2023 is a challenging year for the economy due to the impact of international political and financial events. Many businesses and banks are directly affected, facing difficulties in their operations and financial situations. However, during this period, there are still some entities that strive to overcome challenges, contribute to society, protect workers’ rights, and focus on customers. The WeChoice Award, under the category “Shining Brightly”, represents the choices and opinions of the community, customers, and employees to honor these outstanding businesses and banks.
TPBank is honored to be the only bank among the three recipients of the WeChoice Award this year. Despite a difficult year with economic challenges and uncertainties, TPBank has faced obstacles and dedicated a portion of its resources to support the community and society. In the past year, TPBank actively reduced interest rates for existing customers, resulting in a total interest reduction of up to 1,950 billion VND. In addition, TPBank continues to carry out charitable activities in various locations, most recently in the coastal region of Ca Mau. The TPBank 2in1 Concert is also a spiritual gift to customers and young people, spreading enthusiasm, optimism, and the “TPBank spirit”.
In the years following the pandemic, with modern technology integrated into LiveBank 24/7 and digital banking applications, TPBank has helped millions of customers access and use convenient and user-friendly financial services, reducing transaction time day and night. This is evidenced by TPBank’s customer base exceeding 12 million in 2023, with a rapid growth of 8.6 million customers in 3 years.
Technology is a key component of TPBank’s restructuring plan submitted to the State Bank of Vietnam in 2012 and has been identified as a lever for breakthroughs. The results in recent years have confirmed TPBank’s correct direction. But beyond that, the philosophy of “placing customers at the center” has been consistently conveyed and spread to all TPBank employees.
Representatives of TPBank (second from left) receiving the “Shining Brightly” award
A Transformative Step: Pioneering
In more than a decade of restructuring, TPBank has implemented a different approach to transformation, focusing on digitization. The application of technology to the management, operation, and transactions for customers has been researched, applied, and deployed throughout the entire system.
In 2017, TPBank was the first bank in Vietnam to introduce and build the LiveBank 24/7 self-service banking platform, allowing customers to deposit money, transfer funds, open savings accounts, and issue cards with facial and fingerprint recognition authentication methods, available anytime without the need for physical branches.
In 2020, TPBank also became the first bank to complete the eKYC process – electronic identification on mobile applications. At the same time, TPBank implemented Artificial Intelligence (AI) and Big Data applications to aggregate and evaluate creditworthiness as the basis for loan disbursement. The bank has expanded digitalization, implemented paperless processes, and automated many processes to minimize errors and reduce processing time.
The TPBank app is a pioneering digital banking application with outstanding features such as ChatPay – transfer money within the messaging interface, VoicePay – transfer money by voice, FacePay – transfer money by facial recognition… These superior features bring convenience and speed to customers when interacting with the application.
Shining Brightly: The Bold Breakthrough
Thanks to leading the digital transformation, TPBank has gained a competitive advantage, taking early ownership of technologies and creating practical and useful features for customers. TPBank has affirmed its position as a technology pioneer in the financial industry, spreading humanistic values to the entire financial sector.
With the right strategy from TPBank’s Chairman Do Minh Phu and leaders, TPBank has achieved continuous growth in total assets and registered capital, surpassing 210,000 billion VND and 22,000 billion VND, respectively.
In 2023, TPBank continues to demonstrate its sustainable financial strength, holding the throne of “Strongest Bank in Asia-Pacific” for the second consecutive year in The Asian Banker’s list.
TPBank also affirms its position in the market with a brand value exceeding 425 million USD, ranking among the Top 5 private banks in Vietnam according to the evaluation of Brand Finance, a leading global brand valuation organization. The first appearance on this ranking is a major step forward in affirming financial reputation and trust from customers, shareholders, and partners.
In addition, TPBank has been honored with over 20 top-quality awards both domestically and internationally, such as being listed in Vietnam Report’s Top 4 Trusted Private Commercial Banks in 2023 and recognized as the financial institution with the best working environment in the banking industry.
Currently, TPBank continues to invest in technology, constantly innovate and create, contributing to the implementation of the National Digital Transformation Program and the State Bank of Vietnam’s initiatives. TPBank always joins hands in building a better life in a digital urban environment and a civilized digital society.
TPBank CEO Nguyen Hung, starting with a deep understanding of customers, continually innovates the processes, applies new technologies to business operations, and provides financial solutions that meet the needs of individuals and society. TPBank leads the trend of creating breakthrough products, offering excellent experiences to customers, breaking traditional norms to make every transaction more convenient and at the same time enhancing safety and security.
In 2024, TPBank will continue its journey of Digital Innovation and Digital Operations, conquering new heights and contributing to society and the community in the future.
