AI helps users increase financial management efficiency

AI technology in Techcombank 's application can provide savings and investment advice to users through analysis of transaction history and behavior.

According to a survey by Techcombank in 2022, most users still face certain financial pressures. The reasons are the lack of useful management tools (26.5%), not having much time to learn (22.9%), lack of financial knowledge (16.9%) and lack of confidence in their income (44.6%).

Understanding this, Techcombank cooperates with Personetics to help customers manage their finances better, thanks to the support of AI technology. The system will analyze the financial transaction history and behavior of each customer, thereby providing advice such as savings tips, suggesting suitable financial products, or asset growth advice. In addition, users are also warned about excessive spending or unexpected payments, helping customers increase their financial health as well as achieve their goals independently.

Techcombank and Personetics bring technology into the journey of personalizing finance. Photo: Techcombank

After bringing 10,000 participants to experience financial management with the support of AI technology implemented by Techcombank and Personetics for three weeks, the bank achieved positive results. Specifically, the savings balance of these customers increased by 9%. The average rate of customers logging into the application increased from 14.2 times (compared to before the pilot period) to 77.3 times (during the implementation period). The number of installment transactions increased by 43.7% with the total installment value increasing by 32%.

Ms. Huyen (30 years old), a freelancer, said that with an unstable monthly income, the application helps her track all monthly expenses.

"When I control my spending, I can easily balance my expenses and save accordingly," Ms. Huyen shared.

Anh Minh (40 years old), an executive, also uses Techcombank Mobile to support his personal investment activities. Accordingly, the application provides advice on savings as well as investment products suitable for his needs, financial goals and risk appetite.

According to Mr. Pranav Seth, Director of Digital Transformation Office at Techcombank, the personal financial management tools that Techcombank has been developing are based on in-depth data analysis of customer spending behavior. This is important in providing the right solutions at the right time for each user. This is also what makes the difference between digital banking and traditional financial management - providing a fast, optimized and personalized experience according to needs with customized financial solutions based on available information and behavior.

Mr. Pranav shares about the cooperation between Techcombank and Personetics. Photo: Techcombank

Pursuing a "customer-centric" strategy, Techcombank believes that cooperating with industry-leading partners such as Personetics and Adobe will help the bank bring differentiated financial solutions to enhance the experience for millions of Vietnamese customers.

“From identifying new investment and savings opportunities to managing personal spending, the bank’s key objective is to empower customers with proactive control and unprecedented convenience,” added Pranav Seth.

Mr. David Sosna, CEO & co-founder of Personetics, also hopes to help Techcombank make positive changes in the bank's business results with each key customer group.

Personetics is a company that provides personalized solutions and enhances customer engagement based on collected and analyzed financial data. Serving nearly 130 million customers globally, Personetics is working with more than 100 financial institutions and digital banks across 32 markets in North America, Europe and Asia such as US Bank, Metro Bank, UOB.

An Nhien

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