Dr. Le Xuan Nghia: "Techcombank's automatic profit generation has created a revolution for Vietnam's financial industry"

Pioneering in bringing outstanding values such as absolute safety, 24/7 flexibility, unlimited threshold with yield up to 4.4% for users and creating a new trend in capital mobilization, Techcombank's automatic profit is assessed by Dr. Le Xuan Nghia as having made a great contribution to the economy and brought the Vietnamese financial market up to the global trend.

The inevitable trend of the global financial industry

Several decades ago, developed financial markets witnessed the emergence of “sweep accounts” or “high-yield accounts” – payment account models that automatically transfer idle balances into investments such as money market funds, short-term bonds, savings accounts, etc., offering higher yields than regular accounts while still ensuring liquidity.

“In Europe and the US, they have been implementing this model for a long time. I have been waiting for a long time to see Vietnam start doing it,” Dr. Le Xuan Nghia shared in the podcast “Decoding the Automatic Profit Wave”.

Since the beginning of 2024, Techcombank has pioneered the implementation of this model with customizations to better suit the domestic market with outstanding advantages such as: safety, simplicity, 24/7 flexibility and more competitive yields, creating a notable difference for Techcombank automatic profit.

Specifically, when activating this product on the Techcombank Mobile application, customers can optimize all idle money and still ensure flexibility to spend or transfer money at any time without affecting the interest rate.

Constantly investing and listening to customer experiences, Techcombank's automatic profit continues to upgrade to new versions with the ability to optimize value for customers and no compartments, no threshold limits. A difference highly appreciated by experts is that the bank allows an optimal profit balance of up to 50 billion VND, breaking the industry's previous limits. With this model, whether the account balance is several hundred million or just 1 VND, customers can enjoy a yield of up to 4.4%/year - nearly 90 times higher than a normal non-term account (0.05%/year). For example, with an average balance of about 100 million VND, instead of only receiving 50,000 VND in interest after a year, customers can receive up to 4.4 million VND - a number large enough to see that leaving money "lying idle" in the account is a waste.

As a solution to bring new life to idle cash flow, Techcombank's automatic profit is not only a financial product, but also creates a revolution in the way Vietnamese people manage their finances effectively and safely, as assessed by Dr. Le Xuan Nghia: "The future trend is automatic profit, not just the option of saving like before. The profit difference between traditional savings and automatic profit will no longer be large enough to make people worry", Dr. Nghia predicted.

No need to bother opening more savings accounts, no need to worry about the time commitment to deposit money or having to transfer money between compartments, Techcombank's automatic interest generation brings unprecedented convenience. An office worker with a salary of 30 million VND per month can rest assured to keep money in a payment account, both earning daily profits, ready to spend when needed while still optimizing the profitability of cash flow.

Helping individual customers optimize their finances without having to spend time learning about investment channels or complex management operations is the practical value that the solution brings. And this is also the time when Vietnamese people start to change their financial habits with Techcombank's automatic profit.

Technology is the key to outstanding success

With more than 4 million customers turning on the feature after only 1.5 years of launching, Techcombank's automatic profit generation has become a trend, attracting the participation of the entire banking system in Vietnam, bringing benefits to customers. From individual customers, business households to business owners, all can use Techcombank's automatic profit generation as a useful financial tool with synchronous solutions from this bank. Dr. Le Xuan Nghia affirmed that the success of Automatic Profit Generation cannot be separated from Techcombank's strong technology platform.

“Techcombank is one of the pioneer banks in applying information technology in Vietnam. They invest heavily in technology infrastructure, data, and customer analysis and evaluation systems to deploy products,” said Dr. Le Xuan Nghia.

Thanks to early investment in technology infrastructure and application of artificial intelligence (AI), Techcombank has not only created a superior financial product but also built an optimal ecosystem to meet the diverse needs of customers. Techcombank's AI system analyzes customer behavior, predicts risks and personalizes products, thereby providing a seamless and secure experience. In particular, the bank's superior security system is a competitive advantage that is difficult to copy. Being proactive and investing long-term has helped Techcombank maintain its position as a pioneering bank.

Dr. Le Xuan Nghia emphasized that to fully exploit the potential of the solution and create a real impact on the economy , Techcombank needs to expand and customize it for a diverse range of customers, especially small and medium-sized businesses and retailers.

At the same time, with its strengths in technology and data, Techcombank will create breakthroughs that are difficult to imitate when it can classify customers into groups: such as small and medium enterprises, business households or salaried employees... and at the same time, based on payment data to provide incentives according to needs and appropriate profitability, optimizing benefits for each group.

Looking further, Techcombank’s automatic interest-generating model will also have a major impact on Vietnam’s financial system. According to Dr. Le Xuan Nghia, the effect of this model helps increase the liquidity of the banking system, reduce businesses’ dependence on bond issuance, and support long-term loans. He cited Europe as an example, where banks have achieved such high liquidity that they can provide home loans with terms of up to 88 years. In Vietnam, Techcombank is laying the foundation for a similar future, where flexible solutions become the norm in the financial industry.

In particular, the benefits brought to customers will make a difference and continue to lead the market: "The idle money of small businesses and mid-sized businesses is huge. Expanding "Automatic Profit" for businesses will really make a real difference." Dr. Nghia affirmed.

Source: https://baodautu.vn/ts-le-xuan-nghia-techcombank-sinh-loi-tu-dong-da-tao-nen-cuoc-cach-mang-cho-nganh-tai-chinh-viet-nam-d333353.html