[Music] [Mohammed Faiz Mecci] Hello, and a very warm welcome to everyone.
Let's imagine changing banking, transforming an entire banking experience, leveraging data, actionable insights, personalization in Lightspeed in nine months. At Techcombank, we just didn't imagine it, we made this happen. Welcome to our story of Lightspeed Leap to Hyper-Personalized Banking, where we will walk you through how we changed revolutionized customer engagement with the help of technology, people, and process.
In today's session, we will take you through Techcombank's journey of hyper-personalization, starting with customer, which is the core and the main driving factor for our transformation. We will look at our ambitious roadmap, the technology that has helped us be able to change our customer engagement. Beyond technology, we will also dive into the transformation for people, processes, and operations that made this vision a reality for us. And, of course, we will also share some business impact and then open it up to question and answers.
My name is Mecci and I lead the MarTech Transformation at Techcombank. We are building the first ever team in Vietnam that has implemented the entire Adobe tech stack end-to-end. We have been responsible for the operationalizing and the commercialization of these Adobe capabilities. With over 15 years of experience in data analytics, marketing, and MarTech implementation, I have been driving innovation where technology intersects with customer experience. I'm excited to be here to share our journey with you. I have with me one of our Senior Product Owner, Tiffany. [Tiffany Pham] Hello, everyone. My name is Tiffany, and as a Senior Product Owner at Techcombank, I have the privilege to build and lead the team that's responsible for implementing and driving this newly implemented MarTech stack, enabling hyper-personalized customer journeys at scale. And so I'm really excited to share our story with you guys.
So at Techcombank, about us, we believe in the power of digital transformation to change lives. Our mission is to uplift our customers by providing personalized and rewarding banking experiences, making financial services more accessible and tailored to each customer unique needs.
We were established over 30 years ago during Vietnam's transition to a market economy. And today at Techcombank, we are committed to leading digital transformation in the financial industry, empowering individual and businesses to thrive sustainably with a customer-centric mindset at the forefront.
At Techcombank, our goal is to ensure that every customer feels like a priority customer, irrespective of the economical segment they belong to. We always try to help our customers make the right financial decision. And how do we do that? How this made possible? Let's look into a sneak peek of our customers, let's go into what the profile looks like, and then let's amplify this.
Meet Thanh, she is an accomplished banker. She has a thriving carrier and she's balancing it perfectly between a thriving career and a family life. She has two kids. She needs to pay their fees.
She needs to pay the rent. She belongs to the affluent segment and is highly engaged on social media. Thanh prefers digital interaction on her mobile app and email when it comes to banking experience. Her journey with Techcombank is all about personalized content and efficient financial solutions that fit her dynamic lifestyle. This is one profile. Now let's amplify this to 6-million active customer profiles that we have who engage with us at 40 and above interactions in a month's time. So what this means is we have 6-million active profiles who are engaging with us 240-million interactions in a month's time. At Techcombank, we don't look at this as just interactions, but as opportunities for us to convert each of this interaction into a unique experience, something which makes it an experience for our customers to remember. So they are just not routine engagements, but more value-driven moments for our customers.
We are on a journey to enable heart and mind, winning engagement with customer and prospects. Transforming the 250-million interaction a month into a unique experience requires more than technology. It demands data-driven engagement, real-time communication, a system that can allow for cross-channel orchestration. All of this funneled by a system that can create content and be able to serve this at scale. If we are not able to scale, we wouldn't be able to achieve the unique experience for each of our customer across all of their interactions. This also needs an agile operating model that enables us to quickly adapt to changes while we have the real-time measurement solutions which will help us to analyze and further optimize our customer experience. It is no more-- Or it was never about just showing the right message. It's a perfect balance between right message, right time, and the relevant preferred channel to bring about the real business impact. Let's dive into how all of this was made possible for us.
The transformation roadmap for hyper-personalization started off when we were at Level 2.
Now when we were at Level 2, we were sending out communication to a broader group of audience who had similar characteristics, who had similar behavior. We then quickly moved to microsegment, where we then started to identify similar traits, similar events, triggers, which are happening in our customer lifecycle and being able to customize the messages to them. Then on, we moved to Level 4, where we introduced one-on-one personalized messaging. And our ultimate goal was to reach the hyper-personalization phase where we are talking about real-time content, real-time triggers, being able to predict these events that are happening in our customer's lifecycle, and being able to show the content at the right time and through the right preferred channels. This foundation, this roadmap also formed the foundation on how we want to make each and every customer feel a priority customer.
