Case Study Summary
Techcombank, the fastest-growing bank in Vietnam by revenue, deposits and profit, has benefited greatly since taking T24 in 2003. Techcombank has established itself as the clear technological leader in the Vietnamese banking market, being the first to launch pioneering products and services such as internet banking and SMS payment services. Its ability to tailor service and pricing to individual customers has translated into strong per customer profitability growth (more than 25% annually) and very high customer satisfaction levels (the highest of any Joint Stock Bank). Lastly, the scalability of the system has helped Techcombank extract significant cost efficiencies as it has grown: in 2008 Techcombank’s cost/income ratio was 67% lower than the average in Vietnam and 82% lower than the average for the top 1,000 banks.
Mr Nguyen Duc Vinh, CEO, Techcombank comments, “Temenos T24 has enabled Techcombank to enjoy the extraordinary growth since its -live date. Having a customer-centric, rather than product-centric, banking system allows us to tailor our service for individual customers”.
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