VIB will implement the latest Core Banking version R23 from Temenos on the AWS cloud and VIB's private cloud platforms, marking it the first bank to deploy the Temenos Core Banking system on a cloud computing platform in Vietnam. The project is a collaboration with ITSS, a technology solutions and IT services company from Switzerland. <\/p>\n
VIB is currently the first banks in Vietnam to implement Temenos Core Banking solution on Cloud, in collaboration with AWS and ITSS. Photo courtesy of VIB <\/p>\n
According to Tran Nhat Minh, Deputy CEO and CIO of VIB, with its strategic positioning to become a leading retail bank in Vietnam, VIB is at the forefront of investing in technology initiatives, digitalization, and building an advanced and robust technology platform. <\/p>\n
The banking industry in Vietnam is undergoing a significant transformation, driven by an increase in customer demand for digital experiences and the constant advancement of technology. <\/p>\n
The migration of core banking systems to the cloud has emerged as a game-changing factor, promising flexibility, innovation, and enhanced customer experiences. <\/p>\n
This core banking modernization project on the cloud reaffirms VIB's commitment to continuously improve service quality and operational efficiency while creating a strong foundation to serve customers in a prominent digital era. <\/p>\n
In this project, VIB will deploy the latest version of Temenos Core Banking on the AWS cloud and the VIB private cloud. The deployment ensures compliance, safety, and continuous system operation, marking an important step towards the comprehensive restructuring and innovation of VIB's digital platform, aligned with its three drivers: \"mobile first, cloud first, and AI first.\" <\/p>\n
With \"cloud first,\" VIB pioneers the deployment of Temenos Core Banking solutions on the cloud, using cloud-native services. This ensures automatic and rapid on-demand infrastructure scalability, superior seamless service delivery to users, mitigating the impact of service disruption, and optimizing development and operational costs. <\/p>\n
With \"mobile first,\" mobile banking is one of the key factors, and deploying Temenos Core Banking on the Cloud provides robust APIs, high operational performance, flexibility, enabling VIB to maintain 24\/7 services, enhancing the best customer experience, and ensuring seamless access to banking services. <\/p>\n
With \"AI first,\" VIB has been focusing on leveraging artificial intelligence (AI) and machine learning to provide predictive analytics and suitable financial solutions. <\/p>\n
The deployment of Temenos Core Banking aims to ensure the enhancement of input data quality through tight automated system controls, which is a crucial input supporting the \"AI first\" key factor. <\/p>\n
VIB and partners representatives at the signing ceremony on Feb. 24, 2024. Photo courtesy of VIB <\/p>\n
Ramki Ramakrishnan, Managing Director for APAC at Temenos, said that they are delighted to welcome VIB as the first bank in Vietnam to embrace Temenos core banking on the cloud, further solidifying our market-leading position in this vital market. <\/p>\n
Temenos serves as the trusted banking platform for large banks globally, including leading Vietnamese banks, spanning the retail, corporate, wealth, and private banking sectors. <\/p>\n
Vietnams banking sector has experienced significant growth over the last decade and is home to some of the largest and most innovative banks in Southeast Asia, and VIB is leading the way. <\/p>\n
\"With VIBs forefront position in cloud-powered banking, we are excited to be working with them as their strategic partner to support their future growth,\" said Ramakrishnan. <\/p>\n
In its strategic transformation phase (20172026), VIB witnesses impressive growth, positioning the bank as one of the leading retail banks in Vietnam. <\/p>\n
To date, VIB is one of the most retail-oriented banks in Vietnam, with a retail loan proportion of over 85% of its loan portfolio. <\/p>\n
Over the past seven years, it has achieved compounded growth in its credit portfolio of 32% due to strategic business changes and successful penetration and expansion in the individual customer segment. <\/p>\n
With the aim of becoming the most innovative bank in Vietnam, VIB is implementing long-term digital strategies, with digital banking witnessing significant growth alongside high penetration and digital conversion rates. <\/p>\n
From 2017 to 2023, digital transaction CARG was 100%, with over 94% of retail transactions conducted through digital channels, serving millions of active customers every month. <\/p>\n
The implementation of Temenos core banking solution on AWS Cloud marks VIB's latest advancement in its digital transformation journey, contributing to the establishment of a robust infrastructure that serves as the foundation for the adoption and development of cutting-edge technology products. <\/p>\n
It also optimizes the customer experience, aligns with growth plans, and accommodates future increases in customer numbers, products, and transactions through digital banking channels. <\/p>\n
Eric Yeo, Vietnam Country Manager, AWS, said that the cloud revolution provides capabilities to optimize operations, improve security, reduce operation costs for technology infrastructure, and minimize downtime during peak traffic. <\/p>\n
\"We are proud to collaborate with VIB and Temenos on this journey to help shape the banking industry in Vietnam. This technology platform will help banks meet and exceed rapid business growth in the future,\" he stated. <\/p>\n
With a diverse product ecosystem and the integration of cutting-edge technologies such as AI and augmented reality (AR), as well as superior convenience and speed, VIB has asserted its position as one of the leading banks in delivering innovative digital products with a customer-centric approach. <\/p>\n
The digital strategy also earns VIB recognition from both domestic and international organizations for its high-tech and trend-leading products. <\/p>\n
The utilization of Temenos Core Banking solution with its cloud-native and cloud-agnostic features in this project allows VIB the freedom to operate across public clouds such as AWS and VIB private clouds; provides the agility, scalability, and resilience necessary to meet the dynamic needs of modern customers; and fosters an environment of continuous innovation and improvement for VIB. <\/p>\n
The new system will also expedite VIB's ability to upgrade, expand, and introduce new digital products and services to the market quickly and significantly save time. <\/p>\n
Additionally, with high performance and flexibility, VIB can maintain 24\/7 services and provide a better customer experience. Accordingly, customers will benefit from maximum security when using VIB's services, as the AWS Cloud holds over 140 security compliance certifications. <\/p>\n
\"We are pleased to be putting our more than two decades of digital core banking transformation expertise to work, allowing VIB to innovate faster using cloud capabilities to grow their business while meeting sustainability commitments. What sets ITSS apart are our accelerators, hands-on experience within global markets, and how we keep the end-user experience in mind while driving digital transformations. ITSSs Temenos services and cloud technology expertise pave the way for VIB to deliver mission-driven products and services that delight their customers,\" Manju HC, Director of ITSS Global, said. <\/p>\n
VIB has been pioneering in cloud computing since 2021 and developing a cloud-native mobile banking application with MyVIB. <\/p>\n
Temenos is the leading open platform for composable banking, serving 3,000 banks globally, helping them build new services and enhance customer experiences, and achieving triple return on equity and half-industry cost-to-income ratios. For more information, visit here. <\/p>\n
ITSS, a global banking software integrator, has supported over 350 Temenos clients since 2001, offering banking technology services and solutions for various banking products, including Transact, FCM, Islamic banking, TAP, Multifonds, Inclusive Banking, and Infinity. <\/p>\n
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VIB spearheads banking innovation with deployment of Temenos Banking Platform on AWS cloud - VnExpress International<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" VIB will implement the latest Core Banking version R23 from Temenos on the AWS cloud and VIB's private cloud platforms, marking it the first bank to deploy the Temenos Core Banking system on a cloud computing platform in Vietnam. The project is a collaboration with ITSS, a technology solutions and IT services company from Switzerland. Continue reading