Techcombank named domestic retail bank of the year by Asian Banking & Finance
Techcombank has won three prestigious awards from leading financial publication Asian Banking & Finance in recognition of its excellence in retail banking, and for the quality of cash management and trade finance solutions for corporate and institutional clients.
At a Techcombank transaction office. Photo courtesy of the bank.
These new awards add to the host of top prizes won by Techcombank during 2024, including becoming the first Vietnamese bank to ever win the “hat-trick” of “Vietnam’s Best Bank” awards from leading international finance publications Euromoney, FinanceAsia and Global Finance.
For the third year in a row, Techcombank was named Domestic Retail Bank of the Year in Vietnam at the Asian Banking & Finance Retail Banking Awards 2024. The award recognized Techcombank’s focus on customer-centricity and its innovative customer offerings, including its break-through Auto-earning solution that enables retail customers to generate profit from idle cash.
Techcombank’s Auto-earning solution can be conveniently activated on a customer’s account through the click of a button using the Techcombank mobile app. Once activated, idle cash above a certain threshold is automatically swept into a higher interest rate product offering a yield of up to 3.6% per annum, while still ensuring the cash is available should it be needed to make payments.
Asian Banking & Finance also acknowledged the quality of Techcombank’s digital banking platforms and of the data-led personalized experiences that customers can enjoy when using its mobile banking app.
For example, Techcombank is now using AI and machine learning to provide personalized financial management advice and insights through its retail banking app and has already delivered over 52 million personalized pieces of financial advice since the experience was launched.
In addition, the bank’s new loyalty ecosystem, available through the app, offers personalized rewards and experiences tailored to individual customers' preferences and lifestyles.
These personalized experiences have helped Techcombank build one of the most digitally engaged customer bases of any bank in the world, with an average of 50 log-ins per customer per month to its retail mobile banking app.
Nguyen Anh Tuan, chief retail banking group officer at Techcombank said, "That Techcombank has been named Domestic Retail Bank of the Year in Vietnam for the third year in a row is an outstanding achievement and testament to the quality of our innovative products that cater to all customers’ needs.
"We now move forward with renewed purposes and will continue to serve and financially empower our customers so that they too can achieve their own greatness."
Techcombank also won the awards for Vietnam Domestic Cash Management Bank of the Year and the Vietnam Domestic Trade Finance Bank of the Year in the Asian Banking & Finance Wholesale Banking Awards 2024.
These awards recognized the excellence of Techcombank’s cash management and trade finance solutions for its corporate and institutional clients. Notably, C-Cash is a first-of-its-kind corporate treasury management solution designed to help Vietnam’s largest corporates uplift their treasury management to a world-class level.
The front of Techcombank's headquarters in Hanoi. Photo courtesy of the bank.
In the area of trade finance, Techcombank has standardized and digitalized corporate customer journeys for the best possible experience and launched new trade finance solutions.
For example, the bank has launched a new Digital Bank Guarantee solution that means corporate clients can request and obtain a guarantee quickly and conveniently using the digital banking app.
The Digital Bank Guarantee offers ease of use, flexibility in meeting business requirements, complete security, absence of hard copy documentation, and maximum guarantee receipt in two working hours.
In 2023, 20% of Techcombank’s corporate customers changed to using the digital bank guarantee within eight months of the solution’s launch and this number is continuing to rise.
Phung Quang Hung, head of the corporate and institutional banking group said, "We are delighted that our C-Cash treasury management solution and our holistic suite of innovative trade finance offerings, including the Digital Bank Guarantee, has been recognized by the Asian Banking & Finance Wholesale Banking Awards.
"These awards reflect our commitment to meeting the needs of our corporate clients and empowering them to run and grow their businesses through a suite of outstanding digital and data-led solutions."
Techcombank (HoSE: TCB) is one of the largest joint stock banks in Vietnam, and a leading bank in Asia, with a vision to Change Banking, Change Lives. The bank pursues a proven customer-centric strategy in providing a broad range of retail and corporate banking solutions and services to help financially empower its customers.
Techcombank has 14.4 million retail and corporate customers, which it serves through a market-leading digital banking platform and mobile app, and an extensive network of transaction service outlets at locations across Vietnam. Its ecosystem approach, co-created through partnerships in multiple key economic sectors, adds further scale and differentiation in one of the fastest growing markets in the world. Techcombank is rated AA- by FiinRatings, Ba3 by Moody’s and BB- by S&P, which are the highest among joint stock commercial banks in Vietnam.
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