International Banker recently held its annual Banking Awards to acknowledge the top Asian and Australasian banking institutions and individuals. Vattanac Bank received awards in two categories: Best Commercial Bank of the Year Cambodia 2016 and Best Innovation in Retail Banking Cambodia 2016. —
International Banker offers a global view of banking and finance. Each year through the Banking Awards, it recognises the leading banking institutions and individuals that have set the bar for industry excellence. The 2016 Banking Awards acknowledge the organisations and individuals within the banking and financial industries in Asia and Australasia that drive global economic commerce, create capital and opportunities for economic growth within their regions, set the benchmarks for technological advancement and customer service, while maintaining high levels of regulatory compliance and corporate governance. The standout institutions working within retail, commercial, investment and private banking are recognized with these awards. In addition, special awards are given to outstanding CEOs in each region.
Honoured with double awards to acknowledge and celebrate its innovation and leadership in the areas of commercial and retail banking in Cambodia, Vattanac Bank has achieved a prominent position on the 2016 International Banker Asia and Australasian Banking Awards list.
Vattanac Bank is a 100-percent Cambodian-owned bank. Only 13 years young, it has grown steadily over the years, gaining a reputation for excellent customer service, especially to its commercial customers. The road has not been easy for Vattanac Bank, which had to build a strong foundation and develop from the ground up its information technology infrastructure, policies, procedures, and guidelines. In the increasingly competitive Cambodian banking environment, the bank has had to balance between risks and returns to ensure sustainable growth. Realizing the need for continued innovation, but also for pragmatism in their approaches, the bank’s measures are both proactive and reactive, allowing for flexibility to respond to the demands of the industry.
One of Vattanac Bank’s stated corporate objectives is “to offer innovative products with excellent service delivery to meet customers’ needs”. The bank has taken giant steps towards incorporating digital banking in order to be responsive to customers’ needs and demands. It is sensitive to banking trends and aware of the technology that comes with new developments. To this end, it has recently introduced its stored value card, implemented EMV chip-card technology, and plans to rollout MasterCard and Union Pay Card (in addition to Visa cards)—all designed to provide secured alternatives for customers. Seven-day banking and extended banking hours at main offices are trailblazers for the bank and its competitors—offering easy access to personal-banking services. Vattanac Bank has introduced Internet banking to enhance convenience and will offer mobile banking by the fourth quarter of 2016.The bank invested in an electronic feedback system to monitor the quality of service being provided to customers, who key in feedback on electronic pads placed at service counters; the branches access the data, analyse the results and respond to the feedback received. Cambodia is preparing for the implementation of Public Key Infrastructure in 2017, which Vattanac Bank actively supports as it will impact the security of transactions over the Internet.
As a relatively new bank, Vattanac Bank is less structured than its older, more established banking competitors and more able to adjust to current demands; it is open to developments and can invest in the latest technology; the staff know their customers, and, most importantly, they work hard to provide them with the best possible solutions. A strong service culture has been promoted in all aspects of operations by the directors, managers and staff. The bank stands out partly because of its emphasis on hiring local Cambodian staff. Staff members, with their local knowledge and service orientation, stay committed and help to execute the bank’s business plans. As Vattanac Bank is growing, staff have opportunities to learn about the different aspects of banking operations, move up the corporate ladder and grow with the bank. The fact that the bank is opening new branches and expanding brings a strong retention factor. Basic and intensive customer-service trainings are provided to teams to ensure the bank’s ambitious customer-service goals are met. Vattanac Bank’s success is the product of staff working together towards a common mission: to provide excellent customer service to gain their satisfaction and support.
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An interview with Mr. Chan Kok Choy, who is the general manager and executive director of Vattanac Bank, can be found here - http://internationalbanker.com/banking/interview-mr-chan-kok-choy-general-managerexecutive-director-vattanac-bank/
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