The future of Vietnam’s banks is digital. But is it personal?

Vietnam’s banks and financial services providers have been some of the fastest in Southeast Asia to adopt digital services.

For some banks, as many as 90 percent of banking transactions are now carried out on digital platforms – already exceeding the government’s hopes for 70 percent of transactions going online by 2025. Yet the finance industry has historically struggled to meet customers’ expectations and provide personalised, high-touch services. What will it take to bridge the personalisation gap?

Techcombank, the country’s leading non-government-owned bank, is counting on a combination of technology and talent to do so.

The bank just announced a multiyear partnership with Adobe that aims to bolster its end-to-end customer experience with a robust technology platform at its core.

Quote from Techcombank's Chief Executive Officer Jens Lottner: "“Today’s consumers are banking across multiple online and offline channels, and it is critical that we meet their expectations wherever they choose to engage or transact."

On the technology front, Techcombank will employ Adobe Experience Cloud to personalise its customer experience spanning both digital and offline touchpoints.

Despite rapid growth in digital transactions, as many as 73 percent of Vietnamese consumers still take a multi-channel approach to banking that includes both digital services and physical branches – making real-time personalisation across channels a significant part of any bank’s strategy.

“Today’s consumers are banking across multiple online and offline channels, and it is critical that we meet their expectations wherever they choose to engage or transact,” says Jens Lottner, Chief Executive Officer at Techcombank.

Solutions like Adobe Real-Time Customer Data Platform will help the bank do so, allowing it to identify the best service format for individual customers based on online behaviours and advanced persona mapping.

That real-time insight will not only shape the online experience but also be passed on to branch staff to inform more tailored and informed interactions when customers show up in person.

Platforms like Adobe’s, while capable of creating hyper-personalised experiences, require a human touch to truly connect with customers.

Techcombank’s new Centre of Excellence for digital skills development, established in partnership with Adobe, aims to cultivate the right mix of digital skills and creativity.

With the availability of digital skills in Vietnam far below that of its regional peers, efforts to develop home-grown talent will play a crucial role in ensuring the success of any firm’s digital strategy, bank or otherwise.

As digital becomes the norm for Vietnam’s financial sector and the broader economy, personalised customer experiences will play an even greater role in differentiating brands like Techcombank’s.

No matter the channel, the value of individualised attention remains the same.