Aiming to be the trusted partner of businesses on the Digital Journey, KMS Solutions recently introduced the BankTech model, a branded package of solutions dedicated to BFSI businesses. BankTech offers a diverse array of innovative technologies, notably electronic Know-your-Customer (eKYC), Mobile Banking, Online Banking, Business Intelligence, and Quality Testing. The initiation ceremony launching this model in April attracted a large number of banking leaders and press agencies.
The Decision 986/QD-TTg promoting the development strategy of the banking sector in late 2018 has set the stage and vision up to 2025 for Digital Banking in Vietnam to grow, which continued to flourish when the Government sanctioned the Decision 810/QD-NHNN in May this year approving the digital transformation action plan of the banking sector in the near future. Within the current regulatory framework, the partnership of KMS Solutions and Mambu is deemed a strategic and pertinent move, underscoring the two companies’ joint vision in promoting the development of Digital Banking in Vietnam.
A KMS Solutions’ press announcement claimed that the BankTech model empowers BFSI businesses to embrace Digital Transformation by addressing three major challenges: excellent customer experience, optimal operational system, and continuous banking product innovation.
Tai told the press that, under this partnership, the two parties are co-designing an end-to-end Digital Banking platform. On the back-office, the platform provides market-leading platform capabilities, allowing banks to accelerate banking product innovation. For the front-office, it provides frictionless mobile onboarding with a host of purpose-built features and models, such as Payment Account, Peer-to-Peer Payment, Buy Now Pay Later, and Revolving Credit. The basic premise is to provide anytime-anywhere banking services to customers.
Having accumulated 12 years of experience, KMS stands out with its large technological capacity, having up to 1200 seasoned experts and consultants working in the background to ensure clients’ success, while Mambu is a fintech unicorn well-known for its creative fintech innovations and extensive expertise in the BFSI industry. Now that the partnership is formed, the two parties are ready to help local banks innovate their technology and customer experience via a single digital platform. Through its cloud-native and API-first approach, the Digital Banking Platform enables banks and financial institutions alike to modernize core banking, reduce time to value cycle, shift from Capex to Opex, and reduce CIR (cost to income ratio).
“Vietnam’s banking and financial services industry is at a very exciting point where we are seeing a great deal of innovation and a much greater acceptance and adoption of digital banking and financial technologies. The biggest mistake any bank can make right now is to do nothing - banks need to operate like fintechs — which are agile, responsive and flexible — in order to remain viable and competitive, and we are thrilled to be a part of the future of banking. Digital banking will ultimately change the way Vietnamese people bank, improving access for all and making banking better”, added Minh.
Today, while the pandemic is still raging, applying technologies becomes an imperative for banks to maintain operations and retain customers.