Most financial institutions need years to find their footing, but Cambodia’s five-year-old Prince Bank hit the road running. True to its mission to help “customers succeed through professional financial services”, it offers a variety of products and services to a growing number of satisfied customers. CEO Honn Sorachna and Chief Digital and Technology Officer Jennifer Lee Cheau Lin describe its progress in becoming the bank of choice for its customers.
Interview with Ms. Erum Tarin, Group Product Manager – Deposits, and Mr. Naveed Mushtaq, Business Head – Credit Cards, of Silkbank Limited
Pakistan has many strengths, but it is not world-renowned as a pioneer in digital banking. However, Pakistan’s Silkbank has been so successful in growing its digital footprint that it has become an example to larger banks of how to exploit digital banking fully. Erum Tarin and Naveed Mushtaq describe in detail the lengths to which Silkbank has gone to fulfil its core value of focusing on the customer, no matter what that entails.
Interview with Vitai Ratanakorn, President and Chief Executive Officer, and Boonson Jenchaimahakoon, First Senior Executive Vice President-Technology, of Government Savings Bank
Thailand’s Government Savings Bank has financially assisted the country’s citizens since 1913, today offering much more than savings accounts. State-owned, it seeks to enhance the financial welfare of private citizens and businesses. Recently, the bank has devoted itself to making the most of digital channels to serve customers best. During our interview, Vitai Ratanakorn, President and CEO, and Boonson Jenchaimahakoon, First Senior EVP-Technology, described GSB’s current goals and latest innovations.
BDO Unibank has been the bank of choice for Filipinos for decades, rewarded for its dedication to satisfying customers’ needs with high rankings. The Philippines’ Enhanced Community Quarantine has tested BDO’s dedication to its stated values, but it has proven faithful to its CORE commitments to clients. Even in stressful times, BDO is on track to fulfil its vision of serving as many customers as possible as expertly as possible.
The International Banker 2020 Asia and Australasia Awards Winners. The best banking institutions in retail, commercial, private and investment banking are highlighted along with two outstanding CEOs from their regions.
Should a bank be required to cover losses arising from fraudulent transactions perpetrated against its customer? The 2019 decision of the UK’s Supreme Court in the Singularis v Daiwa litigation sheds light on the responsibility financial firms accept if they process illicit payments that harm corporate clients, even when the payment requests originated from within those clients. Key to understanding the bank’s duty of care owed to its customer is the standard set by the ordinary, prudent banker.
The COVID-19 crisis has imposed new requirements on banks. Social distancing necessitates that employees work remotely, rendering a bank more vulnerable to cyber-hackers. A bank’s culture has never been more critical than it is now at every level of the hierarchy. From the top down, employees must be guided by company values, by the goal of doing their jobs right. How can management avoid new crises through lapses in culture?
Despite claims from bankers to the contrary, data confirms that a gender-financing gap exists, especially in MENA countries, generating a drag on their economies. Female entrepreneurs are often more successful than their male counterparts but face more barriers to credit. The data highlights the problem but also the opportunities that banks are needlessly missing by not working more closely with female entrepreneurs, who have proven they are good for business.
Small and medium-sized businesses need reliable lenders, but they are often viewed warily by credit institutions. That could provide an opportunity for Big tech that use alternative data to credit score SMEs and help them optimise their financial performance. However, it is banks that will be the future of SME funding because they have financial data, can guarantee data privacy and have no conflicts of interest with their clients.
Global upheavals on the scale of COVID-19 inevitably change “business as usual” permanently. Once the lockdown lifts, the reboot will begin, but how will it look? New approaches to evaluating risk and return will be needed to traverse the new financial landscape and efforts to scale up investments to reach the targets of the Sustainable Development Goals even more critical. How we approach the challenge and build sustainability into the recovery plans will be of great consequence and essential to improving resilience against future global threats.