Select a topic or year
Ho Chi Minh City - 23 Jul 2012: Orient & Commercial Bank (OCB) today announced it has selected IBM (NYSE: IBM) analytics as its core information management technologies to handle customer, business, and financial data as it transitions from a multifunction to a retail bank. The technologies will help the bank establish a customer-centric approach to retail banking and reach its goal of transforming into a top 10 leading Joint Stock bank in Vietnam by 2015.
Growing demand from Vietnamese citizens for new banking products and services has created a challenge for the country’s banking industry to keep up with growing volumes of data. OCB’s acceleration into retail banking amplified this challenge, and the bank turned to IBM for help to capture, analyze, and capitalize on massive volumes of data. The bank chose IBM analytics over competing technologies to accommodate this growth and streamline their IT system to create efficiency.
“OCB aims to utilize the strength of IT in customer service, management, operation, business performance to enhance service quality and optimize customer satisfaction, and we have recognized the need to build a new information management strategy with high efficiency that meets the requirements of analytics, adequate investment cost and simple operation”, said Mr. Doan Quoc Long, OCB General Manager.
With the implementation, OCB’s business units and branches nationwide will have a unified data warehouse and can automatically retrieve and collect data from discrete and separate sources. As a result, the bank can now consolidate business reports and shorten the process from days to minutes. IBM and OCB plan to implement the new technologies at OCB headquarter as well as nationwide branch offices starting in September.
The solution includes IBM Netezza data warehouse appliances and IBM Cognos Business Analytics software, IBM InfoSphere Data Stage solution, IBM Banking Datawarehouse Model and software services for banking data warehouse model. In addition, IBM will also provide OCB with consulting services.
IBM Netezza data warehouse appliances bring analytics directly into the hands of business users within every department of an organization such as sales, marketing, product development and human resources. Recently introduced to Vietnamese market, OCB will be the first bank in Ho Chi Minh to deploy IBM Netezza. It includes database, server and storage, “packaged” into a single device, which gives data warehouse solution advantages to OCB such as short deployment period (install and deploy within 24 hours), high scalability (user data capacity can reach petabytes) with minimal requirements for IT skills, human resources and administration, and affordable investment cost.
“To achieve smarter banking, financial institutions must adopt predictive analytics and advanced modelling tools to understand customer and business trends from both structured, and increasingly, unstructured data," said Mr. Vo Tan Long, General Manager of IBM Vietnam. "When banks analyze better their business data, they can turn that into intelligence and more precise decision-making. The real challenge and opportunity is turning information into real-time insight. IBM is committed to bring global experiences and specialized experiences in the banking industry to support OCB in its business growth and enhanced competitiveness,” he said.
For more information on OCB, visit: www.ocb.com.vn
For more information on IBM, please go to: ibm.com
|Banking and Financial Services
News about IBM solutions for the banking, investment banking, and insurance industries
News about IBM solutions that turn information into actionable insights.
Images related to IBM's Smarter Planet initiative