Banking

Although history doesn’t precisely repeat itself, we can learn much from the past, and this is especially true for banks during a crisis. The COVID-19 pandemic has inflicted widespread health and financial harm. Banks need accurate data to predict how deeply they will suffer from credit risks, and informed analyses of historical data such as loss given default levels are crucial in providing this to them.

No part of the world has been spared the COVID-19 economic saber, but the MENA region is suffering from a double-edged sword: the pandemic and persistently low hydrocarbon prices. Despite the recession specter, many banks, both central and private, are doing what they can to minimize the damage for citizens and businesses. Confronting the challenges, they are finding new opportunities, primarily through digital means, to improve their operations and reach.

The question for many banks today is whether to broaden client outreach to as many different customer segments as possible or concentrate on serving a targeted group. Mali’s BICIM, during its massive reorganization three years ago, took the latter route, with exceptional results. Intent on providing excellent personalized service to the country’s top-level clients, BICIM has found its distinctive niche and role, as CEO Samir Mezine describes in our interview.

Leading the banking sector of the affluent UAE is Mashreq Bank, which, after more than 50 years, has proven its unrelenting commitment to place its customers at the centre and innovate to achieve that goal. The bank, known for being the first to introduce game-changing breakthroughs, is guided by its mission to build long-term relationships with its clients. In our interview, Ellis Wang explained the bank’s latest plans and developments.

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.

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.

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.