Vietnam Technological and Commercial Joint Stock Bank (Techcombank) announced a new partnership with Personetics, the firm focused on financial data-driven personalization and customer engagement for financial services, in order “to introduce artificial intelligence (AI)-powered money management capabilities.”
The cost-of-living crisis “has been impacting consumers in Vietnam and around the world.”
In a recent survey of 5000 banking customers conducted by Personetics, 56% were “very concerned” about how rising costs are “affecting their daily lives and impacting their finances.”
Vietnam is also facing the challenge of a “getting old before getting rich” population.
Despite feeling secure “in their current personal finances, 49.4% of participants in a survey conducted by Techcombank reported feeling stressed about their money management, due to a lack of: tools (26.5%); time and mental bandwidth (22.9%), knowledge (16.9%), and confidence in their income (44.6%).”
To help address these concerns, Techcombank has joined forces with Personetics “to provide its nearly 11M customers with a hyper-personalized banking experience that helps them achieve financial wellness.”
The partnership will “bring new advanced money management capabilities to Techcombank mobile app that have been designed to create an automated, personalized, and independent financial journey for customers.”
They will “offer capabilities designed to analyze customers’ financial transactions, aggregate bank accounts, and provide valuable insights about unexpected payments, excessive spending, and insufficient account balances.”
The technology also “provides tailored suggestions on savings, asset growth, and card usage to help customers increase their financial resilience and achieve their goals independently.”
Pranav Seth, Chief Digital Officer of Techcombank, said:
“At Techcombank, our mission is to revolutionize the way our customers manage their finances to achieve more in life. We believe that data-led insights and personalized financial solutions are the key to unlocking true financial wellness and will enable our customers to make smarter financial decisions that align with their unique goals and challenges. From identifying new savings opportunities to proactively monitoring spend, our ultimate goal is to empower our customers with unprecedented convenience and control. Our partnership with Personetics marks a significant milestone in our long-term vision of enhancing our customers’ lives by making banking hyper-personal to each and every customer.”
Huyen, a 30-year-old freelancer, “manages her fluctuating income using Techcombank’s AI-powered money management capabilities.”
The mobile app “helps her track her expenses, invoices, and payments, and assists her in tracking her budget each month.” It also “provides her with personalized financial advice, such as which accounts to pay first and which investments to consider, enabling her to make informed decisions that optimize her finances.”
David Sosna, Personetics Co-Founder & CEO, said:
“We’re thrilled to join forces with Techcombank, one of the most innovative banks in Vietnam and Southeast Asia. Their pilot phase results were extremely promising and surpassed expectations, indicating that Techcombank’s customers are eager for the personalized insights and advice that only the Personetics platform can offer. We eagerly anticipate the next phase of our partnership, where we will continue to collaborate with Techcombank in enhancing the financial well-being of their customers and delivering substantial business outcomes.”
The partnership between Techcombank and Personetics promises “to transform Vietnam’s banking industry.”
Techcombank is confident “that by partnering with high-profile companies like Personetics, they can continue to develop innovative solutions to enhance their customers’ banking experience.”