Finastra powers Vietcombank’s digital transformation
Singapore, and London, UK, 14 March 2018 – The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has selected Finastra to drive its digital transformation initiatives. Finastra technology will streamline and automate Vietcombank’s operational processes and improve overall customer experience to enhance loyalty, increase domestic market share and capture growth opportunities in a new era of digital banking.
Dao Minh Tuan, Deputy Chief Executive Officer at Vietcombank, said, “Technology is reshaping the banking industry in Vietnam and the way customers expect to interact with us. The increasing rate of internet penetration in Vietnam, as well as a booming young population that seeks a convenient, accessible and efficient banking experience, means enhancing our digital capabilities is essential. These digital solutions from Finastra enable us to digitalize trade finance operations, as well as the management of client relationships, increasing the value of our services to a digital-savvy generation and unleashing new opportunities for revenue growth.”
Fusion Trade Innovation offers an automated and centralized trade finance solution that will fundamentally transform Vietcombank’s front-to-back operations. In removing complex banking processes and creating the flexibility and agility needed to capture a greater market share in an evolving business landscape, Vietcombank will be able to differentiate itself with enhanced service quality and customer satisfaction.
Nadeem Syed, CEO at Finastra, said, “Vietnam has experienced some of the fastest economic growth in the world in recent years. As it continues to gather pace, banks are looking for digital technologies to drive efficiency and better serve customers. Our solutions will support Vietcombank’s transformation journey as it seeks to meet customer demand and continue its growth.”
Fusion Trade Innovation is delivered as a front to back solution in unison with Fusion Corporate Channels providing digital self-service via a corporate-centric online or mobile application. Customers will be able to gain a 360-degree view of their transactions with a single point of access, allowing them to optimize working capital and automate administrative tasks and transaction enquiries.
Imad Abou Haidar, Managing Director, APAC at Finastra said, “As Vietnam becomes more integrated with the global economy, local banks are facing increasing competition from international banks that are rapidly expanding their businesses in the country. Our market-proven solutions will equip Vietcombank with world-class technologies and help them continue to put their customers and stakeholders at the heart of their business to lead in the competitive era of banking disruption.”
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Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology.
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