Techcombank Business App

[Ena Marklund]

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Techcombank's mission statement, "Purposefully digital and meaningfully human," underscores their commitment to help customers make better decisions easier and improve their quality of life via digitalization. Techcombank believes that business owners are also consumers at heart and has differentiated their business banking app to offer the same familiarity and simplicity as their retail banking app. To achieve that, Techcombank leveraged on the Backbase Engagement Banking Platform to recycle, re-use and re-purpose digital retail journeys, UI/UX and features they have innovated on their highly rated retail banking app to successfully launch business banking platform in 6 months. Today Techcombank Business app has a near-perfect rating of 4.9 out of 5 on the App Store and a perfect rating of 5 out of 5 on Google Play.

The Engagement Banking Platform provides Techcombank with seamless orchestration in digital customer engagement across retail and business banking lines of business. The platform serves as a robust engine room with industrialized, composable capabilities, providing the bank with the flexibility to quickly create tailored, differentiating experiences and innovate on their own terms across all channels. Since deploying the platform in 2022, the bank saw a 246% surge in business banking users. Today, the account opening process on the business banking website has been streamlined to 30 minutes.

Backbase's clear documentation, robust version control, and ongoing Application Development Support (ADS) have enabled Techcombank's accelerated build. The bank developed approximately 40 new features and journeys specifically for business banking, including the introduction of Bank Guarantee and Overdraft Online services in 2023. The platform also facilitates seamless, omnichannel access, allowing businesses to manage their finances effortlessly from any location as well as integrated financial management tools and sophisticated data analytics for business owners to use essential insights for strategic decision-making.

"Techcombank exemplifies the adopt and build capability of the Backbase Engagement Banking Platform. They have modernized their lines of business in increasingly rapid succession and agility to realize its overarching banking vision and mission," said Riddhi Dutta, Regional Vice President of Asia, Backbase. "We are immensely proud of the bank's success and the standards it has set for the industry."

Techcombank would be looking to expand its digital services from SME banking to encompass micro, small, and medium enterprises (MSME) and corporate banking. This expansion is part of Techcombank's broader ambition to provide intuitive digital experiences across all business banking sectors, contributing to its continued success and award-winning performances in digital banking.

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Vietnam ranks as one of the fastest-growing economies in Southeast Asia, with a large and growing middle and upper income population. At the same time, financial inclusion remains low, as 65 percent of the adult population in Vietnam do not have a bank account.

Techcombank undertook a rigorous selection process to find the perfect technology fit for its needs. IBM quickly emerged as a strong contender, proposing a solution built around the enterprise-grade IBM LinuxONE system.

The IBM team rounded out its rock-solid proposal with a carefully crafted total cost-of-ownership (TCO) model for the solution, which played a key role in helping Techcombank secure the all-important buy-in from the business.

In addition, Techcombank refreshed its storage infrastructure, replacing legacy disk storage with powerful and efficient all-flash IBM DS8886 arrays. These systems provide the necessary speed and availability to deliver data at the speed the LinuxONE landscape can process it, closing the loop and optimizing performance.

In the near future, Techcombank plans to move all Tier-1 workloads to LinuxONE, and have all critical customer-facing applications running on the platform. It will also make use of IBM GDPS to automate failover and recovery procedures, helping enable round-the-clock availability for key business applications and seamless disaster recovery. In fact, the bank anticipates that it will improve its recovery time objective to 60 minutes or better, helping it rapidly resume normal operations in the event of a disaster.

In addition, with LinuxONE delivering lightning-fast performance, even during times of heavy transaction load, Techcombank can provide responsive, reliable service to both business users and end customers.

Vietnam Technological and Commercial Joint Stock Bank, commonly known as Techcombank (link resides outside ibm.com), was founded in 1993. It has since grown into one of the largest joint-stock commercial banks in Vietnam. Techcombank offers a broad range of banking products and services to more than 5.4 million retail and corporate customers in Vietnam, and operates a network of 315 branches across the country.

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The client is responsible for ensuring compliance with laws and regulations applicable to it. IBM does not provide legal advice or represent or warrant that its services or products will ensure that the client is in compliance with any law or regulation.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is kickstarting its journey into AI-powered banking in a bid to accelerate its ambitions of becoming a leading bank in Vietnam with digital and data-led solutions for customers.

With the intentions of driving business outcomes and customer centricity, Techcombank has applied data analysis and artificial intelligence (AI) across the organisation while most major systems have been transitioned to the cloud.

Reported outcomes include a 700 per cent conversion uplift for select marketing campaigns, 21 percent increase in conversion rate for credit card acquisition from cross selling and 13 per cent increase in active rate for new-to-bank (NTB) customers.

This solution is designed to empower merchants to run and grow their businesses by providing smart payment acceptance, auto-earning to earn more surplus cash, access to credit for business and personal needs, attractive loyalty ecosystem and assistance to manage and grow their business.

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The first was with the Singapore Business Federation to foster greater links between Vietnamese and Singapore businesses; and with Kyriba, Deloitte Vietnam, and PwC to bring new payments and treasury management solutions to customers in Vietnam for the first time.

As part of its current digitalisation programme, Techcombank has earmarked technology investments of $500 million for the 2021-2025 period, thereby confirming partnerships with blue-chip companies such as Amazon, Backbase, Salesforce, and Adobe.

By working with these partners, Techcombank can accelerate its own digital transformation, leveraging a wealth of outstanding technology, talent, and capabilities that have allowed to progress quickly and align itself with best practices globally.

This current investment drive is the continuation of similar efforts during the 2016-2020 period. At the time, Techcombank invested $300 million in its digital transformation projects, laying the foundation for placing customer centricity as its core tenet for all business activities.

In September, Techcombank will celebrate its 30th anniversary and reflect on its extraordinary achievements and growth, successfully adapting to the dramatic shift to a more market-oriented Vietnamese economy and meeting rapidly evolving customer demands.

Nasdaq has pledged to support Vietnamese enterprises as VinFast gears up for its highly anticipated listing, signalling a significant milestone for the nation's automotive industry that is set to attract global investor interest.

In its drive to spearhead financial innovation, Techcombank fosters strategic partnerships, embraces digital transformation, and prioritises talent acquisition, setting a path for success and influence in the international and regional financial landscape.

Data Architecture

- Deliver functionality required for business and data analysts, data scientists and other business roles to advance the overall analytic performance and strategy of the bank

- Build the best practices and strategies for data infrastructure to fulfill data analytic and utilization needs of the business with emerging latest technologies and capabilities.

- Guide the team or teams in identifying opportunities to manage data and provide solutions for complex data feeds within the bank.

- Evaluate various data architectures in the bank and utilize them to develop data solutions to meet business requirements.

- Drive the delivery of data products and services into systems and business processes in compliance with internal regulatory requirements.

- Oversee the review of internal and external business and product requirements for data operations and activity and suggests changes and upgrades to systems and storage to accommodate ongoing needs.

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