Misys, the leading financial software company, announced today that the Vietnam Public Joint Stock Commercial Bank (PVcomBank) will implement its FusionBanking Essence Online and Personal Financial Management solutions to transform the bank’s digital banking capabilities for customers.
PVcomBank has over 100 banking branches and provides a full range of banking services. It is looking to upgrade to a next generation digital platform in order to gain a competitive edge in Vietnam’s aggressively growing banking industry.
Mr. Quoc Khanh Nguyen, Deputy CEO, PVcomBank said, “We want to improve the quality of our customers’ online experience, as well as develop a better understanding of their financial needs. And we need to be able to do that cost-effectively so that we remain competitive. We chose Misys because their solution offers a highly engaging user experience, personalization and cross-selling capabilities; is built on the latest open architecture and comes with a development kit which allows us to perform our own custom development. We were also impressed with the Misys vision and commitment to this business and towards PVcomBank. We’re confident that with them as our partner we can deliver our clients a tailored service and stand out amongst commercial banks across Vietnam.”
Vietnam’s retail banking industry is being transformed by the increase in internet penetration, and, in particular, mobile penetration. In March 2015, Vietnam’s internet penetration was 45%, which is higher than the Asia Pacific average and marginally higher than the global average. Even more encouraging is the level of mobile penetration, at 141% (based on number of subscriptions v. population) it is significantly higher than the APAC and global averages.
Nadeem Syed, CEO, Misys, said, “By investing in leading edge digital banking and personal financial management, PVcomBank has shown great foresight into what will drive the retail banking industry not only in Vietnam but also globally. Deployment of our FusionBanking Essence Digital solutions will help the bank provide a differentiated customer experience and compete effectively in the market.”
Tecapro, a leading technology provider in Vietnam, will work with Misys and PVcomBank as the overall systems integrator for the project. Mr. Nguyen The Anh - Director of Tecapro IT, commented, “We are excited to partner with Misys for PVcomBank’s digital channel project. Vietnam has a huge potential for digital banking and we believe our relationship with Misys will grow substantially.”
Misys already has a significant presence in Vietnam, working with the Bank for Investment and Development (BIDV), one of the largest banks in the country, Maritime Bank and Techchom Bank.