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.
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. 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.
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 and is sensitive to banking and technology trends. To this end, the bank has recently introduced its store value card, implemented EMV chip-card technology, and plans to rollout MasterCard and UnionPay International Card in addition to Visa cards. 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.
As a relatively new bank, Vattanac Bank is less structured than its older, more established banking competitors and is thus more able to adjust to current demands. 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, so is the staff. They are learning and can move up the corporate ladder. The fact that the bank is opening new branches and expanding brings a strong retention factor. 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.