Transformation will improve access to secure, reliable financial services for Myanmar’s underbanked
AYA Bank (Ayeyarwady Bank) has selected the Misys FusionBanking suite to support a transformative project which will overhaul its core banking system, digitalise operations and improve overall efficiency throughout the organisation.
U Zaw Zaw, Chairman, AYA Bank said, “It’s thrilling to see more of our vision for AYA Bank come to life in Myanmar. In addition to providing existing customers with a seamless, best-in-class experience, this transformation will drive rapid business and economic growth in Myanmar by increasing banking penetration and the availability of reliable, secure banking services to the nation’s large underbanked population. With Misys, this transformation will mean we can deliver excellence and pursue growth in our rapidly changing country while continuing to lead from the front. These financial services not only support the Myanmar government’s national goals of inclusive economic growth, but also connect Myanmar to global commerce.”
AYA Bank has always been at the forefront in providing modern retail banking services and products and in just seven years the bank has grown to become one of the top three private banks in Myanmar. Using the Misys platform, the bank will consolidate and streamline workflow as well as digitalising all manual and non-digital processes to better service its customers across retail and corporate banking.
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The modern digital Misys platform will help improve the services and products available, as well as protecting customer information and data integrity. AYA Bank’s customers will enjoy faster access to more information and will have the option to perform a wider range of transactions at the click of a button through new online and mobile banking solutions. This in turn will enable the bank to improve customer engagement and accelerate customer acquisition through functions such as digital on-boarding.
“As Myanmar’s banks modernise to keep pace with the disruption that’s driving the economy forward, digitalisation can be a catalyst for much broader change across the nation,” said Nadeem Syed, CEO, Misys. “With fierce competition brewing in Myanmar’s financial services sector, we are confident that we can help AYA Bank leapfrog developed market banking challenges to modernise faster and more efficiently. This will help to have a significant impact in including more people into Myanmar’s financial system and making a cashless society a reality for all.”
This transformation will also enable AYA Bank to offer internal stakeholders a better service. This includes improving process efficiency and minimising operational risk, providing accurate and reliable reporting, supporting decision-making and improving the bank’s speed-to-market in launching new products and services in branches across the country.
The Misys partnership-driven approach and commitment to remain closely engaged with AYA Bank will also be beneficial over the longer term as AYA Bank uses the integrated FusionBanking solution suite to anticipate future needs, deliver growth and plan regional expansion that stretches beyond Myanmar’s borders.
Expansion of the Misys footprint in Myanmar is testament to the fast transformation taking place in the region as banks strive to modernise and keep one step ahead of the technological advancements changing their customers’ lives. Big Byte International, a Misys InFusion partner, has been instrumental in supporting the Misys journey in Myanmar and Asia Pacific, and is now investing in creating regulatory framework tools for Myanmar using the Misys FusionFabric architecture, in addition to building a team of local domain experts to support Misys in the region.