Techcombank and Personetics Collaborates To Assist Vietnamese Customers Improve Their Financial Well-Being
Vietnam Technological and Commercial Joint Stock Bank ("Techcombank") has announced a new partnership with Personetics, a leader in financial data-driven personalization and customer engagement for financial services, to launch money management capabilities powered by artificial intelligence (AI).
Consumers in Vietnam and other countries are feeling the effects of the global cost of living issue. 56% of respondents to a recent Personetics study of 5000 banking clients said they were "very concerned" about how growing costs are hurting their daily life and their wallets. Vietnam also has to deal with a population that is "getting old before getting rich" (*). Despite feeling safe in their current financial situation, 49.4% of poll respondents said they were stressed out about managing their money. This was attributed to a lack of tools (26.5%), time and mental capacity (22.9%), knowledge (16.9%), and income confidence (44.6%), among other things.
Techcombank has partnered with Personetics to provide its roughly 11M customers a hyper-personalized banking experience that aids in their pursuit of financial wellbeing in an effort to allay these worries. Through the agreement, Techcombank's mobile app will gain new, sophisticated money management features that have been created to give users an automated, customised, and independent financial journey. They will have the ability to aggregate bank accounts, analyse consumers' financial transactions, and deliver insightful data on unforeseen payments, extravagant spending, and low account balances. Additionally, the technology offers customised advice on saving, asset building, and card usage to assist users become more financially resilient and independently accomplish their goals.
Huyen, a 30-year-old freelancer, uses Techcombank's AI-driven money management tools to control her varying revenue. She uses the smartphone app to track her monthly budget as well as her expenses, invoices, and payments. Additionally, it offers her individualised financial advise, such as which accounts to pay later and which investments to think about, empowering her to make choices that will best serve her financial interests.