To bring this vision to life, we knew we had to work on four pillars. First is our offer repository and optimized offer repository, timing, content that we can scale and a unique experience for each of our journeys. All of this tailored to each customer in real-time and at the right time. We had to be truly omnichannel. Does not matter if the customer is looking at the content on the web app or speaking to an RM at the branch, we had to make sure that the experience that the customer gets is truly omnichannel. And like I said, again, it had to be a scalable infrastructure. If it was not scalable, then it's of no use.
And to be able to do this, we had to partner with a global leader in marketing cloud space and we chose to partner with Adobe. We also worked with Adobe Professional Service as our implementation partner and Adobe Ultimate Success, who helped us with key critical tickets, engineering issues, and roadmap to value realization.
When we are talking about transforming 240-million user interactions, we are talking about a combination of different solutions which can serve our customers throughout their lifecycle. We are talking about being able to identify and serve our customers from acquisition to engagement, deepening, cross-sell, retention, and all of this had to come together in a unified profile view. And hence, we then started to look at the different solutions that are needed. We got on board Adobe Analytics and Customer Journey Analytics that could help us look at clickstream data, analyze the patterns behavior that is happening online, what is happening when they drop off from online and going to offline? We needed to be able to get a single customer view, so we onboarded CDP. We had to stitch their online performance, online behavior with activities which are happening offline. We wanted to look at what's happening in their social imprints and be able to leverage what's happening within our own systems and be able to support our customers. We needed a content management system that could be operationalized at scale, just not web and app, but across all the branches that we serve for. We needed to get in a solution that could help us with the marketing automation, the cross-journey orchestration. So we got on Adobe Campaigns and we also needed to be able to test and personalize what we do for our customers and we also brought in Adobe Target, right? Now I think the magic of these tools is how we are using the capabilities of these solutions, right? So the most critical aspect for us was when we created the roadmap, we wanted to be extra cautious that we are leveraging these tools to its potential rather than releasing them in silos. So what this means is, when we released our products, we put together a roadmap, we put together a strategy as to where do we want to get to. What is it that we want to do for our customers? It is all very customer-led. So when we implemented Adobe Target, we made sure we had banners integrated. So this way content, personalization was not a challenge. We did not have to rely on a different solution for it, we did not have to rely on extensive IT processes to release our content. When we released our campaigns, we made sure that we have analytics in place, so as to be able to measure them. And whenever we are talking about campaigns, we are talking about the targeting. Foundation is the data, right? Making sure we have the data and making sure we have the right quality of data is the most important and critical item. Now when all of these solutions come together, that's when it provides a unified experience for our customers.
We took a very staggered approach to releasing each of these solutions out for two reasons. One, this is new to the entire Vietnam market, finding skillsets that was not as easy as it would, maybe here or in Singapore or anywhere else, right? And I think the second reason was we did not want to disrupt business. So we took a staggered approach where we released, where we started to replace the existing solutions we had, such as Mailchimp for email campaign with a single channel for Adobe Campaigns. So that the business could then start using each of these and start seeing the true value and possibility that comes out of these solutions.
While all of this was happening, in parallel we also made sure that we put together a very strong strategy towards change management and training people across the organization. Now this was so important for us because, once we have implemented the solution, then the success of it is all dependent on the adoption. We wanted to business, to think about these solutions when they're thinking about their marketing calendars, when they're thinking about their marketing strategy, when they're thinking about budgets, when they're thinking about spends, they're thinking about optimizations. We wanted them all to think about these solutions, the power that they have and then put their strategy together. Hence, adoption and training became the core and was so important for all of us.
And with this, we also realized that each of these MarTech solutions had to be well-integrated with the other systems within the bank, be it the data lake, the CRM, the web, the app, today all of our content for Zalo, Facebook, TikTok, it all goes through the centralized content management system and it is all synced based on what experience we are trying to provide for our customers. If you log into our app today, the banners, the personalized experience you see, the nudge that you get, the content that you see, based on your previous footprints on our app and the mobile web, you are going to see a different experience for yourself.
So how does all of this look in the life of a customer? So we've tried to put together a video and let's play the video.
[Man] Meet Minh, a travel and food enthusiast on a quest to find a new credit card, perfect for his upcoming adventures. Minh begins his quest by searching online for new credit card offers. Although Minh is not a current Techcombank customer, he's served a Google ad for a Techcombank credit card, peaking his interest. Behind the scenes, Techcombank has leveraged Adobe's Real-Time Customer Data Platform to precisely target audiences at optimal times and through the most effective channels. Minh prompted by this targeting, downloads the app and simultaneously registers an account, enrolling himself in Techcombank's online banking service. However, due to work commitment deadlines, Minh reluctantly closes the app and returns back to work. Soon after Minh receives a push notification from his Techcombank mobile app with a personalized offer that is enabled through propensity data in Adobe's Real-Time CDP. Minh is busy, so he ignores the notification and continues working. Minh continues to receive reminders showing him how much he's missing out by not using the Techcombank Signature card. These offers are tailored based on Minh's personal customer journey using Adobe Campaign and NBA Modeling. Finally, after receiving a new notification with another great offer, Minh decides to sign up and proudly becomes a Techcombank's Signature card holder.
