Cambodia Banking Success

Global Banking & Finance Review interviewed Mr. Chan Kok Choy, Executive Director and General Manager of Vattanac Bank on the occasion of their award-winning success for Best Customer Service Bank Cambodia 2018 and Best Bank for Premier Banking Cambodia 2018

Congratulations on your award-winning success. What initiatives do you feel have contributed to your success?

We have a strong service culture. Our senior management exemplify and take the lead in promoting this. Our efforts to instill the culture of service start from the recruitment of suitable staff, proper induction and training.

To enhance and strengthen our staff’s service attitude we conduct sharing meetings, training, and customer care campaigns.  We invested in an electronic feedback system that enables us to monitor customer’s reaction to our service and we do yearly customer service surveys.

In your opinion, what are the current challenges and opportunities facing the banking sector in Cambodia?

The banking sector in Cambodia is developing fast. New banks are opening with the rising confidence of the Cambodians in the banking system. Vattanac Bank is expanding too – opening new branches in the capital city and in key provinces and localities.

With the opening of competitor banks and branches, we need suitably qualified and experienced staff with the right attitude for service. Further, we need to invest substantially in IT and improving our delivery channels to meet the changing needs of our customers.

Let’s talk for a minute about your premier banking offering. Who was your premier banking created for and what are the advantages it offers?

Premier Banking is for a select group of customers who meet certain requirements and are important to the Bank’s business. Premier Banking provides recognition, convenience, confidentiality, and efficient services to the premier customers. The premier customer also receives lifestyle benefits such as special terms and discounts at high-end shops, hotels and dining establishments.

How do the relationship officers ensure premier clients are getting the most from their account?

A premier customer is supported by a relationship officer and other senior management staff who will ensure that customer’s transactions are completed efficiently and effectively. The relationship officer will also inform customers of the bank’s latest offering – products and services, special events for the premier customers, and updates on lifestyle benefits. The customer receives more focused and personalized service. The relationship officer is an important and easy contact for the customers.

Customer service is a priority for Vattanac Bank. Why is this a focus for you and how do you continue to meet the changing needs of customers?

We believe that customer service is a key competitive advantage.  It is an aspect of banking that our management is very passionate about.  We recognize the importance of meeting customers’ requirements and expectations to gain their trust and confidence.  We will continue to innovate and improve our service and delivery channels to stay relevant and competitive.

With technology impacting daily business operation, how does Vattanac Bank meet the challenges of IT development?

We focus on upgrading our IT system to serve our customers better. We employ competent IT staff and provide relevant training. We keep abreast with the IT development and develop products and partnerships that leverage on the technical readiness of our bank and customers’ needs.

Are you launching any new products or services this year?

We are launching several new products and services including We-Chat Pay, Ali Pay and Vattanac Wallet. We are expanding and upgrading our present delivery channels.

How does Vattanac Bank support social economic development in Cambodia?

We are a Cambodian-owned bank.  We work with the Cambodian government on our tax collection services with the view to improving the transparency and efficiency of tax payment by the public. Our bank supports many charities and social causes including Kantha Bopha Hospital and Smile Cambodia. The bank is a recognized good corporate citizen, receiving an award for tax compliance from the General Department of Taxation.

What is your banking strategy for 2019?

In 2019 we will continue to innovate and expand our network of branches to other key provinces in Cambodia. We will develop and improve on the payment platform – particularly for Chinese tourists visiting Cambodia, and for Cambodians transacting locally and travelling overseas. We will keep doing what we do best: provide the Best Customer Service to our customers.