Leading Vietnam bank will use Temenos to power digital banking for over 15 million retail and business customers
Sacombank and Temenos Signing Ceremony for Omnichannel Banking Platform Implementation
GENEVA, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Temenos (SIX: TEMN), today announced that Sacombank, one of the largest banks in Vietnam with over 15 million customers, has selected Temenos Infinity to elevate its digital banking and deliver a seamless omnichannel experience to retail and business customers.
Since Kony’s acquisition in 2019, Temenos Infinity has been selected by over 200 new customers and the product's leadership has been cemented with multiple analyst accolades. Temenos has been named a leader in the Forrester Waves™: Digital Banking Engagement Platforms and Digital Banking Engagement Hubs evaluations in 2021. Temenos was also the only vendor rated best-in-class in Aite Matrix Evaluation of US digital banking solutions.
Sacombank has a customer-centric business strategy focused on providing high-quality financial products and services to individual and corporate customers, especially small and medium-sized enterprises. Temenos Infinity will enable the bank to reimagine the way it interacts with customers and meet the growing customer demand for digital products and services and fast, frictionless customer experiences.
Vietnam is leading the way in digital banking in Southeast Asia. It has a large younger demographic of digitally savvy consumers and a vibrant local fintech and ecommerce industry. Vietnamese enjoy quick and easy digital experiences for a wide variety of services and expect the same from their banking.
Temenos Infinity is a true omnichannel, multi experience platform-based product that enables a comprehensive 360-degree customer view, helping Sacombank to acquire, service, retain and cross-sell to customers, on multiple channels and devices using native features. Offering pre-composable banking services – built on microservices and accessible via APIs – the platform enables Sacombank to develop innovative products quickly and that bring real benefits to consumers and businesses.
The bank plans to introduce fully digital customer onboarding and origination as well as enhance the service experience for existing customers through digital channels. Additionally, Temenos’ open and composable platform will help Sacombank connect with e-commerce providers, social networks and other online services to accelerate a cashless ecosystem, a priority for the Government of Vietnam.
In selecting a new digital banking platform, Sacombank looked at various leading solutions in the market and after a thorough evaluation decided on Temenos Infinity. Sacombank is a longstanding Temenos customer and will run Temenos Infinity on top of its existing Temenos Transact core, providing complete front-to-back banking capabilities on a single platform.
Temenos Infinity is the world’s best-selling digital banking platform used by over 850 financial institutions, from global tier one banks to digital challengers. It can connect to any core banking system as a standalone solution for larger banks or to Temenos Transact. Temenos Infinity can run on any cloud or as SaaS on the Temenos Banking Cloud.
Bui Van Dung (Mr.), Deputy CEO, Sacombank said: “The omnichannel platform project is an unavoidable step to make a breakthrough in digital business of Sacombank. Sacombank believes that Temenos has the best reputation, capacity, and technology in omnichannel, along with a consultant team experienced in implementing similar projects at the leading banks, financial institutions in area and world-wide, hence, Temenos is able to support Sacombank in implementing its digital business strategy to comprehensively innovate in quality.”
Craig Bennett, Managing Director – APAC, Temenos, said: “Vietnam is a strategic market for Temenos. More than 20 Vietnamese banks run on our core banking technology, and we see growing adoption and interest for our Temenos Infinity digital banking platform. As one of the biggest banks in Vietnam and the Southeast Asia region, we are hugely proud to extend our relationship with Sacombank. Adding Temenos Infinity to the bank’s technology stack will propel the bank forward, opening new opportunities and delivering outstanding customer experiences.”
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve over 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.
For more information, please visit www.temenos.com.
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