Intelligent CIO APAC Issue 1 - Page 62

CASE STUDY One of Myanmar’s largest privatelyowned banks, Yoma Bank offers a wide range of retail and corporate banking services. The bank employs more than 2,000 people and operates more than 50 branches across the country. The challenge The banking market in Myanmar is poised for huge development, with just 3% of the 51 million population currently holding a bank account. Yoma Bank wanted to take advantage of the growth potential of this emerging market by reaching out to customers with convenient, easy-to-use banking services. The solution Traditionally, retail banks have run operations from an internal IT perspective, forcing consumers to adapt to convoluted processes and systems. Yoma Bank is challenging this approach by embarking on a vigorous restructuring program designed to transform the customer experience. The bank has selected Fusion Essence as the strategic enabler for an ‘outsidein’ transformation of its core banking operations. The bank will restructure its processes, systems and channels completely around the end-customer, modernizing its existing branch network and launching nextgeneration digital banking services. MANY PEOPLE STILL LIVE IN SMALL VILLAGES, WHICH ARE OFTEN MILES AWAY FROM THE NEAREST BANK, SO COMING INTO A PHYSICAL BRANCH IS NOT ALWAYS FEASIBLE. The result By streamlining operations and introducing greater automation, Yoma Bank will be able to manage higher volumes of business more efficiently, ensuring a faster response to a growing customer base and freeing staff to focus on delivering a unique customer experience. New digital channels will make it easier for customers to bank when and where they want, ultimately helping Yoma Bank to grow its customer base and market share. Growth potential The financial services sector in Myanmar is on the cusp of major expansion with huge opportunities for growth. Hal Bosher, Advisor to the Board at Yoma Bank, elaborates: “Banking in Myanmar is still in its early stages, and while the market offers enormous potential for growth, it is not without its challenges. “Traditionally, the banking sector has been very process-driven, and has not taken the customer into account. For instance, banks are required by law to operate 62 INTELLIGENTCIO