TPBank's digital banking philosophy

In the restructuring plan submitted to the State Bank of Vietnam in 2012, the new leaders who took over TPBank developed a roadmap with solutions to revive the bank. One of these solutions was "Technology".

Over a decade later, thanks to the passion and vision of its leaders, technology has become the guiding principle in its development, creating a breakthrough for the Purple Bank in the financial industry. Chairman Do Minh Phu's decision became a crucial turning point, elevating TPBank from the smallest unit in the system to a brand among the top 5 largest private banks in Vietnam.

" The application of technology in the banking industry essentially stems from people's way of thinking, " shared Mr. Nguyen Hung, General Director of TPBank, who has led the bank for over 10 years.

Chairman of the Board of Directors Do Minh Phu, the businessman who led TPBank to become a leading bank in the market after 10 years.

“ Before venturing into the financial sector, we observed that most banks weren’t truly customer-centric ,” Chairman Do Minh Phu recalled his thoughts from the early days of taking over the bank.

TPBank transformed its destiny – from an institution with tens of thousands of customers and slated for restructuring, to a bank that nearly reached 8 trillion VND in profit last year with over 10 million customers – thanks to a distinctive digital transformation philosophy. In that philosophy, digital transformation doesn't originate from computer chips, but from the human heart. The journey of digital transformation begins with the question: How are our customers living?

TPBank takes the lead in tackling the unnamed, difficult tasks that no one else does.

Mr. Nguyen Hung, General Director of TPBank, shared: “ TPBank chooses to focus on customer needs to find solutions through digitalization.” The purple color of the brand has become deeply ingrained in the lives of more than 10 million people.

The chosen technology was a competitive advantage from the start. TPBank's Chairman, Mr. Do Minh Phu, and Vice Chairman, Mr. Do Anh Tu, are entrepreneurs who built their careers in fields where "retail sales were widespread and products needed to be designed based on user needs, such as sanitary pads, or where perfect service was required, such as gold jewelry."

That's what the people behind the Diana and DOJI brands want to bring to the banking industry. They believe they will build a bank that is "truly customer-centric ."

Every feature on TPBank's products is carefully considered.

Open the TPBank app today, and you'll easily find the function to share balance changes with other accounts. Shop owners can also easily download another TPBank app to turn their phones into card acceptance devices, replacing POS machines – yet another small need – but one that TPBank cares about.

One of TPBank's proudest achievements is ChatPay – a money transfer function with a conversational interface. TPBank believes that ChatPay's ability to quickly track certain money flows is very useful for many people. They are right: among TPBank's customers, one in five regular eBank users uses ChatPay. This is also a particularly popular feature among young people due to its novel experience.

The number of functions and tools integrated into the TPBank app is now so large that it has its own search tool. The ecosystem of services that TPBank has integrated into its application alone comprises over 2,000 different services.

The TPBank app offers modern features like ChatPay and VoicePay.

By applying cutting-edge technologies such as AI and Big Data in its research, TPBank has created an intelligent eBank interface that understands customer needs, priorities, and desires. Operations and processes are streamlined, providing the fastest and most convenient experience.

The digital age, digital thinking, digital innovation.

“ In a digital age, leaders must think digitally ,” CEO Nguyen Hung quoted Steve Balmer, co-founder of Microsoft.

Customers' digital mindset can be shaped by the tools they are provided with: naturally, people will choose what is fastest and most convenient.

After efforts to defend itself with regulatory authorities, TPBank became the first bank to participate in the pilot program for opening accounts through "electronic customer identification" (eKYC) - meaning customers can verify their identity through video call technology, biometric recognition, and a range of technologies to check the authenticity of their ID cards/citizen identification cards, and thereby open accounts at LiveBank without having to go to the counter.

59% of transactions at LiveBank nationwide take place between 5 PM and 7 AM the following day, and not everyone can transact during business hours. A digital touchpoint allows them to do so, even in the middle of the night.

LiveBank is Vietnam's first 24/7 automated bank, a symbol of TPBank's digital transformation and the Vietnamese banking industry in general.

LiveBank, also known as TPBank's "technology hub," is where new technologies are tested. In 2020, TPBank confidently became the first bank to announce the completion of the eKYC process – electronic identity verification – on its mobile application. From that point on, customers could open accounts and apply for cards through the application without needing to visit a branch.

Comment (0)