The reporter had a talk with Mr. Prasenjit Chakravarti (PC) - Director of Strategy & Transformation on how Techcombank expands AI, data and agile working model to promote growth.
Nearly 5 years ago, with the goal of serving customers more effectively, expanding priority customer base, strengthening position in the high-income customer segment, maintaining profits in the context of a volatile and competitive economy, Techcombank was required to comprehensively innovate - from operating processes, customer experience to data-based decision-making methods.
70% of transformation begins in humans that is the real competitive advantage
If there is a consistent philosophy at Techcombank, it is constantly transforming. Business leaders need to consider transformation as a regular operational capacity - both operating business and constantly innovating. Because if they stand still, it means falling behind and causing businesses to lose market share. (PC Chakravarti)
This philosophy is realized by applying a widely used agile model, focusing on decentralization, improving technology mastery and quick adaptability. To put the new working method into practice, Techcombank considers change governance as a strategic governance method. Training programs cover the entire range from CRM, Digital Marketing to a toolkit for programmers to help employees quickly access and operate according to agile, ensuring both operation and continuous improvement.
Conversion is 10% technology, 20% data and 70% humans
The bank also promotes the spirit of transformation through the CEO Transformation Awards to find leaders who lead change those who proactively apply and inspire the spread of new capacity beyond the scope of individual roles.
Although the world is witnessing a war for technological talent, PC offers a very different perspective. We dont think we have any difficulty finding technology talent. Because we build that force from within our own ranks when implementing internal programs to train both rosy and professional leaders both in business and knowledgeable in banking data and technology. The goal is to form a generation of "business technologists" in the future. This approach has helped the bank's scale nearly double in the past 5 years without the need to increase the number of corresponding mechanical personnel. Taking in revenue per employee and performance per investment cost has been strongly improved.
As a result, Techcombank is among the banks with the highest customer interaction rate in the world. The bank has built a streamlined data system with nearly 7,000 specifications for 16 million customers, allowing personalization of services, improving sales productivity and optimizing lending processes. Data becomes a strategic tool, not only helping with decision making but also creating new business models. Thanks to that, 55% of new customers come from digital channels, 97% of transactions are processed electronically and the Techcombank Mobile digital banking application is in the top global in terms of usage frequency.
Converting to make the entire system "cloud"
The appearance of GenAI and Agentic AI alongside traditional AI and machine Learning technologies has created a big "push" in the transformation journey. With cooperation with major partners around the world such as AWS, in just six months, Techcombank has brought its entire retail banking and corporate banking system to the cloud. TCB is also the first bank in Vietnam to port data to cloud computing and is continuing to move to other core banking systems. Very few major banks in the world have been able to complete this cycle. This helps reduce infrastructure costs, improve product launch time and optimize customer reach according to individual needs.
Basically, the only thing that is not yet up to cloud is core banking we are also moving. When completed, all banks will operate on the cloud". (PC Chakravarti)
Towards double-digit growth
There is a young, ambitious Vietnam that is accelerating in the era of national growth. According to PC Chakravarti, "The next 15 years are an opportunity for Vietnam to accelerate and transform to a more developed economic group." With large capital flows into infrastructure, engineering and digital technology and expectations of double-digit GDP growth, the finance - banking industry is expected to have more room for development.
Techcombank has also seen opportunities in that economic flow, as 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 balanced with the goal of "more presence in every moment of customers".
According to PC Chakravarti, We are serving more than 16 million customers and want to double that is, a third of Vietnams population, but it is not necessary for our personnel to increase accordingly. Accordingly, digital platforms, trust and loyalty-based connection mechanisms, and immersive experiences will play a leading role. This requires Techcombank to coordinate a comprehensive partner ecosystem to provide a variety of financial and non-financial solutions in all aspects of customer life.
Thinking about the next journey, PC affirmed that the bank is transforming day by day with core capabilities to create outstanding value for customers. From real estate, to health insurance... are all potential areas to reposition for the development goals that the Techcombank ecosystem needs to aim for. Accordingly, the bank has become a seamless connection system between lifestyle, incentives, finance and services - where the seamless and proactive journey is a top priority.
Techcombank's transformation journey shows that leading organizations in the new growth era are organizations capable of implementing large-scale transformation. In that journey, although cloud computing platforms, technology, data, AI, Agentic AI are prerequisites, the difference lies in the depth of cultural application and customer experience optimization. Accordingly, conversion is not about coming to an end. And it is the ability to transform in the face of constant changes and challenges that is the "survival skills" of any business.
