Software AG (Frankfurt TecDAX: SOW), a leading enterprise software company, announced that it has been working with Vietnam-based Military Commercial Joint Stock Bank (MB Bank) to help them navigate increased consumer demand and future-proof business operations in today's digital world through Software AG's webMethods solutions.
With 15,000 employees and 4 million clients across Vietnam, Cambodia, Laos and Russia, MB Bank had to step up in providing customers with high-speed online services, while continuously improving business processes to support compliance. With rapid consumer demand, manual intervention was no longer a feasible option, given the time-consuming process of onboarding new customers. Additionally, the lengthy loan approval process translated to a high possibility of the bank losing potential customers to faster, more agile competitors.
Focused on building a computerised business process management system that could streamline and centralise its processes while ensuring adherence to local regulations, MB Bank has recognised the need for stronger capabilities that ensure its front-end systems are well-integrated with a back-end core. MB Bank eventually invested in webMethods, Software AG's powerful application integration suite, upon realising that its future depended on a stable, secure, multi-channel integration platform.
"In order to grow alongside market demand, we needed to ensure that tasks are completed swiftly and smoothly. We decided to bet on Software AG's webMethods to gain end-to-end control and visibility of our processes, and better align our business with IT," said Hoc Nguyen Xuan, CIO of MB Bank.
While the bank initially invested in webMethods Business Process Management Suite (BPMS) to help tie together its many disparate systems seven years ago, MB Bank recently decided to go with webMethods CentraSite for API management and SOA as well. CentraSite has since enabled the bank to create a central, platform-independent application for defining, storing and describing assets. MB Bank can now reuse data in all its branches and subsidiaries, saving many hours of manual labor. MB Bank processes around 30,000 tasks per day for around 3,000 users through webMethods.
webMethods has helped MB Bank combine all systems and data sources to deliver a comprehensive, trusted view of its business functions while integrating existing and new technologies. This has resulted in optimised processes and improved work efficiency by 40% and a 30% reduction in overall operating costs.
"Asia's financial services sector is on the cusp of rapid digital transformation. As integration becomes the norm, banks that are able to adapt and become more agile have a competitive advantage," said Anneliese Schulz, Regional President for Asia Pacific & Japan, Software AG. "We hope to continue empowering financial services institutions such as MB Bank as they focus on optimising processes and bolstering speed in the new era of banking."
MB Bank will continue to leverage Software AG's solutions as it continues to scale up, enhancing its end-to-end process management, and integrating data silos across the organisation.