Nowadays, online banking is becoming increasingly popular and is becoming a trend in people’s consumer habits from urban to rural areas. From traditional markets to small grocery stores, it is now easier to see images of QR Code bank account stickers at counters for consumers to have more payment options. According to statistics from the State Bank of Vietnam (SBV), in the first 6 months of 2023, QR Code payment transactions increased by 152% in terms of quantity and 301% in terms of value compared to the same period in 2022.
Payment of public services through banks is also being promoted, especially in sectors such as healthcare, education, and social security. Important payment systems in the economy are being operated stably, smoothly, and safely.
This is the result of many banks waiving transfer fees for customers and investing in research and application of new, modern, safe, and convenient technologies such as mobile payment, QR Code usage, eKYC electronic identification… in payment activities. And the pioneering unit for this trend is Techcombank.
In 2016, Techcombank was the first bank in the market to announce a policy of waiving all online electronic transfer transactions – Zero Fee, regardless of the fact that at that time, transfer fees were still a “golden goose” for banks. Techcombank’s leaders learned from the approach of fintech companies: mobilizing large sources of funds to invest in technology infrastructure, not charging fees, and attracting users.
At that time, many people questioned the feasibility of applying a very new model, unprecedented in the banking industry. However, later on, time proved that Techcombank’s determination with Zero Fee was right and created a ripple effect throughout the banking system. Even big banks like Vietinbank, BIDV… couldn’t stay out of it. To date, there are dozens of banks in the market that offer free interbank online transfers.
Cashless payments can never be as accessible to people as they are today without Techcombank’s pioneering spirit with Zero Fee. Spreading the spirit of putting customers at the center and accompanying customers’ journey, other banks are also making more and more effort to provide convenient and secure payment methods.
McKinsey also evaluated that in recent years, the Vietnamese banking industry has been assessed to have the fastest rate of digital banking application in the region, higher than the average growth rate of the entire region and even higher than the average growth rate of emerging markets. Many Vietnamese banks’ digital transformation at the forefront have reached 90% of customer transactions carried out on digital channels, exceeding and surpassing the target set in Decision 810 of 70% by 2025.
Once again, Techcombank is the pioneer in this trend.
From 2016 to 2020, the bank has spent $300 million on digital transformation projects revolving around the “customer-centric” strategy. From 2021 to 2025, Techcombank commits to investing an additional $500 million for the digital transformation journey, partnering with world-class partners such as Amazon, Backbase, Salesforce, Adobe…
The bank’s leadership explained that the 10-year cash dividend distribution policy, implemented since 2013, has helped the bank accumulate a capital base and supplement resources for long-term investment plans of the bank, including technology infrastructure to serve the benefits of customers. Thanks to this, Techcombank has consistently been the bank that invests the most in technology for many years, even with investment levels on par with or higher than most other banks in Southeast Asia.
These investments have helped Techcombank leave a mark as a “pioneer” in digital transformation. Techcombank Mobile, a digital banking application since its official launch in November 2021, has continuously won over not only fastidious customers on the App Store with a rating of 4.8/5, but also has entered the sights of many globally recognized rating institutions. In 2022, it was recorded that up to 75% of customers conducted transactions more than 35 times per month on the digital banking channel, meaning an average of more than 1 time per day – higher than the average global transaction rate. In 2023, Techcombank was honored with 2 major awards from Global Finance for both Techcombank Mobile as Best Digital Bank Application in the Asia-Pacific region, and Techcombank Business as the Best Digital Bank Platform for businesses in Vietnam.
With the vision “Change banking, change lives” and the strategic positioning of “customer-centric”, Techcombank continues to be the pioneer in bringing a solution to the Vietnamese market, Techcombank Private – a separate banking brand for the special customer segment.
On the 30th anniversary of the bank’s establishment (1993-2023), the bank has launched Techcombank Private Lounge, located in two modern headquarters buildings in Hanoi and Ho Chi Minh City, designed by the world’s leading firm Foster + Partners.
Foster + Partners is also the design firm that created architectural icons such as Apple headquarters in the United States, Wembley Stadium in England, HSBC tower in Hong Kong…
“Like the spirit of creating a heritage that transcends generations that the Medici financial dynasty in Florence (Italy) or the Rothschild family in London left behind for all time, the mission of Techcombank is not only to lead the journey of digitalizing the financial industry, create momentum for sustainable development, but also contribute to building cultural, architectural, and artistic values for the community and society,” shared the board of directors of Techcombank.
With premium services that surpass even asset management solutions, Techcombank Private wants to accompany the timeless heritage values that customers have built.
The asset management model is different from the traditional model, according to Mr. Nguyen Anh Tuan – Director of Retail Banking Division of Techcombank, the biggest difference lies in the organization of service provision for customers. Unlike the approach of selling individual financial products, asset management is a comprehensive approach that provides solutions to meet customers’ different life needs.
“Asset management focuses on customers rather than individual products. At each stage of life, customers have different needs, and asset management provides solutions to meet corresponding needs,” said Mr. Nguyen Anh Tuan.
Specifically, Techcombank Private provides specialized services for customers with a minimum total asset value of $1 million or a total financial relationship value at Techcombank of 25 billion VND, on average over a 3-month period. The services include the integration of all financial and non-financial management solutions such as investment, inheritance planning, residence procedures, healthcare, etc.
In addition to the high-end customer service center (Private Banking Lounge) located at main transaction locations, stretching from headquarters to branches, from North to South, customers are also served by a team of experts who are high-level asset managers with professional expertise, systematically trained by leading international consulting partners. The bank is not merely a place to manage assets but also a companion for customers.
Along with that are many privileges designed exclusively for Techcombank Private customers such as profit-generating investment privileges, increasing prosperity through a network of high-quality bonds of reputable companies, participating in global business connection events within Techcombank’s ecosystem; granted a daily transfer limit of up to 20 billion VND; enjoy the privileges of a Premium Infinite credit card with a high credit limit, the right to use unlimited premium class airport lounges.
Customers will also experience premium services through Techcombank Private debit cards, with travel insurance worth up to 10.5 billion VND and a 10% discount at exclusive events of premium brands in the Tam Son system. Besides, there are also at-home services upon customer’s request.
“In addition to business goals, growth figures, we focus on solving issues that customers are concerned about, customers’ goals that they strive for, which here is prosperity, spreading the most exquisite cultural, architectural, artistic values, and enduring through many generations,” shared the Director of Retail Banking Division of Techcombank, Mr. Nguyen Anh Tuan.
