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 payments.
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.
The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) will leverage the Backbase engagement banking platform to innovate and design new digital financial services experiences for both retail and corporate customers.
In a press release, Backbase said its 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.
Pranav Seth, chief digital officer of Techcombank said, "To achieve our new vision of “Change banking, Change lives”, Techcombank is embarking on a customer-centric, data and digital-first transformation. In a post pandemic world, making digital experiences simple, safe and seamless while empowering our staff to advise customers in an extremely personalized manner is a core priority.
“By transforming our customer engagement platform, Techcombank will be able to innovate at speed to create better products, scale our operations, and make it possible to create a seamless banking experience for our customers."
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.