At a Glance

• Reduced customer onboarding time by 70%

• 130% customer acquisition increase

• 200% increase in the number of customers opening deposit accounts online

• Increased operational efficiency by 40%

New mobile app response times averaging less than 1 sec

App has achieved a 4.9 star rating on App Store

Founded in 2013, Vietnam Public Commercial Joint Stock Bank (PVcomBank) is the result of a merger between Petro Vietnam Finance Joint Stock Corporation (PVFC) and Western Commercial Joint Stock Bank (WesternBank). Over the years, PVcomBank has expanded to become the fifth-largest digital bank in Vietnam. Thanks to its commitment to deliver ‘Banking for Everyone’, it now serves over three million customers across various segments in Retail, SME, commercial and corporate.

Innovation is a priority for this bank, which is why it rewards curiosity and experimentation. It is not afraid of failure – its culture can be described as “when things go wrong, lessons can be learned.”. That’s why it has established its Venture Studio, a safe space where start-ups are free to explore new concepts and take risks. In addition, the bank’s data sandbox fosters innovation by providing a secure and safe place to experiment with data and uncover new opportunities that can benefit customers and employees alike.

Prioritizing mobile

Mobile banking has long been the primary channel for PVcomBank’s retail business. However, in 2022, it realized its mobile service was falling short of customer expectations.

“Our mobile business was growing – we’d acquired a million new customers in 2022,” explains Trinh Vinh Hien, Chief Technology Officer and Chief Data Officer at PVcomBank. “Unfortunately, our customer satisfaction score for mobile banking was 60%. We knew we had to make improvements.”

PVcomBank’s customers reported slow performance and poor engagement in the mobile app. At the same time, it was taking the bank more than four weeks to add new features to a product or service. “The limitation of our traditional architecture and legacy technologies had suppressed innovation and slowed our business growth,” Trinh says.

Trinh and his team realized they needed an advanced omnichannel digital banking platform to facilitate a seamless customer experience across any channel and through every step of the customer lifecycle. So, they set about looking for a suitable solution.

Seeking a solution

“We spent around six months evaluating potential vendors,” Trinh says. “We assessed how the various solutions’ end-to-end capabilities might fit with our digital service footprint and compared the scalability, configurability, security, and overall architectures.”

The most suitable solution, however, was on PVcomBank’s doorstep. The bank had already been running on Temenos core for retail and corporate banking for 7 years and was also leveraging Temenos Trade Finance. So, when it discovered Temenos digital banking, it seemed like the perfect fit.

We’d already been benefiting from Temenos’s highly automated processes that have allowed us to increase efficiencies and reduce manual tasks. We were delighted when we found that Temenos digital banking could meet our requirements, too.”

Trinh Vinh Hien, Chief Technology Officer and Chief Data Officer at PVcomBank

He points to the impact it has had on Trade Finance. “With the smart banking capabilities of Temenos digital platform, we can now digitize Temenos Trade Finance, meaning we can further increase efficiencies, reduce manual tasks and bring this service into online channels for customers.”

Trinh was particularly confident that it would receive adequate support from the software vendor. “There’s a strong Temenos footprint in Vietnam, so this, along with our previous experience working with the company, assured us that we would get all the support we required to accelerate the implementation and get up and running quickly,” he explains.

Recognizing that its existing legacy architecture would hamper a fast implementation, PVcomBank leveraged the Temenos API framework.

By transforming our existing enterprise layers into open APIs, with integration between the enterprise service bus and Temenos digital banking’s backend, we could de-couple our legacy infrastructure and benefit from Temenos digital banking’s cloud-native architecture.”

Trinh Vinh Hien, Chief Technology Officer and Chief Data Officer at PVcomBank

This approach to integration enabled PVcomBank to achieve faster time-to-value and helped it operate more efficiently, streamline processes with increased automation, and deliver a faster, frictionless customer experience.

A successful launch

PVcomBank successfully launched its new mobile banking solution in April 2024. “We have already migrated one million retail customers who now benefit from a consistent journey across any device and on any channel,” Trinh says. “We expect to extend the service to all of our three million customers by June 2025, and we also hope to onboard at least 500,000 new customers this year through a B2B2C model.”

Users of PVcomBank’s new mobile app can take advantage of fast and simple onboarding, AI-powered assistance, personalized offers based on their spending behaviors, and more. Slow performance is now a thing of the past, with response times averaging less than a second.

The customer onboarding time has reduced by 70%. At the same time, we’ve witnessed a 130% increase in customer acquisition using the new digital platform and 200% increase in the number of customers opening deposit accounts online.”

Trinh Vinh Hien, Chief Technology Officer and Chief Data Officer at PVcomBank

The benefits of Temenos are not just felt by customers. “By deploying Temenos digital banking in a cloud-agnostic architecture, our operational efficiency has increased by 40%,” Trinh says. “We’re also now able to add new features to a product or service in a matter of days. This enables us to keep up with the demands of our customers and remain competitive.”

As a result, overall customer satisfaction has improved significantly. In fact, the new Temenos-powered app has received a 4.9-star rating on the App Store and a 4.6-star rating on Google Play based on feedback from thousands of reviews.

A Temenos-powered future

Trinh is quick to confirm that PVcomBank’s decision to build its mobile app on Temenos digital was the right one.

Our relationship with Temenos has been exponentially valuable for us,” he says. “The company consistently met our high expectations and its ongoing commitment to updating its platforms has been crucial to us. It means we can deliver an exceptional experience to our customers and stay ahead in a very competitive industry.”

Trinh Vinh Hien, Chief Technology Officer and Chief Data Officer at PVcomBank

As a result, PVcomBank is certain that it will develop its relationship with Temenos further in the months and years to come. “We have big plans ahead, and we are very confident that Temenos will support us, no matter what we decide to do,” Trinh says. “The newest version of Temenos core banking has a lot of fantastic new capabilities, and we cannot wait to upgrade so that we can further strengthen our position as a leader in Vietnam’s financial services market.”