Cloud First Strategy in Improving Financial Decision-Making

One-liner: Vietnam Technological and Commercial Joint Stock Bank (Techcombank) launched a new digital branch platform compatible on mobile devices to streamline and simplify the process of banking, using a cloud-first strategy that helps to maximize customer satisfaction.

AIBP 2022 Vietnam Enterprise Innovation Award Winner

Project Summary

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is a leading bank in Vietnam that champions customer-centricity and aims to do so by providing an innovative and diverse range of customer-centric financial products and services. Founded in 1993, Techcombank has now become one of the top financial institutions in Vietnam, amassing a market cap of approximately 75 billion VND, which is equivalent to approximately more than USD3 million. Currently, Techcombank has more than 12000 employees spanning across its 315 branches throughout Vietnam.

To digitally transform the traditional banking process in Vietnam, Techcombank has introduced a new iDO digital branch platform compatible on multiple devices (computer, tablet), which enables branch staff to open a new customer account bundle: account (current account, lucky account number), cards (debit & credit) and e-bank on tablet devices through a 100% paperless process. Leveraging on the power of the improved cloud-based strategy that allows more data and system storage, the new technologies are embedded on iDO to bring customers new experience, including the OCR to automatically extract personal information from customer’s national ID card, the e-signature on the table screen instead of the wet signature, the e-contract. This helps digitalising the process and saving time for consumers, bringing about a more seamless online customer experience.

In addition, through the digital application, customers can be approved for a new credit card for instant use and even apply for a new mortgage and be given a credit score. These features make Techcombank the first and only bank in Vietnam to offer these services through a digital app, hence reducing customers’ time and effort in having to go to a physical bank to perform these services and improving customer satisfaction.

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