Techcombank’s focus on meeting the needs of retail customers is evident in its growth strategy in recent years. Last year, the bank attracted around 2.6 million new customers, the highest in its history. By March 2024, the bank’s total number of retail customers had reached 13.8 million. 

Focusing on retail services

Notably, Techcombank’s customers are engaging with a broader spectrum of the bank’s services. On average, customers are using four to five services, compared to one or two services in the past. This has propelled Techcombank’s retail segment forward, establishing it as the primary transaction bank for its customers and fueling its sustained growth since 2006.

“As early as 7 a.m, many customers use Techcombank's code to book a taxi or use points to redeem a coffee or buy breakfast. When they need to buy something for lunch, they use Techcombank's card or other payment solutions. In the evening, when they go shopping or engage with friends and relatives, they have Techcombank Rewards points for vouchers at stores, restaurants, and entertainment venues. This warms my heart,” said Techcombank’s Chief Retail Banking Group Officer Nguyen Anh Tuan. 

Techcombank pioneered the “zero fee - free e-banking money-transfer policy” in September 2016, which drove forward the banking industry’s digital transformation and championed the adoption of cashless payments. The move resulted in a quick spread of a “zero fee” policy throughout the entire Vietnamese banking market, which has benefited Vietnamese customers nationwide.

In January 2024, Techcombank introduced another breakthrough offering, the Auto-Earning feature on its mobile e-banking app. With a simple one-time activation, customers’ idle cash in their primary account earns optimal returns at a highly competitive rate of 3.1% per annum (depending on prevailing policies at the time), while remaining liquid and accessible for transactions when needed. 

This feature enhances convenience for customers, automatically earns them profit on their idle cash, and is delivered through a seamless digital banking experience.

The Zero Fee policy and Auto Earning feature align with a broader objective of Techcombank: advancing towards a cashless society and revolutionizing digital banking. 

Achieving this objective was supported with a substantial investment of US$300 million in technology infrastructure in the period of 2016-2020 (excluding human resources costs). 

Techcombank has allocated a further US$500 million to technology investment under its 5-year strategy in the 2021-2025 period. The capital is being used to spearhead new projects and drive digital transformation, enhancing its competitiveness in the market.

"We hope customers always see Techcombank as a trusted companion in every step of their financial lives. With Auto-Earning, Techcombank's mobile app becomes a financial assistant in their pocket, helping customers multiply their funds effortlessly,” said Nguyen Anh Tuan.

Auto-earning for all customers 

Tuan revealed that prior to the official launch of Auto Earning in January 2024, the project team dedicated 18 months to designing, testing, and gathering feedback on the new feature. This enabled the project team to make necessary design adjustments and restructure the customer journey and the feature’s functionality before it was launched.

“If you do something without a specific direction or vision, it will be stressful. But when you have a firm belief that once you roll out the feature, customers will love it and benefit from it, and it is no longer a pressure. It becomes motivation,” Nguyen Anh Tuan said. 

“We had to identify which features needed to be improved for Auto Earning to provide the best convenience and support to our customers. Next, we engaged with customers through various interactive channels to get their feedback and assess their needs while using the application. Based on this insight, the bank continued to make necessary adjustments to ensure the most seamless customer experience possible,” he added.

During the research and testing phase of Auto Earning, internal pressure was immense. According to Tuan, Auto Earning was a key project prioritized by Techcombank’s Board of Directors, leading to additional financial and human resources being allocated to the project. This desire to deliver a new breakthrough product for customers extended beyond the direct project team, inspiring all management levels and the entire company. 

The Board of Directors faced the challenging task of balancing this desire to create a unique customer value proposition with the need to ensure other areas of the business continued to thrive. 

In many countries, the Auto Earning feature is very popular, often referred to as the Auto Sweeping Facility. Implementing such a feature requires methodological investment in product features and technological infrastructure to ensure seamless convenience, enhanced user experience, and numerous benefits for customers. 

In this regard, Techcombank stands out as a trailblazer in introducing this innovation to customers in Vietnam.

“At Techcombank, we consistently prioritize meeting the needs of our customers, placing them at the heart of everything we do. With this new feature, customers can enjoy enhanced efficiency in time management and cash flow,” said Nguyen Anh Tuan.

“Techcombank’s exceptional performance can be attributed to our steadfast adherence to the core cultural value of the 'Customer is the focus'across all business endeavors,” he added.

A “long-lasting fortune”

The decision to launch the Auto-Earning feature just before the 2024 Lunar New Year (Tet holiday) has an intriguing backstory. Tuan recalled that the project team had confidence in the new product, but it was impossible to be certain it was perfect. 

Understandably, while this feature took 18 months to develop, it was only tested on small groups of selected customers. Meanwhile, Techcombank’s mobile app is used by many millions of customers every day. Nonetheless, the management team of Techcombank opted to activate Auto Earning during the Tet holiday, aiming to usher in “a new year of luck and lasting fortune” for customers. 

After only three months, the Auto-Earning slogan - “Let your money work” - has become a social media trend in Vietnam. 

Thanks to its unique value proposition, it has attracted nearly 500,000 registered users, propelling Techcombank back to the top in CASA, with a ratio of 40.5% and a NIM of 4% at the end of March 2024. Buoyed by the success of this feature, Techcombank aims to attract two million new customers in 2024.

Nguyen Anh Tuan, a highly experienced manager that has been with the bank for over 18 years, attributes its success to its ability to change and progress through investment in digitalization and by attracting the best talent. 

Techcombank’s market-leading application of digital technology and data analysis enables the bank to gain deeper insights into customer needs and preferences. These insights, coupled with its strong customer-centric approach, empower the bank to deliver unique customer value propositions and experiences tailored to the unique needs of individual customers.   

However, technology on its own is not enough. Techcombank boasts over 11,000 employees that include Vietnamese and international talent. Its team comprises 18 different nationalities, all united in their commitment to delivering the best experience possible for customers and to fullfilling the bank’s vision of “Change banking, Change lives.”

“We hope that as we understand customers better, our solutions, especially unsecured lending solutions based on convenience, speed, timing and suitability for customers, will be the next products that make a difference, enriching the convenience that we offer,” Tuan said.

PV