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Vietnam’s Übank the First Digital Bank in APAC to Accelerate Transformation with Backbase-as-a-Service
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September 27, 2021 News

 

Übank, Vietnam’s digital bank powered by VPBank, has successfully partnered with Backbase, a global engagement banking platform leader, leveraging their Backbase-as-a-Service1 (BaaS) managed cloud service for its Engagement Banking Platform to enhance the bank’s mobile banking experiences and offerings, with the latest release of nearly 50 new features in just one month.

Übank is the first digital bank in Asia Pacific (APAC) to leverage Backbase-as-a-Service, using its Retail Banking functionalities for the bank’s digital banking app. Übank strives to be the first digital-only bank in Vietnam that provides a full range of retail banking products via its Übank mobile application. Together with Backbase, Übank’s ambition is to increase its customer base to more than 5 million by 2025.

Some of the key offerings available through the mobile app upgrade are:

  • +3.6% interest rate on Üsuper spending account—no need to open a separate term deposit or savings account as money is instantly available for spending. +3.6% is automatically awarded for every VND, which is on Üsuper account for more than 1 month
  • Unlimited Cashback up to 1% for all spending on Übank MasterCard.
  • Loans up to 6 month salary instantly available 24/7 for Übank payroll account customers. No need for additional documents, applications and discussions with bank officers. Loan limit is awarded fully automatically, just 3 clicks under 1 minute and money is on the Üsuper account.
  • With help of Übank instant card box, Übank can be opened anytime, anywhere in less than 5 minutes including activated and fully functional international MasterCard debit card
  • Cash service available in all branches of VPBank as well as 24/7 in over 200 cash deposit machines of VPBank.

As digitally savvy consumers grow increasingly comfortable with the contextualised and personalised experiences that big technology firms provide, consumers are turning to FinTech companies, neobanks or mobile-only newcomers for their financial needs.

In a new study conducted by Forrester Consulting, commissioned by Backbase2, 54% of Vietnamese banking consumers say it is critical for their bank to provide them with digital money management tools. Yet 28% of banking decision-makers said their organisation had ‘no interest in’ or was ‘removing’ its digital banking offering. What is concerning is that 74% of Vietnamese banks are unsure of how to partner with FinTechs.

This presents a huge opportunity for disruptors and banks like Übank to gain a first-mover advantage.

With Backbase’s innovative Backbase-as-a-Service offering, Übank is well-poised to increase its market share in Vietnam’s burgeoning digital banking landscape, with mobile transactions expected to see a 300% increase by 20253. The collaboration will also allow Übank to get a 360-degree view of its customer banking behaviours to deliver services that matter, as well as hyperpersonalised, engaging and contextualised experiences that seamlessly connect across multiple touchpoints in their everyday lives. From the collaboration with Backbase, Übank can offer decisive advantages to Vietnamese mass and upper mass customers.

“Backbase’s global expertise and innovative engagement banking platform will accelerate Übank’s mission to provide digital banking for a new generation, enabling it to stay ahead of the competition in Vietnam’s competitive digital banking environment”, said Manoranjan Sahu, Chief Information Officer at Übank.

Abhijit Chavan, Regional Vice President, Customer Success for Asia Pacific at Backbase, added: “We’re excited to transform Übank’s digital banking app, unleashing the potential of its engagement banking platform. By strengthening its digital banking offerings with Backbase’s market-leading solutions, Übank will deliver superior value to customers with fast turnaround time, conversational banking, and personalisation at scale, which are the top three factors driving customer loyalty in the region.”

“Übank’s first-mover advantage as the first digital bank in Vietnam has positioned it for significant growth as a result of rapid changes in consumer behaviours and expectations”, said Jeroen Brusker, Senior Vice President, Global Customer Success at Backbase. “By leveraging our BaaS managed cloud platform service, Übank will continue to develop innovative solutions as well as a scalable banking infrastructure, driving deeper customer engagements through personalised banking experiences”.

 

 

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