Techcombank: Mastering the Art of Transformation Through Unrelenting Innovation in Banking

In an exclusive interview, Mr. Prasenjit Chakravarti (PC), Director of Strategy & Transformation, discusses how Techcombank leverages AI, data, and agile methodologies to drive growth.

Nearly five years ago, Techcombank set out to enhance customer service, expand its premium customer base, strengthen its position in the high-income segment, and sustain profitability amidst economic fluctuations and competition. This necessitated a comprehensive transformation—from operational processes and customer experiences to data-driven decision-making.

‘70% of transformation begins with people’—the true competitive edge

“If there’s one philosophy at Techcombank, it’s the relentless pursuit of transformation. Leaders must treat transformation as an ongoing operational capability—managing business while continuously innovating. Stagnation means falling behind and losing market share.” (PC Chakravarti)

This philosophy is realized through the widespread adoption of the “agile” model, emphasizing decentralization, technological empowerment, and rapid adaptability. Techcombank views change management as a strategic governance method, offering training programs across CRM, digital marketing, and developer tools to ensure seamless agile adoption and continuous improvement.

“Transformation is 10% technology, 20% data, and 70% people.”

The bank fosters a transformation culture through the ‘CEO Transformation Awards,’ recognizing leaders who drive change and inspire others to embrace new capabilities beyond their roles.

Amid the global ‘tech talent war,’ PC offers a unique perspective: “We don’t struggle to find tech talent.” Techcombank cultivates its talent internally through programs developing ‘well-rounded leaders’—proficient in business, data, and banking technology. This approach has nearly doubled the bank’s size in five years without proportionally increasing headcount, significantly improving revenue per employee and cost efficiency.

As a result, Techcombank ranks among the world’s most customer-engaged banks. Its streamlined data system, with nearly 7,000 parameters for 16 million customers, enables personalized services, enhanced sales productivity, and optimized lending processes. Data has become a strategic asset, driving decision-making and new business models. Consequently, 55% of new customers come from digital channels, 97% of transactions are processed electronically, and Techcombank Mobile ranks globally in usage frequency.

Transforming the entire system to the cloud

The advent of GenAI and Agentic AI, alongside traditional AI and machine learning, has accelerated Techcombank’s transformation. Partnering with global leaders like AWS, the bank migrated its entire retail and corporate banking systems to the cloud in just six months. Techcombank is Vietnam’s first bank to migrate data to the cloud and continues to transition core banking systems—a feat few global banks have achieved. This reduces infrastructure costs, speeds up product launches, and optimizes customer engagement based on individual needs.

“Essentially, the only thing not yet on the cloud is core banking—we’re working on that. Once complete, the entire bank will operate on the cloud.” (PC Chakravarti)

Aiming for double-digit growth

Vietnam’s youthful, ambitious population is poised for rapid growth in its developmental era. According to PC Chakravarti, “The next 15 years are Vietnam’s opportunity to accelerate into a more developed economy.” With significant investments in infrastructure, technology, and digital innovation, coupled with expectations of double-digit GDP growth, the financial sector has ample room to expand.

Techcombank recognizes its growth trajectory aligns with Vietnam’s broader opportunities and challenges. The bank’s ambition is clear: “To be present in more of our customers’ moments.” Serving over 16 million customers, Techcombank aims to double this number—reaching one-third of Vietnam’s population—without a proportional increase in staff. Digital platforms, trust-based engagement, and embedded experiences will be pivotal, requiring a comprehensive partner ecosystem to deliver diverse financial and non-financial solutions across all aspects of customers’ lives.

Looking ahead, PC emphasizes daily transformation through core capabilities to deliver exceptional customer value. From real estate to health insurance, these sectors offer vast potential for Techcombank’s ecosystem to reposition for growth. The bank aims to seamlessly connect lifestyle, rewards, finance, and services, prioritizing a smooth and proactive customer journey.

Techcombank’s transformation journey highlights that leaders in the new growth era are those capable of large-scale change. While cloud computing, technology, data, AI, and Agentic AI are essential, the differentiator lies in deep cultural application and optimized customer experiences. Transformation is not an endpoint but a continuous ‘survival skill’ for any enterprise facing relentless change and challenges.