“OCB Aims for Over 200% Growth in Business Customers Adopting Open Banking This Year”

Open Banking can be described as an open system comprising three main entities: banks, third-party service providers (including Fintech companies), and customers. Open Banking enables third-party service providers to access customers’ financial data with their consent, through Open API connections to the banking system. This facilitates the development and provision of modern, cost-effective, and convenient financial services for customers, especially businesses.

“For example, if our corporate customer wants to make a payment to a supplier, instead of having to fiddle with the bank’s Internet Banking, they can simply make an entry in their internal system, and that entry will automatically be transferred to the bank’s system. This means that the company’s employees don’t even need to know what the bank’s Internet Banking interface looks like. Or, for instance, we connect with ecosystems that have a wide network in supply chains, such as Logistics, F&B, and Retail…, where OCB acts as the financial platform to handle payment transactions and financial management for customers, from businesses to individuals,” said the OCB leader.

Integrating Open API into the operating system helps businesses save a range of costs, including technology infrastructure costs, software development costs, and especially reducing risks in the operating process. Additionally, maintenance is made easier as the APIs are provided and maintained by professional service providers, i.e., banks. Enterprises can also optimize personnel costs by reducing their dependence on internal programmers to develop new features and instead focus on core strategies for product development, market research, and customer management.

As of now, OCB has surpassed 200 Open APIs, with a powerful processing capacity of over 6 million transactions per month, ready to integrate and meet the diverse needs of partners from various industries. Moving into 2025, to make Open Banking a core solution and achieve the goal of more than 200% growth in corporate customers connecting to and using Open API, OCB will focus on several key actions, including: Building a seamless connection system to facilitate easy access and integration of financial services into businesses’ own systems; Optimizing and enhancing the customer experience by providing flexible, fast, and accurate banking services; Expanding connections with partners, Fintech companies, and technology platforms to develop new financial applications and thereby create value-added services for corporate customers.

In addition to making the Open API solution a standard in providing financial services to corporate customers, OCB always ensures that APIs are developed on a highly secure platform, meeting the optimal data protection requirements of customers, especially complying with current security standards and legal regulations, creating a safe and transparent environment for customers.

When using OCB’s Open API service, customers will be provided with detailed instructions and training programs to quickly familiarize themselves with the product. This also opens up many opportunities for cooperation between OCB and partners and Fintech companies to develop and optimize the Open API solution.

OCB sets a target of 200% growth in corporate customers using the Open API solution by 2025

“In fact, OCB is one of the banks that has been investing significantly in digital transformation. We expect Open Banking to be our biggest differentiator. By the end of 2024, the number of customers connecting to OCB’s Open API has increased by nearly 2.5 times compared to 2023. Especially in 2024, the number of new partners has increased by almost twice the cumulative total of previous years, an impressive figure contributing to a CASA ratio of over 30%. This can be said to be a very solid stepping stone for OCB to set a target of 200% growth in corporate customers using the Open API solution by 2025. We have great faith in Open Banking as it presents a huge opportunity for OCB to take the lead and make a distinct difference in the market,” shared the OCB leader.

It is known that OCB is currently building a research and development center for Open Banking Hub (OBH) products, applying advanced technology and algorithms to analyze data from Big Data. This helps the bank to better understand customer behavior, preferences, and needs, thereby building and adjusting personalized products and services. In addition, OCB continuously invests in and upgrades its technology infrastructure to meet the requirements of Circular No. 64/2024/TT-NHNN – Regulations on the Deployment of Open Application Programming Interfaces in the Banking Industry, ensuring that the Open API implementation process is efficient and secure.