Orient Commercial Bank (OCB), a joint stock commercial bank in Vietnam, has selected Temenos T24 to consolidate and support its retail and corporate banking operations, servicing 300,000 accounts across 70 branches.
OCB is pursuing an aggressive growth strategy in the Vietnamese retail banking sector, with plans to increase its branches to 135 and service over a million accounts in the next four years. T24 will provide a single, flexible core banking platform to deliver greater transparency of management data for more informed decision making to improve customer service, monitor performance and manage risk. And, integrating its operations will immediately drive down maintenance costs for the bank.
Tran Van Vinh, chief executive, OCB, said: “International players are raising the stakes in the Vietnamese banking sector by changing customer expectations. With over 40 banks in operation, competition is extremely intense and we needed the best possible technology in order to compete. Temenos was the obvious choice to provide a core banking platform with the pre-configured international best practice processes that we required. It holds an excellent reputation in Vietnam in terms of both product and local support capability, which were key factors in our search for the right supplier.”
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