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Myanmar's First Private Bank digitalises operations to better understand customers

Anuradha Shukla | May 17, 2017
Misys solutions help the bank connect its front, middle and back office as well as get insights on their customers to better serve them.

Man holding Piggy bank

Misys is helping First Private Bank (FPB) streamline and digitalise its operations in Myanmar.

The bank will replace its partially computerised distributed branch system with Misys FusionBanking to capture a greater share of the country's retail and corporate banking market, including opening up services to those that are currently unbanked.

Misys FusionBanking Essence and Digital Channels will enable the bank to have an efficient, connected front, middle and back office. This allows customers to view and access their accounts across channels, get salaries credited electronically, transfer money and pay bills from different branches or on the go via mobile.

As part of the partnership, the bank will also use FusionBanking Insight analytics module to have a better understanding of consumer needs, which will help it launch personalised products quickly and cost effectively in line with demand.

Besides that, FPB will leverage Misys FusionBanking Trade Innovation and Corporate Channels to provide unified online commercial banking services and digitalised, efficient trade finance capabilities. This will ensure rapid access to trade finance and working capital for corporate clients, and support Myanmar's businesses in expanding into international markets.

"The market here has been through immense change across all industries, and banking is no exception. As we come into a period of expected rapid growth, competition is heating up and customers are demanding superior products and services," said Dr Sein Maung, chairman at FPB.

"Our mission is to deliver efficient, transparent and trustworthy banking to all and we know that requires a slick, modern technology platform at the core. Misys technology is flexible and scalable and will form the foundation for efficient, digital banking here at FPB," he added.

 

 

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