Prince Bank’s ambition: become the best digital bank in Cambodia 07 December 2021
Mr. Honn Sorachna, CEO & Managing Director at Prince Bank, outlines how the bank’s lofty digital aspirations are pushing them to innovate for their customers.
People are looking for more responsible banks, focused on questions of sustainability. What is your strategy to satisfy the non-financial concerns of modern-day consumers?
As a member of the Association of Banks in Cambodia (ABC), Prince Bank Plc. has adopted the Cambodia Sustainable Finance Principles. Adhering to these principles can help banks lower investment risks and find new business opportunities while also preserving the environment and supporting local cultures and communities.
To support our business decision making at all levels and provide a frame of reference for how we want to deal with business opportunities and risks in the context of direct and indirect sustainability impacts, we have developed a sustainable finance policy framework consisting of a generic policy, four core policies, two theme policies, and nine sector-sensitive policies. Each policy outlines the key environmental and social issues, our solution commitments, and what we expect our clients and business partners to do.
We also have embedded sustainable goals into a credit policy by characterizing the business activities based on the principles and credit strategies through product initiatives such as green loans. We have conducted a series of trainings (including e-learning) to all staff to promote sustainable finance implementation awareness and capacity building. Nevertheless, this is a collective effort, requiring time and awareness at the industry level to see its full benefits in the long term.
Financial inclusion is another key topic linked to responsible banking. How do you ensure your institution is increasing access to financial services?
Prince Bank has made big investments in its digital platform to support customers by enabling them to access their financial services anywhere, anytime. Some of our initiatives include:
1. Providing a mobile banking app and continued enhancement for more features and products, focusing predominantly on enabling digital payments to merchants and billers across the nation
2. Purely digital platform, a so-called eAccount, which allows customers to onboard and transact remotely without physical contact
3. Mobile Biz (SME platform)
4. Merchant system (Merchants can collect money and manage their own business remotely)
5. Loan Management System and E-loan
6. International card scheme (Visa and Mastercard, UPI is in progress)
8. Video contact center
9. Strategic partnerships with key money transfer agents such as WING, LYHOUR, True money, and more in progress
What was your latest major achievement in terms of distribution channels? And which channel(s) is a priority for digital investment?
We have 32 branches nationwide and 72 ATMs/CDMs. Our priority digital investments are the mobile app, Mobile biz, merchant system, a reward system, and e-lending.
Our digital channels via our three key mobile apps:
1. PRINCE Mobile to cater to our individual and retail customers
2. PRINCE MobileBiz to cater to our SME and Enterprises clienteles
3. PRINCE Merchant to cater to our merchants
How is personalization changing banking services offered by your bank? How does the bank aim to achieve high levels of personalization for a large customer base?
We have various products that we offer to different customer segments with different offers:
- A priority banking account is designed for high net worth customers to enjoy higher interest rates, an exclusive priority banking lounge without queues, a dedicated Relationship Manager, discounts, and free vouchers with our curated merchants and partners, free access to airport lounges, etc.
- Bundled packages such as payroll with Prince Bank, we offer comprehensive special rates and fees to both employers and employees
- PRINCE Rewards and Merchant system will allow more flexibility to customize the reward and partnership between the bank and merchants to directly target different customer segments.
Some banks are creating ecosystems and marketplaces around their apps and services, what do you think of this strategy? Do you plan to do something similar?
Everyone is looking for convenience, speed, and security. Prince Bank is exploring partnerships to offer a one-stop service that allows customers to shop and pay on one app. Either they access the Prince Bank app and can search for purchases from our partner merchant and pay, or they can click pay by Prince when they purchase on the merchant app or online shop. Prince Bank will leverage the open platform (PRINCE BaaS) to integrate the 3rd party services as plugins and output them thru SDK/API to partners to support the ecosystem and foster continuous growth.
What is the bank’s vision for 2030?
The best and most fully digital bank in Cambodia.
To know more about Prince Bank, download your free copy of 'Prince Bank: shaking up the Cambodian banking scene'