The Ho Chi Minh City Housing Development Commercial Joint-stock Bank (HDB) has upgraded its core banking IT system in a bid to modernize its operations and differentiate itself in the industry.
In a statement released Thursday, Nguyen Binh Phuong, HDB's project manager, said: "As the industry is changing rapidly, we need to improve our business processes and be able to introduce more innovative products faster in order to stay competitive."
Established in 1990, the bank replaced its existing system, which was "locally developed", with System Access SYMBOLS core banking platform from U.S.-based SunGard.
HDB is the second bank to adopt SunGard's System Access software in the country, which has been localized to support Vietnam's domestic banking requirements. Vietnam International Bank was the first to do so in June 2006, SunGard said.
SunGard added that the new core banking software will enable HDB to centrally manage their business and customer information, as well as support HDB's growth plans to offer standard banking products and services.
According to Nguyen, the new system's "high volume scalability, multi-channel integration, as well as Internet banking capabilities are critical in [HDB's] network expansion plans".
HDB and Vietnam International Bank follow the trend of recent years where banks in Asia have been upgrading or replacing their core banking systems in a bid to become more customer-centric.