The Vietnam-based LPBank is bolstering its commitment to innovation by entering a strategic partnership with Temenos Group, a provider of banking solutions based in Switzerland.
The agreement to implement Temenos' Corebanking T24 system was formalised in Hanoi on September 22. The system’s deployment is anticipated to streamline LPBank’s operational processes and reduce both time and costs associated with implementation, thereby promoting enhanced revenues and service quality while catering to the diverse needs of the bank’s clientele.
This pivotal move forms a cornerstone of LPBank’s extensive digital transformation strategy, aligning with its ambition to progressively establish itself as a premier retail bank that is accessible to all.
Temenos’ Corebanking T24 is operational in over 3,000 banks worldwide and favoured by major Vietnamese banks such as MB, Sacombank, and VPBank. The deployment of this system paves the way for LPBank to escalate its growth trajectory and materialise its vision, enriching customer experiences and interactions across the board by leveraging advanced technology.
Post-deployment, the T24 system is poised to augment automation, mitigate operational discrepancies, and optimise risk management, catalysing LPBank’s robust and efficient digital transition.
LPBank’s CEO Ho Nam Tien stated, "The new system will significantly refine LPBank’s customer journey, offering improved interactions and a fully digitised transactional experience."
Nick Edwards, deputy CEO for Asia and ASEAN Block director at Temenos, shared his enthusiasm for the collaboration, underscoring the technology's pivotal role in sustaining business growth.
He emphasised, "Temenos' commitment to enabling LPBank to develop modern financial products and services sets the stage for it to achieve global service standards."
Beyond the core banking system project, LPBank is propelling several key initiatives, including the deployment of Data Lake and Data Warehouse management and Omnichannel platforms, fostering the creation of more innovative products and facilitating faster market access at significantly reduced costs.
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