“The Philosophy of Putting Customers First: Techcombank’s Unique Approach to ‘Auto-Wealth'”

Imagine having 20 million VND in your checking account, enough to cover your monthly expenses but not quite enough to put into long-term savings. That money just sits there, earning no interest, waiting to be spent. Then one day, you discover that your money can actually “work” for you, generating a small profit each day while still allowing you to spend as usual. The monthly profit might be enough to treat yourself to a fancy cup of coffee. And in a year, your earnings could amount to 1.6 million VND, enough to fund a weekend getaway without any extra effort.

If your balance were larger, say 100 million VND, your earnings could reach 4 million VND after a year. Meanwhile, all your spending needs remain fully met, with no changes required on your part.

This is precisely what Techcombank has achieved with its “Techcombank Auto-Savings” feature, which launched in January 2024 and has since attracted over 3.3 million users.

In an industry where “putting customers first” is a familiar refrain, Techcombank demonstrates that this is more than just lip service; it’s about taking concrete action. So, what sets “Techcombank Auto-Savings” apart, and why is Techcombank considered a leader in this regard?

Listening to Customers to Make a Difference

Take the case of Lan Anh, a fashion boutique owner in Ho Chi Minh City. She used to think of her few million VND balance as mere “spending money.” “I’m busy with ordering inventory, paying suppliers; I hardly have time to think about saving,” she shared. Things changed when she activated “Techcombank Auto-Savings” on the Techcombank Mobile app. Just a month later, her 10 million VND balance had earned her a few extra thousand VND—not a fortune, but enough to make her feel that her money was “working.”

Lan Anh’s story is not unique. With over 3.3 million users, “Techcombank Auto-Savings” has tapped into a real need: how to make idle money earn interest without committing to a fixed term or minimum balance.

While many banks require a minimum balance of 10 million VND or more to earn interest, Techcombank allows any balance—even as little as 1 VND—to earn a profit of up to 4%/year, a massive 80 times more than a typical non-term account. This bold move showcases their understanding that each customer, from students and freelancers to entrepreneurs, has unique financial needs.

Pioneering Yet Unhurried

When “Techcombank Auto-Savings” launched in early 2024, Techcombank was already a step ahead of many other banks in Vietnam. Similar products from other banks only emerged later, indicating that Techcombank is not just responsive to trends but also willing to invest in being a leader.

Techcombank is one of the few banks to publicly disclose its technology investment, allocating a substantial 300 million USD from 2016–2020 and planning to invest an additional 500 million USD from 2021–2025. This robust and modern technology infrastructure enables Techcombank to smoothly operate its systems and swiftly deploy new features.

Notably, Techcombank didn’t merely stop at offering the product. The bank spent 18 months testing and refining “Techcombank Auto-Savings” to ensure it was not just convenient but also reliable. The integration of AI technology to suggest activation times and provide intuitive profit reports showcases their commitment to personalizing the user experience.

The result is a Techcombank Mobile app that processes transactions in just one second, allowing customers to activate the feature, check profits, and spend their money without any hassles.

Techcombank is also a pioneer in AI and big data applications. With over 45 advanced machine learning models on the Databricks platform, the bank analyzes customer behavior to offer personalized financial suggestions, such as the “Lead Allocation Curated Engine (LACE)” program for optimizing customer allocation. This not only boosts business efficiency but also ensures customers receive timely and tailored financial solutions.

Changing the Way Vietnamese Think About Money

“Techcombank Auto-Savings” is more than just a financial product; it’s a way for Techcombank to encourage Vietnamese people to manage their money more intelligently.

The surge in cashless payments in Vietnam has led to record-high balances in bank checking accounts. In the last five years, individuals’ checking account balances have increased 2.7 times to nearly 1.2 million billion VND, while the number of checking accounts has risen 2.3 times to nearly 200 million. With so much idle money sitting in accounts, it’s no wonder that people are starting to think about making it “work” harder.

Following Techcombank’s lead, numerous other banks have launched similar products, demonstrating a powerful ripple effect. Clearly, “Techcombank Auto-Savings” has made an impression, not just on Techcombank’s customers but on the entire banking industry.

This wave of change also brings to mind a similar effect Techcombank created nearly a decade ago. In late 2016, when they introduced “Zero Fee,” waiving fees for most online transactions like transfers and bill payments, Techcombank revolutionized the concept of pricing and costs associated with banking services. Their success with this program sparked a market-wide trend, with many other banks following suit to remain competitive. Today, it’s hard to find a banking app that charges for transfer transactions as they did a decade ago.

“Techcombank Auto-Savings” is a testament to Techcombank’s customer-centric philosophy in action. With a single activation, anyone can start making their money “work” for them. They’ve also accomplished what many other banks are still striving for: focusing on the little details, delivering real value, and providing accessible and tailored solutions for each customer.