Techcombank - The art of transformation is building a bank that is constantly innovating

In the ever-changing business world, the ability to adapt and transform continuously has become a vital factor to maintain sustainable growth. Techcombank (TCB) has made this a core philosophy, combining data, technology, customer experience and a culture of innovation to aim for sustained double-digit growth.

Mr. Prasenjit Chakravarti - Director of Strategy & Transformation shares how Techcombank expands AI, data and agile working models to drive growth:

Nearly 5 years ago, with the goal of serving customers more effectively, expanding the priority customer base, strengthening its position in the high-income customer segment, and maintaining profits in a volatile and competitive economic context, Techcombank was required to innovate comprehensively - from operating processes, customer experience to data-based decision-making.

Mr. Prasenjit Chakravarti (PC) - Director of Strategy & Transformation

"70% of conversion starts with people" - that's the real competitive advantage

This philosophy is realized by applying the “agile” model widely, focusing on decentralization, improving technology mastery and quick adaptability. To put the new working method into practice, Techcombank considers change management as a strategic management method. Training programs cover the entire range from CRM, Digital Marketing to developer toolkits to help employees quickly access and operate according to agile, ensuring both operation and continuous improvement.

The Bank also promotes the spirit of transformation through the “CEO Transformation Awards” to identify change leaders who proactively apply and inspire the spread of new capabilities beyond their individual roles.

Although the world is witnessing a "war for technology talent", Mr. Prasenjit Chakravarti offers a very different perspective. "We don't think we have difficulty finding technology talent. Because we build that force from within ourselves by implementing internal programs to nurture 'red and expert' leaders - both business practitioners and knowledgeable about data and banking technology. The goal is to form a generation of 'business technologists' in the future. This approach has helped the bank's size almost double in the past 5 years without having to increase the number of mechanical staff accordingly. As a result, revenue per employee and efficiency per investment cost have both improved significantly."

As a result, Techcombank is among the banks with the highest customer engagement in the world. The bank has built a streamlined data system “with nearly 7,000 descriptive parameters for 16 million customers, allowing for personalization of services, improved sales productivity and optimized lending processes.” Data has become a strategic tool, not only helping with decision-making but also creating new business models. As a result, 55% of new customers come from digital channels, 97% of transactions are processed electronically and the Techcombank Mobile digital banking application is among the top globally in terms of frequency of use.

Techcombank office headquarters

Migrate the entire system 'to the cloud'

The emergence of GenAI and Agentic AI alongside traditional AI and Machine Learning technologies has created a big 'push' in the transformation journey. With the cooperation of major partners in the world such as AWS, in just six months, Techcombank has brought the entire retail banking system and corporate customers to the cloud.

TCB is also the first bank in Vietnam to move data to the cloud and is continuing to move other core banking systems. Very few large banks in the world have been able to complete this cycle. This helps reduce infrastructure costs, improve time to market and optimize customer access according to individual needs.

“Basically, the only thing that is not in the cloud is core banking – we are moving that too. Once that is done, the entire bank will be in the cloud,” said Prasenjit Chakravarti.

Aiming for double-digit growth

There is a young, ambitious Vietnam that is on the rise in the era of national development. According to Mr. Prasenjit Chakravarti, “The next 15 years are an opportunity for Vietnam to accelerate and transform into a more developed economic group”. With large capital flows into infrastructure, engineering and digital technology, and expectations of double-digit GDP growth, the finance and banking industry is assessed to have much room for development.

Techcombank has also seen opportunities in that economic flow, when Techcombank's growth momentum is placed in parallel with the common challenges and opportunities of the whole nation. Accordingly, the bank's ambition has been clearly quantified with the goal of "being more present in every moment of customers".

“We are serving over 16 million customers and want to double that – that is, one-third of Vietnam’s population – without necessarily increasing our headcount accordingly. Accordingly, digital platforms, engagement mechanisms based on trust and loyalty, and embedded experiences will play a key role. This requires Techcombank to coordinate a comprehensive partner ecosystem to provide a variety of financial and non-financial solutions in all aspects of customers’ lives,” said Mr. Prasenjit Chakravarti.

Thinking about the next stage, Mr. Prasenjit Chakravarti affirmed that the bank is transforming every day with its core competencies to create outstanding value for customers. From real estate to health insurance... these are all potential areas to reposition for the development goals that the Techcombank ecosystem needs to aim for. Accordingly, the bank becomes a seamless connection system between lifestyle, incentives, finance and services - where a seamless and proactive journey is the top priority.

Techcombank's transformation journey shows that the leading organizations in the new era of growth are those that are capable of implementing transformation at scale. In that journey, although cloud computing platforms, technology, data, AI, Agentic AI are prerequisites, the differentiating factor lies in the depth of cultural application and customer experience optimization. Accordingly, transformation is not the end. But the ability to transform in the face of continuous changes and challenges is the 'survival skill' of any business.

Source: https://baodautu.vn/techcombank---the-art-of-change-is-building-a-bank-that-does-not-stop-changing-d449602.html