Domestic banks are making breakthroughs thanks to AI technology.

DNVN - Backbase, a technology company specializing in interactive banking platforms, recently held its ENGAGE Asia 2024 event in Ho Chi Minh City, attended by over 150 customer experience managers. They discussed the theme "Rebuilding Banking," focusing on AI-driven strategies...

Emphasizing Backbase's commitment to the region, Jouk Pleiter, CEO and Founder of Backbase, announced the launch of Backbase's first Global AI Center of Excellence in Ho Chi Minh City. This strategic move underscores Backbase's commitment to driving innovation in the banking sector in Asia.

ENGAGE Asia 2024 showcased the region's progress toward Banking 4.0, highlighting the success of five banks utilizing Interactive Banking Platforms. These banks designed digital banking solutions, multi-channel experiences, personalized and humanized banking services, and non-banking initiatives to achieve sustained growth in customer engagement and satisfaction, along with differentiated digital journeys that enhanced brand preference and drove business benefits.

In two years, Techcombank 's new customer base has increased 20-fold, with online transactions now accounting for over 94% of total transactions. Three months ago, ABBANK launched its ABBANK Business app and quickly successfully migrated 100% of its corporate customers to the new platform.

Jouk Pleiter, CEO and Founder of Backbase.

OCB launched its OMNI 4.0 application in just six months – three times faster than the industry standard for multi-channel banking platforms. This rapid deployment saved approximately 40% of the time. The application achieved a 61% increase in the number of transactions compared to the same period last year and a 25-fold increase since 2018, setting a new standard in the Vietnamese banking industry.

The continuous innovation on Backbase's Interactive Banking Platform, particularly its AI and data capabilities, helps banks build stronger relationships with customers at critical stages: customer acquisition, activation, scaling, and retention. As digital banking platforms evolve into growth engines, they are increasingly designed to maximize customer lifetime value.

In the acquisition phase, AI-powered recommendations leverage open banking data to deliver personalized product recommendations, viewing each customer as a unique individual and a segment of a larger customer base. In the activation phase, the platform utilizes scheduled triggers and intelligent suggestions to encourage product adoption, replacing traditional proactive marketing methods. For bank employees, AI-driven insights simplify identifying new leads and facilitate rapid, effective segmentation opportunities.

In its expansion phase, AI will analyze spending patterns to connect consumers with the most suitable credit products. To retain customers, predictive analytics encourages repeat business by anticipating customer needs. Backbase's platform, with its focus on improving user experience (UI/UX) for interactive banking applications, uses AI to create intelligent and effective conversations, driving advancements in the banking community.

Banking 4.0 focuses on creating seamless, customer-centric experiences by leveraging technology to customize services to individual needs. AI plays a crucial role in this development, enhancing customer interaction and optimizing operations to increase efficiency and engagement.

Jade Hairpin

Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/ngan-hang-noi-but-pha-nho-cong-nghe-ai/20240926035734169