Monday, April 11, 2022

VPBank Raises The Bar In Vietnam's Digital Transformation With iGTB Cash Platform From Intellect

* iGTB’s strategic partnership with VPBank will provide a fully-integrated, Cash & Payments Management platform to enhance corporate and SME customer’s experience and operational efficiency.

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence for two years in a row, today announced that Hanoi-headquartered VPBank has signed a major transformative deal to digitize and streamline its transaction banking offerings. For Intellect, this deal marks the tenth key digital banking transformation deal in Vietnam.

This digital transformation deal will boost VPBank’s digitization efforts of its transaction banking function which in turn will enhance the country’s digital economy which is aligned with the “Vietnam National Digital Transformation Roadmap 2025”. This will bring the bank closer to the goal of being the most customer-friendly bank through technology in 2022 with disruptive iGTB’s products and services for its corporate, commercial and SME clients. 

According to VPBank CEO, Mr Nguyen Duc Vinh, “VPBank has always been a pioneer in selecting the most up-to-date technology to power accelerated digital transformation. Strengthening our IT Infrastructure to enable and automate digital strategy is our key to improving productivity by 20-30% in order that we stay ahead of the competition. This is why harnessing disruptive digital IT initiatives is currently a major priority for us.”

“Partnering with iGTB, VPBank will continue to improve customer experience and expand the business ecosystem through a new and efficient digital technology, which will transform our cash management. Armed with this iGTB and VPBank solution, we are set to increase significantly the competitive edge for the bank and retain our leadership position as the preferred bank of choice for both SME and for corporate customers.” 

According to iGTB CEO, Mr Manish Maakan, “I am proud that this latest VPBank deal transformation deepens Intellect’s portfolio to a dominant position in Vietnam. Our investments into iGTB Cash Cloud and platforms are the keys to a faster go-to-market, so that our client portfolios across APAC, Middle East, Europe and Americas can realize early returns on their technology investments. Our simultaneous market-depth strategy is a result of years of investment into local Vietnamese regulations & payment systems, backed by iGTB’s local relationship managers & delivery teams out of Hanoi, and our longstanding partnership with Vietnamese FPT Information Services.”

Mr Maakan added, “Vietnam’s corporates and SMEs are demanding digital financial solutions, and the Vietnam banking industry is rising to the challenge powered by iGTB’s latest digital banking platforms. This partnership powered by iGTB's global expertise in transaction banking technology will help VPBank achieve its goal of becoming the most customer-friendly technology-driven bank and the most valuable bank in Vietnam.”

This transformative cash management platform delivers a seamless customer experience with a completely digital integrated transaction banking suite of iGTB’s Cash Management, Trade Finance, Payments, Account Services, Collections and Liquidity Management powered by the award-winning front-end Contextual Banking Experience (CBX) platform with the ability to deploy new customers quickly, handle large volumes of transactions, improve operational efficiency and help reduce complexity and cost. 

Key Highlights

Seamless customer experience through digital transformation of VPBank’s cash management system: With a focus on Cash Management which includes Liquidity Management, Account Services, Payments and Collections along with Trade Finance channel services to corporate & commercial clients, the bank would be enabled to provide seamless customer experience and exceed business critical banking requirements which would help to retain the leadership position in the region.

Customer centric front-to-back omni-channel CBX solution: The single instance, fully integrated omni-channel Contextual Banking eXperience (CBX) will provide real-time insights and analytics through visual dashboards which will enable VPBank to enhance operational efficiencies by eliminating manual processes and will be a key differentiating factor for the Bank’s corporate customers.

Single vendor integrated platform for operational excellence: A single vendor integrated cash management platform will bring in process optimization, higher automation and STP capabilities for payments processing with high performance technology. This ensures improved operational efficiency through centralization of functions and rapid issue resolution which lowers TCO and results in less expensive upgrade and maintenance costs in future. 

Customer acquisition and retention at the center of cross-selling and up-sell strategy through technology: With this streamlined integration model, VPBank will be enabled to move ahead of the competition by adopting the latest technology to respond to the ever-changing dynamic market conditions through pre-configuration. This would enable the bank to increase the wallet share and maximize fee-based revenue.

Local market ready with deep expertise in the region: iGTB’s intimate knowledge of the Vietnamese market is reflected with boots-on-the-ground local relationship managers and delivery teams based out of Hanoi. The partnership with local vendor FTP will further enhance the implementation and deployment. 

Faster go-to-market with advanced product configurations: The platform enables modules to be quickly stitched together for developing a comprehensive solution, thus allowing the VP Bank to get a quick return on their investments. As a result, products can be quickly launched to offer value added services to the bank’s customers.  

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