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Updated on May 14, 2020 From Myanmar Times

CB Bank won three prestigious awards from Asiamoney for 2020

CB Bank continues to garner more awards for its achievements in delivering financial services since 1992, as Asiamoney, the international finance magazine, named the bank (1) Best Digital Bank 2020, (2) Best Corporate & Investment Bank in Myanmar 2020 and (3) Best Bank in Myanmar 2020.

This marked third year for CB Bank to win the Best Digital Award in Myanmar from Asia Money as well as the Best Corporate & Investment Bank in Myanmar.

“These awards acknowledge our growing strength in transforming how we deliver financial services to our customers across various segments. We undertake useful insights from the changing trends and have been an early adopter and first mover of technology in the financial sector in Myanmar. Due to our almost three decades of local know-how, wide coverage of banking networks, and technical capabilities, we have made huge progress over the years” CB Bank’s Managing Director (Business) U Thein Zaw Tun said. “As a bank, we deploy technologies that optimize processes and enhances customer experience. Ultimately, our goal is to embrace disruptive financial technologies and business models and to reimagine the future of customer service through technology. I would like to take this opportunity to appreciate and thank our customers, partners and employees for believing in our services and commitment to the banking industry development and for making this possible” he added.

CB Bank utilizes technology to transform both internal and external operations. During 2019, CB Bank has successfully implemented digital tools to expedite internal processes such as CRM (Customer Relationship Management) systems, Microsoft 365 solution and Digital HR Solution. CB Bank also became the first bank in the ASEAN region to be on boarded on the APIX (API Exchange) Platform and built cost-effective innovation lab on the cloud. In terms of serving customers, it has revamped the website to cater to changing needs of our customers in various segments and enabled ecommerce solutions for both private businesses and government agencies.

CB Bank became the first bank in Myanmar to support Government tax payments through its digital platform. It also planned to roll out smart banking terminals at selected branches and transform banking experience at its branches. In the press release announcing the winners, Asiamoney commented, “Among [Myanmar private banks], CB Bank is the most impressive, with a strategy that targets retail, SMEs and corporations, and gaining strength from an intriguing digital approach”.

This year’s awards process, which began in December, attracted more than 600 competing submissions from the world’s leading banks. Asiamoney’s research team and awards panel rated all submissions on both quantitative and qualitative factors such as KPIs, financial ratios and innovation over the 12-month period to decide the winners.

CB Bank has expended its branch network over the years to over 240 branches. It has over two decades of experience in branch operations and physical cash management which is still important and prevalent in Myanmar.

During COVID-19, effectively managing branches to reduce health risks while serving customers has become important. As some agents are closed during this period, customers heavily rely on bank branches for their financial needs. This is also the opportunity where the banks can work with the government and the customers to bring more robust digital payments and educate the customers to start using digital financial services.

CB Bank has taken several protective measures at its branches such as Glass Shield counters, handwashing basins, QR contact tracing form, and made it mandatory to wear masks and wash hands before entering the buildings. CB Bank is supporting its customers across retail, SME and Corporate segments, who are economically impacted by COVID-19, through its loan restructuring programs.

IMAGE: Supplied.
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