KBZ Bank, Myanmar’s largest private bank, completed its core banking system upgrade in April 2023 as it forges ahead with its ongoing digital transformation efforts to boost innovation and efficiency across its operations. The system upgrade is a key step in KBZ Bank’s drive towards its twin mission of bringing 100% financial inclusion in the country, and becoming Southeast Asia’s leading bank in customer service by 2024.
With a 40% market share and the largest branch network in Myanmar, KBZ Bank is committed to continuous service improvement for its customers. The new core banking system, built on advanced Oracle technology, will help KBZ Bank to increase operational efficiencies, improve compliance and risk management functionalities, and deliver enhanced, global-standard digital banking services and experiences.
“We are thrilled to have completed this important milestone in our digital transformation journey,” said U Zaw Lin Aung, CEO of KBZ Bank. “With the new core banking system, we can serve our customers with greater efficiency and provide seamless experiences. We are committed to investing in modern architecture and technology, and we will continue to ensure that our technology enhancements translate into next-level innovative financial services for our customers.”
KBZ Bank received industry recognition for its core banking system upgrade by being awarded the “Core Banking System Initiative of the Year – Myanmar” award at the prestigious Asian Banking & Finance Awards 2023.
The new core banking system provides KBZ Bank with stronger integration capabilities and strengthened security. It also enables the Bank to improve all aspects of customer service, including enhanced customer data management to provide employees with a holistic view of customer insights in order to provide tailored solutions, as well as optimising workflow and streamlining processes for frontline employees to reduce customer wait time in branches.
In addition, the new system offers opportunities for KBZ Bank to build world-class, in-house cloud, agile, enterprise data, security, and API-based architecture capabilities.
With the core banking system upgrade, KBZ Bank further strengthens its position at the forefront of Myanmar’s financial services industry. The bank is dedicated towards shaping the future of financial services in Myanmar, setting new standards for operational excellence and paving the way for continued growth and success in the years ahead.
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