Tips for effective personal finance management

Improving personal finance management tools

A recent survey by Techcombank indicates that the majority of modern consumers still face certain financial pressures on a daily basis. These include a lack of useful management tools (26.5%), insufficient time to learn (22.9%), a lack of financial knowledge (16.9%), and a lack of confidence in their income (44.6%).

Understanding this, Techcombank has partnered with Personetics to help customers better manage their personal finances, thanks to the support of AI technology. A Techcombank representative stated that by analyzing each customer's financial transaction history and behavior, the system will provide useful advice such as savings tips, suitable financial product recommendations, or asset growth guidance.

Moreover, this feature also provides timely warnings about excessive spending or unexpected payments, helping customers improve their financial health and achieve their goals independently.

Initial results show that, with 10,000 customers participating in the experience journey, Techcombank achieved outstanding figures in just 3 weeks, such as a 9% increase in savings balances; an increase in the average number of customer logins to the application from 14.2 times (compared to before the pilot period) to 77.3 times (during the implementation period); and a 43.7% increase in installment transactions with a 32% increase in total installment value.

Sharing insights on the personal finance management tools that Techcombank has been developing, Mr. Pranav Seth, Director of Digital Transformation at Techcombank, said: " At Techcombank, we aim to 'revolutionize' the way our customers manage their finances. We believe that personalized financial solutions based on in-depth data analysis of customer spending behavior are key to helping them make more informed decisions and achieve financial stability ."

Techcombank and Personalics bring technology into the journey of personalizing finance.

Ms. Huyen, 30 years old, a freelancer, shared her experience with Techcombank's new tool: "With an unstable monthly income, the application has helped me track all my monthly expenses and at the same time provided useful advice on payments or investments, helping me easily make informed decisions to optimize my finances."

Mr. Minh, 40 years old, an executive, also uses Techcombank Mobile to optimize his investments. With advanced AI technology, Mr. Minh receives personalized advice on saving or investment products that suit his needs, financial goals, and risk tolerance.

Given the initial results achieved, Mr. Santhosh Mahendiran, Head of Data and Analytics at Techcombank, Further details: " Combining the power of data and deep customer insights with Personetics has given us a tremendous opportunity to design unique customer journeys. In a world where any product can be easily copied, what differentiates banks is how we use data and deliver unique experiences to each customer ."

Opening up opportunities for long-term cooperation.

Pioneering a "customer-centric" strategy, Techcombank believes that collaborations with leading industry partners like Personaletics and Adobe will help the bank continue its efforts to deliver innovative and comprehensive financial solutions to enhance the experience and improve the quality of life for millions more Vietnamese customers in the future.

Commenting on this collaboration, David Sosna, CEO and co-founder of Personetics, stated: " We are also very excited to look forward to the next phase of this partnership, continuing to work with Techcombank in enhancing the financial experience for customers and driving positive changes in the bank's business results with each of our key customer segments ."

" From identifying new investment and savings opportunities to managing personal spending, our most important goal is to empower customers with proactive control and unprecedented convenience. Partnering with Personetics marks a significant milestone in Techcombank's long-term vision of 'enhancing the quality of life' by providing a 'personalized' financial experience for each customer ," said Pranav Seth.

Mr. Pranav shared details about the collaboration between Techcombank and Personaletics.

Pioneering digital technology to optimize financial experiences for customers, the Techcombank Mobile application has recently received a series of prestigious awards from international organizations:

• Celent Model Wealth Manager (Celent) Award
• Asia's Most Engaged Bank (IDC) Award
• The Asian Banker Award for Best Digital Banking Model in Asia-Pacific and Vietnam.

These awards are a great recognition and encouragement for Techcombank to continue striving to provide a superior personalized experience on its digital banking application to all customers.

About Personetics: a world leader in providing personalized solutions and enhanced customer engagement based on collected and analyzed financial data. Serving nearly 130 million customers globally, Personetics currently works with over 100 financial institutions and digital banks across 32 markets in North America, Europe, and Asia, including US Bank, Metro Bank, and UOB.

Visit https://bit.ly/TCBM_PR to experience Techcombank Mobile.

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