Adobe Analytics captures Minh's conversion data and flow. Minh is now regularly using his new Signature card, enjoying the numerous benefits and rewards it offers. Based on Minh's purchase behavior captured through Adobe Campaign, Minh receives a call from his Techcombank relationship manager offering to convert his larger purchases into easy 0% installment plans. Based on Minh's future travel plans and information captured by his relationship manager, Minh's profile is enriched through the Techcombank sentiment detect system, Techcombank's CRM and Adobe's Real-Time CDP. This allows for more precise and personalized digital targeting. Minh's journey with Techcombank continues, making his travels and experiences more rewarding with his Techcombank's Signature card.
As we saw, right? So gone are those days where people would go and queue up in a bank, find out more about products. Everybody these days starts with Google. So if you're not out there, I think we have lost half the battle to our competition. So we did not want to be there. So we wanted to make sure irrespective, whether it's our customers or people who are looking to bank with us, if they started off their journey, be it on Google, be it on Facebook, or any of those other platforms they're mostly active on, we wanted to make sure that we are there to serve them with the right product, the right information. And the real power is also integrated with the other systems that we have, the other AI tools that our data team builds, being able to capture the sentimental analysis, feed it back into the system. And every time the customer is speaking to an RM, even if they're talking about a certain product or they're talking about a plan that they have a vacation plan, these are things which also gets captured in our system. And it gets converted to meaningful data, which is then fed back to CDP and we use all of this to further personalize what we show for our customers. Now as a result of this, if you look at our business impact, we were able to drive 26x more targeted campaigns. This does not mean that we bombarded the same customer with more number of campaigns. This meant that the customer started to receive more relevant communications for them, based on either events that are happening or certain spend behavior that are happening. All of this trying to help our customers to make the right financial decisions, right? We saved 90% reduction to update the content. No more, we had to go through the IT processes, the release cycles, the testing, the DAB communities.
We saved a lot of time and we were able to run campaigns faster and in a more creative manner, this gave back time to our creativity team, so they could use more of the creativities in driving more engaging content. We were able to run more experimentations, more personalization. We have delivered 690-million plus messages and the core is training the people. We have trained across the organization 680 people. And in a market like Vietnam, we have also formed subject matter expert in our team. We have people who have actually finished the Adobe certification. We have at least one person who is a subject matter expert today and these are also the first people in Vietnam to be Adobe certified. And this is the scale at which we were all thinking about the transformation. Now while looking at all of this, one thing that we all wanted to be careful about is making sure that we do not start overabusing our own channels, right? So we put across a contact strategy, we did a lot of testing, and then changed the contact strategy. We went from segment view to a customer view. All of this led to us improving our conversion rates as high as 66% for real-time campaigns and we saw uplift of 20% for online to offline campaigns.
When we talk about acquisitions, when we talk about the growth that we've had to our retail customers, when we are talking about growing that 6-million active customers to 8-million, growing those 240-million interactions to 400 and 500-million. We grew our retail customers by 2x year-on-year. We grew our SME customers by 25x and there was 67% uplift in cross-sell products.
Thanks, Mecci. I have the clicker.
Those are some quite impressive numbers that we were able to drive with this newly implemented MarTech stack. And of course, this was made possible by activating those personalized journeys that you saw that we showed for Minh. And we need to scale this up. And in order to scale this up, we need to build a strong foundation for technology adoption through people, process, and operations, right? So that we can continue to anticipate our customer needs and deliver these offers using the right channels at the right time. So this change management strategy ensures continuous improvement and scalability for the future.
Implementing a full MarTech stack is not just about technology and it's about people. The success of any transformation depends on how well an organization adopts and integrate these new tools into your daily operations. So at Techcombank we had to ensure that our teams are confident and can use these tools effectively to drive business impact that you saw. And so we focus on these key activities to make this happen. First is, hands-on workshops with deskside coaching. So we sat experts with teams in their work environments to personalize the guidance on commercializing these new tools. So this approach really helped people get comfortable with using and navigating the new systems and move towards a data-driven decision process.
