Techcombank launches AI-powered money management services

It will provide insights on payment behaviors and analyze transactions.

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has teamed up with Personetics, an AI services provider for banks, to introduce AI-powered money management capabilities.

With this, Techcombank’s 11 million customers will now have access to hyper personalized banking experience that will help them achieve financial wellness.

In particular, Techcombank will be able to offer capabilities that can analyze customers’ financial  transactions, aggregate bank accounts, and provide insights about payment behaviors– unexpected payments, excessive spending, and insufficient account balances.

Customers will also receive tailored suggestions on savings, asset growth, and card usage to help customers increase their financial resilience and achieve their goals independently, Techcombank said.

Techcombank launched the services following its survey on financial well-being, which found that 49.4% of the participants felt stressed about their money management.

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Pranav Seth, Chief Digital Officer of Techcombank – “We believe that data-led insights and personalized financial solutions are the key to unlocking true financial wellness and will enable our customers to make smarter financial decisions that align with their unique goals and challenges,” said Pranav Seth, chief digital officer, Techcombank. 

“From identifying new savings opportunities to proactively monitoring spending, our ultimate goal is to empower our customers with unprecedented convenience and control,” Seth added.

In a 3-week pilot period involving 10,000 participants, Techcombank said that savings balances of participants increased by 9%. Customer monthly average log-in rates are also 14.2 times in the pilot period.