With local implementation support from SmartOSC, MSB aims to unify its banking services and create an omnichannel journey for both retail and enterprise customers in Vietnam.
By adopting the Backbase platform, MSB is consolidating its in-house applications onto a single, best-of-suite platform. This move enables the bank to offer a simplified digital experience – from onboarding and daily transactions to product offerings – while reducing costs and improving engagement. The platform is expected to improve MSB’s ability to develop new features, simplify product bundling, and lower the cost-to-serve, all contributing to a better customer experience.
As part of its digital strategy, MSB plans to launch both retail and business banking channels on the Backbase platform within the next year. The bank anticipates achieving a 30% reduction in cost-to-serve and a significant increase in customer satisfaction, targeting 93% for retail and 85% for enterprise banking customers.
SmartOSC, with its local expertise in the financial sector, will ensure the platform is tailored to meet MSB’s specific needs and regulatory requirements.
Vietnam’s digital economy has experienced rapid growth, with the country emerging as one of Southeast Asia’s most dynamic markets for digital banking solutions. In recent years, smartphone penetration and internet access have surged, contributing to an increasingly tech-savvy population. Statistics indicate that internet penetration in Vietnam surpassed 70%, while smartphone usage continues to climb, particularly among younger generations. These factors, combined with the government’s commitment to promoting financial inclusion through initiatives such as the National Financial Inclusion Strategy, have created an environment conducive to the widespread adoption of digital banking.
Against this backdrop, MSB’s strategic investment in the Backbase Engagement Banking Platform is a move to capitalise on the growing demand for digital financial services. By adopting this digital banking platform, MSB aims to improve its competitive position in the rapidly evolving landscape. This investment will enable the bank to address the increasing expectations of digital-first consumers, reducing friction in the onboarding process, accelerating service delivery, and ultimately improving customer satisfaction.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now