundwork for successful, sustained digital transformation. Their efforts were recognized with the Excellence in Customer Experience Optimization Award at our annual Customer Engagement Awards in October last year - a well-deserved achievement,” said Riddhi Dutta, Regional Vice President, Asia, Backbase.
Supporting ABBANK’s Vision of Empowering SMEs
ABBANK’s mission is to foster Vietnam’s economic growth by empowering SMEs with essential tools for success. By launching ABBANK Business on Backbase’s platform, ABBANK aims to extend its impact among SMEs and entrepreneurs who prioritize digital convenience and robust financial support. With this milestone, ABBANK reinforces its role as a trusted financial partner for businesses and entrepreneurs in Vietnam, supporting them with the innovation, security, and service levels essential for success in a digital-first world.
Hashtag: #Backbase #digitalbanking #engagementbanking #retailbanking #omnichannelbanking #businessbanking #smebanking #corporatebanking
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The issuer is solely responsible for the content of this announcement.
Backbase
Backbase is on a mission to re-architect banking around the customer. We are the creators of the Engagement Banking Platform – a composable platform that empowers banks to accelerate their digital transformation through progressively modernizing their main customer journeys. From onboarding, to servicing, lending and investing, our platform streamlines every aspect of the customer and employee journey. Pre-integrated with leading core systems and cutting-edge fintechs, it enables institutions to unlock innovation at scale, driving instant value creation.
Industry analysts Forrester, Gartner, Celent, Omdia and IDC continuously recognize Backbase’s category leadership. Over 150 financials around the world have embraced the Backbase Engagement Banking Platform. In APAC, the customers we serve include An Binh Commercial Joint Stock Bank (ABBANK), Bank Muamalat, BDO Unibank, Bank of the Philippine Islands (BPI), Chinabank, EastWest Bank, HDFC Bank, JudoBank, Vietnam Maritime Commercial Joint Stock Bank (MSB), MyState Bank, Orient Commercial Joint Stock Bank (OCB), Techcombank, and TPBank.
Backbase is a privately funded fintech company, founded in 2003 in Amsterdam (Global HQ). With its APAC HQ in Singapore, Backbase operates across key regional markets including Australia, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. The company also has regional hubs strategically located in the Americas, Europe, the Middle East, and Africa. Learn more at www.backbase.com.
ABBANK
An Binh Commercial Joint Stock Bank (ABBANK), established in 1993, has developed a strong reputation as a trusted and efficient retail banking institution. Committed to relentlessly enhancing service quality and customer experience, ABBANK continuously invests in building highly skilled, dedicated employees, developing competitive and flexible financial solutions, and improving its infrastructures and capabilities. ABBANK now has a robust nationwide transaction network of 165 branches across 34 provinces and innovative digital banking platforms ABBANK Business and AB Ditizen, serving more than two million customers.
With more than 31 years of establishment and development, ABBANK has consistently been recognized as a trustworthy banking partner for customers, partners, and investors. ABBANK has also earned reputable accolades as a top workplace, both locally and internationally: "Best Places to Work in Asia" by HR Asia for three consecutive years (2020-2022); Top 10 Most Preferred Employers in the Finance – Banking – Securities sector for 2023 by CareerViet.
ABBANK also distinguishes itself through its commitment to social responsibility and sustainable development. The bank actively supports initiatives in education and talent development, healthcare as well as environment protection, demonstrating its long-term dedication and contribution in sustainable community well-being.
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