Cb Bank Branches in YangonBanque Cb Yangon Branches
In Myanmar, this has accelerated the pace of digitization and changed the landscape of finance services, both on and off. Over the past few years, more cash machines have been set up, more bank accounts opened and new, state-of-the-art bank branches constructed. Founded in 1992, CB Bank has been at the cutting edge of digitisation in the finance world.
The bank launched the country's first ATM system in 2011. The following year, it again pioneered the introduction of the first key bank system in Myanmar, which enabled the Bank to bring new product to markets. The CB Bank offers its clients a range of portable bank solutions, both for private persons and companies.
Via the cell phones application, they can use 60 different types of service, among them essential bank features and cell phones recharges. You can also make remittances within the UK with only a single applicable local identity document and number. CB Bank's online banking servicing enables CB Bank's business customers to obtain remotely, i.e. their needs are fulfilled without having to go to the branches.
Essentially, they refer to day-to-day business and enable businesses to make payment to suppliers and colleagues, manage employee wages and salaries, mail trading documentation and use currency trading functions, among other things. The CB Bank has also worked with large enterprises to incorporate their merchandise management system into the Bank's key bank system.
As a result, business customers can use it to fully automated their financing operations and payments processes with the bank. In spite of all the moves towards digitization, Myanmar remains a cash-based company. "That' s why we have introduced automated teller machine systems such as automated teller machine, automated teller machine, automated teller machine and automated check machine, as well as FX terminal systems to buy and buy and buy banknotes in currencies," Thein Zaw Tun added.
The CB Bank's automated payment systems are available around the clock. As a result of this greatly extended technological infra-structure, 40 per cent of the bank's entire transaction processing is now done digitally. There is another reason, though: Myanmar's financial system has had a troubled past that has eroded faith in the system. Reconstructing faith in the credit economy is not possible from one day to the next.
As a result, the use of advanced features such as electronic payment will probably take longer, as consumers are still careful about the safety of the electronic world. "Thein Zaw Tun said: "In the changeover we need to find the right mix between the online footprint, especially in payment traffic, and the online footprint, using ATMs for electronic finance service.
In view of the scale of the country, electronic finance offers a great chance for economic integration. However, the use of electronic instruments can be a catalytic converter for product developmen. Anybody with a cell now has the ability to transfer and accept funds. A further bank chanel to accelerate the speed is the MABN, a feature launched in 2014 on CB Bank's portable trading system to provide non-branch based retail finance solutions in remote areas.
"Thein Zaw Tun says, "Our agency networks cover the countryside and carry out essential bank business where there are no branches. In addition, the Bank recently teamed up with Myanmar's postal services to launch the use of portable bank brokers across the nation, a step that should further strengthen the country's drive to promote fiscal integration.
The bank has also opened bankrolls at Grab and Uber, which provide bank roaming and ATM bank service for tens of thousand cab fare collectors in Yangon. This approach also applies to small and medium-sized businesses (SMEs), many of which now use it. The bank is also the biggest merchant and merchant of POS payment transactions in Myanmar, alongside SMBs.
"SMBs work with our large enterprise partners, with whom we have developed systems integrations so that we can automate and execute finance operations in near-realtime. This is how we have created a virtual bank ecosystem," Thein Zaw Tun said. Each of these shows how CB Bank is helping to develop the e-business, a first step towards listen to and offer customer satisfaction, particularly with regard to e-payment.
Prior to its integration into the international economic system, the bank acted as a retailing bank without a large business support group. Nobody had ever even been in Myanmar to hear about it. "And this has left its mark on our service, especially as we keep learning from our partners in other nations how they look after their business customers.
The path was both demanding and worthwhile for the bank, which now provides cashmanagement in Myanmar for international bank branches. Cultivated in a networked setting with cell telephones and online communications, this young group largely avoids the need to visit bank branches and favours online transaction finance.
"Today's young people, the so-called Generation Y, demand fundamental finance commodities such as major debts and bank credits to help with their life. That' s why the challenge facing them is to create tailor-made solutions for their needs: easy to grasp and user-friendly," says Thein Zaw Tun. Today, Myanmar's bank sector is expanding from a very low basis, with less than 10 per cent of the country's people having direct bankers.
Against the backdrop of this ever more digitalization, financial institutions are facing further changes and challanges as they are continuing to create added value for their clients. Fulfilling new demands means switching to an enterprise-class, all-embracing service that is easily accessible to any customer in the physical or cyberworld. The CB Bank is getting closer to this new realm and is aware that clients need not only financial institutions but also financial institutions.