Prince Bank’s customer-centric digital banking drives growth
Prince Bank CEO Honn Sorachna tells The Post how the financial institution’s parallel client-centric approaches – digital strategy and physical expansion – will meet the growing needs of its growing customer base.
How has digital banking contributed to the rapid growth of Prince Bank’s customer base?
We have continued to grow and will achieve 10-fold growth by the end of the year. It is thanks to our customers – who have always supported us – that this has been possible.
Our customer-centric digital banking products have played a critical role in contributing to this phenomenal growth.
We will continue to launch new products and services to meet and exceed the banking needs of our customers, both in a traditional and digital way.
Our mantra of customer obsession will continue to see us leading the way by continuously innovating and developing new features and products to meet their needs and wants.
What were the objectives of the launch of Prince Merchant App and Prince Mobilebiz? Does Prince Bank also plan to strengthen its corporate banking segment, and who is your target?
We will be launching these two mobile apps to further help our corporate clients to digitize their businesses, improve the efficiency of their operations and management, and better connect their external and internal operations, especially during the pandemic when working off-site. has become a standard.
For most enterprise client application scenarios, these two products can already achieve much better efficiency.
For large corporate clients, we have also actively looked at their cash management, supply chain and commerce to design financial products that will be launched in the future.
For business banking, our goal is to create a digital banking ecosystem with more powerful digital platforms and tools to better connect and empower customers to help them continue to build their digital capabilities, innovate in business models and service experience, reduce operational costs and risks, and improve market competitiveness, to achieve high-quality sustainable development.
What are the main features of these new apps and how will they help deliver convenient and transparent payment experiences to your customers?
The Prince Merchant app provides retail clients with online cash management tools, allowing merchants to manage large and complex organizations according to their business needs, and configure branch administrators and multi-cash register staff. levels.
You can download and print the QR code for payment yourself and post it to the right place. Cashiers can generate dynamic QR codes in real time to facilitate payment and customer confirmation.
The recipient and the payer can get the payment and collection information in real time, and the cashier can query and manage the collection history information for a period for financial verification and reporting.
Our online payment gateway will also be launched soon, which can help merchants realize the integration of online and offline business collection.
With the help of this app, we are on the verge of realizing the acquisition of interbank and even cross-border business to help merchants increase their customer coverage and revenue.
To add to this, QR payment can help reduce the risk of infection for both the merchant and their customers, as it helps avoid contact with cash, which is a source of infection.
How is the digitalization of your retail banking sector evolving? Are there any new projects in the pipeline?
Since Prince Bank officially launched ‘Prince Mobile’ personal digital banking product in October 2019, it has been continuously enhanced with better product features and improved user experience, with Prince Bank being ranked as ‘Most Growing Digital Bank’. fast “.
With the current features we have on Prince Mobile, customers can simply access their bank account and perform many types of financial transactions, like making deposits, real-time local money transfers via Bakong and Retail Pay, top ups mobile, QR and bill payments. – can even split bills – and is free for now.
Soon we will be launching new features such as Prince Rewards, online payment gateways, credit cards and cross-border remittances. These will continue to improve the digital banking platform system and gradually open up financial services capabilities to ecosystem partners.
How will the bank’s digitization efforts contribute to its results in the years to come?
The current Covid-19 pandemic has accelerated the digitization of many businesses, and ours is no exception. From day one, we aim to become a leading digital bank to meet the changing needs of Cambodians.
In addition, we plan to advance our digitization in three phases:
Building the Foundation – The construction and implementation of the key digital platform will be completed in approximately three years. We will build an ecosystem for individuals and businesses, and businesses based on the open banking system.
Build the System – Based on the above, it will take about three years to build a business system, operating system, marketing system, risk control system and decision making system based on the digital, and improve the digital and intelligent level of asset-liability business to reduce customer acquisition and operating costs, expand the scale of activities and revenues to optimize and improve asset quality and scale revenues.
Promote openness – Over the long term, we will continue to invest in building the capacity of digital banking services, open connectivity with full compliance, and building an open digital banking ecosystem to connect more partners and business scenarios. .
It will make us a smarter financial institution using AI.
Is the Covid-19 pandemic pushing the bank to go further in the digital space to better serve its customers?
Even before the Covid-19 epidemic, our goal was to be the best digital bank in Cambodia.
The bank’s vision and strategy is to always improve and innovate with more digital products to serve the Cambodian market.
Therefore, our robust technology platforms have given us a solid foundation to continually serve our customers.
With the increase of digital banking in the world, the industry has seen an increase in cyber attacks. How secure is the bank’s IT infrastructure to prevent cybercrime?
Safe and stable operations are the cornerstone of the healthy development of a banking business, especially digital banking.
Every year, we have invested heavily in information security to follow the offensive and defensive frontier of network risk and build a multidimensional information security architecture system.
In terms of talent development, technological reserves and operating system, we are also constantly strengthening ourselves.
Just as automated security risk mitigation solutions are effective in managing security risks, special attention is also paid to manual analysis and proactive fine-tuning of existing controls to ensure that attacks and cyber threats can be mitigated. effectively.
Our digital banking solution is developed with one idea in mind, which is to provide safe and secure services to our customers.
Cambodia’s young demographics are driving demand for more digital financial products and services. How is Prince Bank preparing for it?
Cambodia has a relatively high proportion of young people of the new era, the digital natives, who have become and are becoming the mainstream of production and consumption, the engine of the country’s economy.
This group has a high degree of adoption of new technological advancements and higher demands on quality besides being simply digitally sophisticated. It is a key strategy for us to provide them with quality financial services, and even to attract them to join our open banking ecosystem and become early adopters, communicators, advocates and even developers.
We work with universities and online communities to promote our views on current and future developments in the banking industry, listen to their voices and engage with them.
We will continue and hope that more young people interested in digital finance, digital industry and digital life will join us.
With all of these digital products in place, what is your target market in the Kingdom? Would you like to develop your retail segment?
We are not only targeting the retail segment, which is obviously an important segment, but we are also prioritizing our business partners, which is why we have designed our two soon to be launched mobile banking apps to serve our customers. business partners and our merchants to equip them with better technological tools to further support their business and improve their competitiveness in the market.
As Prince Bank grows aggressively in the digital sphere, it is also strengthening its physical presence. Currently, it has 31 branches compared to only nine in 2018. Could you explain the reason?
While our vision is to be the fastest growing digital bank in Cambodia, we also aim to provide a seamless experience for our clients covering both online and offline.
Currently, we have 31 branches and a new branch coming to Phnom Penh.
As we currently have a total of 67 ATM locations across the country and with these three mobile banking apps soon to be launched for different segments, we are firmly committed to expanding our channels and networks to better serve our customers.
We have strictly enforced safeguards in all branches to ensure the safety of our staff and customers.
With these offline measures and our online convenience and security, we aim to serve our customers with their safety in mind at all times.