Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has announced a new partnership with Personetics, the global financial data-driven personalisation and customer engagement supplier for financial services. The aim is to introduce AI-powered money management services to help Vietnamese customers improve their financial well-being.

The cost-of-living crisis has been impacting consumers in Vietnam and around the world. In a recent survey of 5,000 banking customers conducted by Personetics, 56% were “very concerned” about how rising costs are affecting their daily lives and impacting their finances. Vietnam is also facing the challenge of a “getting old before getting rich” population. Despite feeling secure in their current personal finances, in a Techcombank survey, 49.4% reported feeling stressed about their money management. This is due to lack of: tools (26.5%), time and mental bandwidth (22.9%), knowledge (16.9%), and confidence in their income (44.6%).

Techcombank: serving 11 million customers

Techcombank has joined forces with Personetics to provide its nearly 11 million customers with a hyper-personalised banking experience. The aim is to help them achieve financial wellness. The partnership will bring new advanced money management capabilities to Techcombank’s mobile app. The offering is designed to create an automated, personalised, and independent financial journey for customers. They will offer capabilities designed to analyse customers’ financial transactions. And it will aggregate bank accounts, and provide valuable insights about unexpected payments, excessive spending, and insufficient account balances. The technology also provides tailored suggestions on savings, asset growth, and card usage. This is to help customers increase their financial resilience and achieve their goals independently.

Pranav Seth, Chief Digital Officer of Techcombank said: “At Techcombank, our mission is to revolutionise the way our customers manage their finances to achieve more in life. We believe that data-led insights and personalised financial solutions are the key to unlocking true financial wellness and will enable our customers to make smarter financial decisions that align with their unique goals and challenges. From identifying new savings opportunities to proactively monitoring spend, our ultimate goal is to empower our customers with unprecedented convenience and control. Our partnership with Personetics marks a significant milestone in our long-term vision. That is to enhance our customers’ lives by making banking hyper-personal to each and every customer.”

Pilot programme results

After a 3-week pilot programme with 10,000 participating customers, Techcombank reported:

  • Savings balances increased 9%;
  • Customer monthly average log-in rates – up from 14.2 times before the pilot period, to 77.3 times during the period;
  • Instalments volume (up 43.7%) and total instalment value (up 32%).

David Sosna, Personetics co-founder & CEO added: “We’re thrilled to join forces with Techcombank. It is one of the most innovative banks in Vietnam and Southeast Asia. Their pilot phase results were extremely promising and surpassed expectations. This indicates that Techcombank’s customers are eager for the personalised insights and advice that only the Personetics platform can offer. We eagerly anticipate the next phase of our partnership. We will continue to collaborate with Techcombank in enhancing the financial well-being of their customers and delivering substantial business outcomes.”