Hanoi, May 22, 2024 – During the Bank of Tomorrow event held in Hanoi, Temenos, the world’s leading provider of banking technology solutions, honored LPBank with the prestigious award for “Fastest Core Banking Implementation in Asia.”
LPBank is the first bank in Vietnam and in the Asia region to receive this recognition from Temenos. The award acknowledges LPBank’s outstanding effort in successfully completing the migration to the new Core Banking T24 platform in a record time of just 7 months. This is considered a remarkable achievement, especially in Vietnam’s banking sector, where similar projects typically take around 2 years to complete.
With a strategic vision to become one of Vietnam’s leading retail banks, LPBank’s transition to a modern, secure, and high-performing Core Banking system is a crucial step. The bank aims to rapidly deliver innovative business solutions on a digital platform, ensuring seamless connectivity between customers, partners, and ecosystems, while improving internal operations. Achieving this transformation in the shortest, safest, and most efficient time was key to its success.
The successful deployment of Temenos CoreBanking T24 will accelerate LPBank’s digital initiatives, building a solid technology foundation that enhances customer experience with smarter operations and improved risk management. This large-scale transformation project carries high technological complexity and broad-reaching impacts across all areas of the bank’s business operations.
Temenos T24 – A Globally Trusted Solution
Temenos’ Core Banking T24, developed in Switzerland, is recognized as one of the world’s leading core banking solutions. It has received top ratings from global research firms such as Gartner, IDC, and Celent. To date, the system is used by over 3,000 banks worldwide, and in Vietnam, it has been adopted by major banks such as MB, Sacombank, VPBank, and now LPBank.
“Implementing a core banking system in such a short timeframe, while maintaining daily operations across a vast network, a large customer base, and a massive data volume, is a huge challenge. We maintained flexible working mechanisms, strict discipline, and close adherence to project goals. Timely adjustments were made to ensure progress. This success is the result of relentless effort, unity, and determination from the entire LPBank team,” shared Mr. Hồ Nam Tiến, CEO of LPBank.
International Recognition
Mr. Ramki Ramakrishnan, Managing Director of Temenos Asia-Pacific, praised LPBank’s core banking transformation:
“LPBank has achieved a commendable milestone by rapidly deploying the Temenos Core Banking system. This success reflects the commitment of LPBank’s leadership, the project team, and the entire organization. We believe LPBank will go further in the future, building on this scalable, secure, and flexible core banking foundation.”
Next Steps: Accelerating Digital Transformation
Moving forward, LPBank plans to implement over 40 digital transformation projects across business operations, management, and customer services. These initiatives include:
- Upgrading cybersecurity to meet international standards
- Building centralized, standardized data platforms for data-driven decision-making, leveraging big data and advanced analytics
- Developing an omnichannel transaction platform
- Expanding digitalization and automation of processes
These efforts will modernize the bank’s technology infrastructure, enhance customer experience, and promote sustainable and prudent business growth.
In addition to running the new core banking system, LPBank will continue to enhance customer experiences by researching and testing new products to deliver seamless online-to-offline services, offering more innovative solutions, faster market reach, and optimized costs.
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