Vietnam’s Techcombank will reskill and upskill workforce, improve infrastructure reliability and scalability, and accelerate development of innovative new products and services to help customers thrive financially
Bangalore, NFAPost: Vietnam Technological and Commercial Joint Stock Bank (Techcombank) announced that it has selected Amazon Web Services (AWS), an Amazon.com, Inc. company, as its preferred cloud provider to enhance customer experience.
Techcombank will harness the breadth and depth of AWS cloud services to support its vision to “change banking, change lives” and facilitate the rapid development of innovative new products and services that help Vietnamese individuals, businesses, and corporations grow.
The multi-year collaboration will also focus on establishing a cloud skills program to provide the bank’s employees with access to the world’s most comprehensive and broadly adopted cloud offering and promote an environment of rapid and continuous innovation. Using AWS, Techcombank gains the reliability and scalability to offer new digital financial services faster, while remaining highly secure and compliant.
Techcombank’s “change banking, change lives” vision requires the ability to launch new differentiated offerings quickly for Vietnamese consumers at speed and scale. To achieve its vision and to set itself apart from others in the market, Techcombank determined that cloud technology would be integral to its strategy and execution.
Techcombank will migrate the majority of its applications from on-premises infrastructure to AWS, taking advantage of the cloud’s scalability, and build an integrated data platform to leverage the cloud’s data analytics capabilities. This platform will enable the bank to make decisions in real time, understand customers better, accelerate the innovation of new products and services, and enhance customer service and online experience.
As part of the collaboration between Techcombank and AWS, AWS will also support Techcombank with setting up and accelerating innovation and digital talent development programs. These new capabilities are intended to help the bank become more responsive to customer needs and bring solutions to the market faster, further differentiating Techcombank from other financial services players.
Techcombank is an early adopter and pioneer of new technologies, standards, and solutions (e.g., Basel II, IFRS9 Zero Fee). The bank is now working closely with AWS to showcase the benefits of cloud as the country’s financial services sector continues to mature, further promoting cloud adoption in the industry.
In executing its vision “change banking, change lives”, Techcombank will also invest in training initiatives to upskill employees and develop talent as the bank successfully migrates to AWS. To foster an environment of innovation while building a workforce for the future, Techcombank is leveraging AWS training programs including AWS Skills Guild, a comprehensive skills enablement program designed to build cloud fluency across the organization, for 700 employees.
Self-paced digital training on cloud fundamentals will also be made available to all employees of the bank. AWS training offers live classes with instructors which will help upskill 2,000 participants over the next 24 months. Techcombank will offer foundational training like the AWS Certified Cloud Practitioner course to non-technical staff, while technical training will be available for all technical staff working closer to the cloud migration.
Technical training classes will range from intermediate to advanced topics including architecting, developing, machine learning, and security. This initiative by Techcombank will also see the formation of a Cloud Champion network, initially led by 25 employees known as Cloud Champions, who will facilitate study groups and offer peer-to-peer coaching to further provide employees with cloud skills to encourage innovation.
Techcombank is using AWS Educate to connect and reach diverse, global cloud talent for employment opportunities at the bank. The bank is holding activities including an upcoming virtual job fair and targeted employment campaigns for recent university graduates who have completed an AWS education curriculum. Later this year, the bank will host the AWS – Techcombank Leadership Forum, a virtual webinar where the companies’ leaders will discuss the future of technology in Vietnam, and opportunities at Techcombank.
Techcombank CEO Jens Lottner said transforming itsworkforce with AWS cloud skills is key to achieving the vision of enabling individuals, businesses, and corporations to progress and thrive sustainably.
“By building cloud capabilities and leveraging AWS, we strengthen our resilience, and can focus on innovating financial products and services faster to solve customer challenges and uplift communities,” said Jens Lottner.
AWS ASEAN Managing Director Conor McNamara said the combination of a bold vision, a high performing leadership team, and AWS is a recipe that can not only change banking, but change lives.
“Techcombank is a leading example of where these ingredients co-exist and AWS is privileged to work with Techcombank as they embark on this ambitious journey,” said Conor McNamara.
Conor McNamara said Techcombank is harnessing the differentiated breadth, depth, operational resilience, and fine-grained security of AWS to innovate at pace on behalf of their customers.
“In addition to the differentiated technology benefits, we are delighted to extend our collaboration to encompass culture, workforce re-skilling, continuous learning, and enablement at scale. This will equip Techcombank with a cloud fluent workforce to deliver, innovative financial services products, helping Vietnamese consumers reach their full potential,” said Conor McNamara.
ABOUT TECHCOMBANK
Techcombank was established in 1993, just as Vietnam was beginning its transition from a centrally planned to more market-oriented economy.
Starting with only VND 20 billion in charter capital, Techcombank has come a long way and today is Vietnam’s 3rd largest bank by profit. Our success is driven by our strategy of focusing on customers and their evolving needs. The next five years our focus on customers will not change but our products and services will be further enhanced, being enabled by our stronger than ever investments in digitalization, data and talent.
Techcombank’s customers seek autonomy; they own their desire for success on their own terms. Our mission is to lead the digital transformation of the financial industry, enabling individuals, businesses, and corporations to progress and thrive sustainably. We believe a society can only prosper when its people are financially empowered.
The company provides a broad range of products and services to over 8.9 million retail and corporate customers in Vietnam. Our extensive network comprises 312 branches and transaction offices across 45 cities and provinces.
Techcombank is rated highest among banks in Vietnam with a Ba3, Positive Outlook by Moody’s and was the only bank that was restrained by sovereignty ratings. It is rated BB-, Stable Outlook by S&P. The Bank was named “Best Bank in Vietnam” by Euromoney in 2018, 2021, “Best Bank in Vietnam“ by FinanceAsia in 2020, 2021. Techcombank is listed on the Ho Chi Minh Stock Exchange (HoSE) under the ticker TCB VN.
