The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has chosen Backbase, the engagement banking platform provider, to accelerate the digitalization of its retail and corporate omni-channel engagement. Under this collaboration, Techombank will leverage the Backbase engagement banking platform to innovate and design new digital financial services experiences for both retail and corporate customers.
Backbase will deploy its engagement banking platform to give Techcombank greater agility and time to market for its digital strategy. Moreover, the platform will allow Techcombank to create, manage, and optimize its end-to-end customer experience seamlessly as it scales up its digital offerings as a digital-first bank.
According to the Fintech & Digital Banking 2025 Asia Pacific report published by Backbase and IDC, mobile transactions in Vietnam are expected to increase by 300% between 2021 and 2025, led by an upsurge in mobile payments1. With shifting demands for financial solutions amid an increasingly digitally savvy consumer banking segment, banks are faced with an urgent call to reinvent their banking infrastructure to provide their customers with value-added services and alternatives across multiple engagement touchpoints, including mobile.
By doubling down on its digitalization efforts through Backbase’s platform, Techcombank is looking to gain an edge by addressing unmet needs and deepening financial enablement for both Vietnamese small and medium-sized enterprises (SMEs) as well as the larger population.
According to the Ministry of Planning and Investment, Vietnam had more than 760,000 enterprises at the end of 2019, with around 98 per cent being small and medium-sized enterprises2. Additionally, the World Bank found that only 30.8% of Vietnamese aged 15 or older have a banking account in 20183.
By leveraging the Backbase Engagement Banking Platform, Techcombank aims to provide a comprehensive approach to unlocking access to the next generation of financial services for Vietnamese consumers.
Techcombank was established in 1993, just as Vietnam was beginning its transition from a centrally planned to more market-oriented economy.
As Vietnam’s most pioneering bank, it is committed to continuously delivering greater value to customers and stakeholders. Techcombank’s customers seek autonomy, and they own their desire for success on their own terms. The Bank’s mission is to lead the digital transformation of the financial industry, enabling individuals, businesses, and corporations to progress and thrive sustainably. It believes a society can only prosper when its people are financially empowered.
Starting with VND 20 billion in charter capital, Techcombank is now Vietnam’s 3rd largest bank by profit with highest return on assets. This success is driven by a strategy of focusing on customers and their evolving needs, especially over the past 5 years. In the next five years its focus on customers will not change but products and services will be further enhanced, being enabled by stronger than ever investments in digitalization, data and talent.Techcombank provides a broad range of products and services to over 8.4 million retail and corporate customers in Vietnam. Its extensive network includes one (1) head office, two (2) representative offices and 309 transaction offices across 45 cities and provinces.
Techcombank is rated highest among banks in Vietnam with a Ba3, Positive Outlook by Moody’s and was the only bank that was restrained by sovereignty ratings. It is rated BB-, Positive Outlook by S&P. The Bank was named The Best Bank in Vietnam by Euromoney in 2018, The Best Bank in Vietnam by FinanceAsia in 2020. Techcombank is listed on the Ho Chi Minh Stock Exchange (HoSE) under the ticker TCB VN.