Prince Bank: Digitally-driven throughout the bank 20 December 2021
Mr. Bryan Min, Chief Digital Officer at Prince Bank, discusses how the bank constructs its digital building blocks.
Which area(s) is a priority for digitalization?
The bank takes a holistic view on digitalization as we focus on both internal processes and tools, as well as customer-facing solutions. Digitalization should not be just apps and social to customers, but digitalization should be adopted across the bank, especially to improve and simplify internal processes. It provides convenience to our staff and their work performance, and, most importantly, enables resource optimization and efficiencies.
What are the top issues customers face when interacting with you digitally? Have these changed due to Covid?
Prince Bank is proud that our PRINCE Mobile app has full functionalities and features that enable our customers to perform banking from anywhere and anytime. Our customers are able to perform both KHR and USD funds transfers conveniently, top up their mobile phones, pay bills and merchants, and other banking transactions; all through our mobile app. These have proven to be extremely convenient to our customers, especially during the pandemic and the ensuing lockdown.
What barriers remain to customer digital adoption? Have you invested in customer digital adoption initiatives?
The barriers are really for the elderly and in the more remote provinces, which I believe is a common barrier for most banks in Cambodia. Under our CSR program, we have worked with certain organizations to promote financial literacy and digital adoption among the communities in various provinces and in Phnom Penh.
We have designed our mobile app with customers in mind, where it is intuitive, simple to use, and requires fewer click throughs whenever our customers perform transactions.
Does your bank have the required digital skills amongst existing staff, or have you had to recruit and/or retrain for these skills?
As Cambodia is young and is a greenfield environment, the required digital skillsets and talents are scarce, notwithstanding the overcrowded banks in Cambodia who are also eyeing and recruiting this digital skillset. At Prince Bank, we are always looking out for top talent with the right competencies to join our digital banking team. The bank is committed to upskilling our employees, not only with technical skillsets and knowledge, but also grooming them in leadership and management skillsets, as we believe in succession planning and contributing to the growth of knowledge workers in Cambodia.
What is your approach to working with fintechs and partnerships in general?
Collaborations with relevant fintechs and partners are necessary in building the digital blocks for our bank. This enables a faster speed to market and avoids offering “me-too” solutions or products and services. At Prince Bank, we understand the importance of this, hence we have developed and maintain our own open platform for integration with fintechs and third-party partners.
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