After two years of operation with Finastra one of the world’s leading technology companies, on September 16th 2019, Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank) has completed and officially put into operation the new Core banking system.
The implementation of the Core banking project called The Transformer Vietbank prime takes place in the context when Vietnam is entering the process of system and structural transformation within the 2016 2020 development strategy to help Vietbank gain different competitive advantages including competition with domestic and foreign banks as well as the target to become a leading digital bank in Vietnam.
This project brings a strategic change to the bank’s key systems, including the system related to customers and distribution channels, the system of credit appraisal and management, the system of information technology, risk management system, and digital banking system.
“It can be said that this is one of the Core projects which have received the largest investment budget in the Vietnam’s banking system,” said Vietbank’s vice Chair of the Board of directors the leader of the project’s Steering Committee.
The project will help Vietbank have a solid foundation for fast, strong and safe development.
According to Michael Fuller Head of Finastra’s Northeast Asia, when launching the new Core system, Vietbank brings superior experiences to customers, builds a strict risk management process, and creates differentiated products. In addition, with Fusion Banking technology, Vietbank’s transaction system is improved, helping customers interact more conveniently and easily.
Particularly, this technology is very flexible, capable of supporting customers and partners and it allows the bank to continue developing new solutions based on the basic platform. All of these strengths create a firm foundation which helps Vietbank grow fast, strong and safety.
For customers, the features of the new system are superior to the old one, bringing different experiences as well as creating preeminent products and services according to customers’ needs.
For employees, this technology helps improve labour productivity thanks to the convenience, particularly for tellers, who can use a lot of task without having to wait.
For the bank, the new Core system helps the operation and risk control process be automated and parameterised so that decisions can be made thoroughly, reducing human manipulation, thereby reducing operating errors and helping to better risk management.
