Vattanac Bank is embarking on a two-pronged strategy – featuring both digital and physical infrastructure expansion – to position itself as a people’s bank and brace for sustainable growth in the Kingdom’s competitive banking sector.
The home-grown bank launched its effortless and highly secure digital mobile banking app last week to bolster its digital banking infrastructure and remain ahead of the curve.
In addition, the 17-year-old bank plans to add four more branches later this year, which are earmarked for Poipet, Pailin, Kampong Thom and Kampong Chhnang towns.
Leveraging on the growing demand for digital banking and the proliferation of mobile technologies changing the banking landscape, Vattanac Bank is venturing into the digital space to provide even more efficient services to its growing clientele – both far and near.
“Mobile banking is an essential service in Cambodia now, and many customers are embracing it. Mobile banking will be a key product for us.
“Our bank has been reviewing customers’ needs, and the situation today necessitates the need for cashless transactions and more efficient ways of conducting transactions without customers going to the bank. So we recognise that digital banking is gaining importance.
“We can see that as we expand our operations, there is a need for such [mobile banking] services to compete effectively with other banks. We have received positive responses from our customers and this will help in our business growth, particularly outside Phnom Penh as we expand,” said Vattanac Bank CEO Chan Kok Choy.
The app, developed by the bank’s digital banking team, is designed to cater for all users, even non-tech savvy customers, and is built with an array of appealing and exciting easy-to-navigate functions.
Several functions have been incorporated into the app, such as the viewing of account balances, seamless fund transfers, bill payments for Electricite du Cambodge and Phnom Penh Water Supply, instant notifications and card management, as well as credit card statements and payments.
It even caters for such basic functions as mobile phone top-ups.
“This is where we take pride [as] it’s so easy and so safe. We took into consideration even the smallest things when designing the app.
“One important feature is cash transfers, with the app very personalised for users, which is also in line with Vattanac Bank’s motto – ‘Your Personal Bank’,” Chan said.
The bank has not compromised on security features, he added.
“Security is paramount to make sure your money is safe, and we have invested in a very secure app.
“It has undergone strict penetration testing and has obtained certification from Thales, an international technology company renowned for data security solutions.
“While we are satisfied with the safety features, it is also important that it is easy to use and that the user experience must be good,” Chan said.
Stressing the need for a “balanced expansion approach”, Chan said the bank has its sights firmly set on physical expansion as well as its digital payment technologies.
“There is a need for a balance between mobile banking and having a physical presence in some provinces. Being a Cambodian bank, our ambition is to have a presence all over the Kingdom.
“Banking is not a short-term investment, and as a local bank this is our long term vision. We are here for the long haul, not the short term. We feel we are ready today – it is time for us to open more branches,” he said.