Then we had regular communication through our bank-wide internal newsletters as a part of our change management strategy to ensure that people are aware of upcoming releases and how marketers can leverage these capabilities to drive more customer journeys and meaningful engagement. And then we also empower continuous learning, learning more flexible with self-paced learning, e-learning courses, allowing our employees to upskill at their own convenience. And we also conducted structured in-class trainings that are tailored to specific teams, covering everything from basics of the new technology to advanced real-life use cases application. So these sessions are more interactive, allowing team members to ask questions and gain a deeper understanding of how to use these personalization tools effectively. And I think the most successful activity that we had was gamifying learning with the marketing hackathon to make learning both engaging, as well as practical. And so our marketing hackathon actually brought over 50 cross-functional teams across departments from IT, to data, to our frontline people, they came together to work on real business challenges and executed live campaigns. So this encourage collaboration, as well as empower the teams to experiment, innovate, and see the direct impact of hyper-personalized strategies and customer engagement and conversion rates. And really leverage and see the power of our new tools. So this structured adoption approach has been the critical factor for our success in the transformation journey in these nine short months, allowing us to continuously optimize and scale our hyper-personalization across the 240 plus million customer interactions on our app.
And so we also needed to rethink not just our technology and the people, but how our teams work together to see real impact, right? This means that we have to change our process and operations. So as Mecci mentioned earlier, starting out our transformation to not disrupt business, we executed in single channel campaigns first and had very limited experimentations as we start to swap out our legacy capabilities with these new tools. And then as we progress in our transformation journey, we moved to a more advanced operational model with a centralized and governed backlog for each specific journey. So they're not siloed anymore. We were able to integrate continuous marketing optimization in the process and really truly embed a test and learn framework using our new Target tools. We delivered omnichannel journey at scale by leveraging Real-Time CDP decisioning engine and was able to enable trigger-based journey to really reach that segment of one experiences.
So we recognized that to fully unlock the power of hyper-personalization, we needed to shift from a siloed approach to a fully integrated multifunctional team structure.
So by breaking down these silos in adopting following cross-functional squad model, we dramatically increased our execution velocity by 26 times as Mecci had highlighted earlier. So we didn't grow our workforce. We just shifted people around and made people with different expertise work together so that we go-to-market faster. So this model is made of two main components. We have a core team, so the execution engine comprising of full-time dedicated roles who are directly responsible for designing, optimizing, and then executing these personalized customer journeys. And then the extended team which supports the core team consisting of subject matter experts and they contribute specialized knowledge and resources on an ad hoc basis. So this allowed us to go-to-market to ideate and then go-to-market a lot faster than before.
This significantly increased our speed, as well as agility to the changing market. Decision making is faster, it's data-led, the customer experience are more seamless and we can continuously iterate and improve based on real-time data.
So this new way of working helped us to deliver hyper-personalization at scale for our 6-million plus customers and growing, driving both business growth and also customer loyalty.
So what's next for us after this? So before we get into what's next, so I think what's also important for us to know that because of all of this training that we have been able to provide all of the coaching which Tiffany spoke about, our IT teams are no longer just taking requests and building more journeys and apps. They're actively participating in business conversation because they understand the core technology, they understand the possibilities, they understand how quickly can things be done, what is the impact. And with all of this knowledge and the trainings that they've all had, they are understanding business much better, they're all looking at it from a customer-centric view, and they're all actively participating. That is a big win for all of us. When we look at what's next, the future of customer engagement is clear, right? It is hyper-personalization and at scale. And I'm going to say it is hyper-personalization and at scale. Our vision at Techcombank is to move towards a segment of one because we truly believe that every customer is very unique, his banking needs are very unique, his communication, his channels are all very different. The orchestration that is needed for each of them is very different. We are moving away from product to most customer-centric communications with our customers. We want to be leveraging our decision engines. We want to be more integrated, all of our decision engine which is powered by the different AI models, the ML models, your NBAs, NBO, propensity model, churn model, retention model, all of this coming together, well-integrated with the offer repository, your campaign optimizer, which will start detecting and telling us like, "Okay, what kind of promotion, discount should be offered?" All of this coming in together, and then pushing it across all of the channels that we have for our customers. We are talking about providing scores, different scores for each of our customers based on what action he takes. And being able to quickly make that change, being able to anticipate what's the next best thing that the customer needs is where success lies for us, right? And all of this needs to be seamlessly integrated, be it your online or offline channel, if it needs your RM to call you up to help with the conversation, to being able to taking that feedback loop from offline, from the discussion that the RMs are having, the process changes there where all of the communication which the RMs are having is being captured and being fed back into the models, that's going to help us increase our hyper-personalization. This journey is just not about technology, it is about building a meaningful relationship, increasing engagement, and ultimately driving business growth. The future of customer experience is here and we are ready to lead the way. Thank you. We are now open up for questions.
[Music]
