Leveraging digitalisation for growth

Content image - Phnom Penh Post
Zokhir Rasulov says more and more businesses are using ABA’s iBanking for Business. SUPPLIED

Its digitalisation strategy is turning ABA Bank into one of the most innovative institutions in the Kingdom in offering financial services, according to chief digital officer Zokhir Rasulov.

When did ABA Bank begin embracing digital banking and why? How has this contributed to its success?

ABA defined its new long-term development strategy in 2009. As part of the execution of that strategy, the bank conducted extensive research and analysis to understand customers’ needs and make their banking experience more convenient.

The research showed us that due to the rapid growth of the economy and business activities in the country, the demand for fast and convenient services would only be accelerating.

Based on that, ABA decided to invest in a robust IT and technological infrastructure, which eventually became a concrete base for the automation of business processes and allowed us to offer clients advanced banking solutions around the clock.

How has ABA Bank’s suite of digital products increased the accessibility of banking for Cambodians? And how is it promoting financial inclusion?

Understanding clients’ needs and concerns when making a financial transaction through the bank was a key factor of success in making our services convenient and accessible for Cambodians.

Providing a great user experience is our top priority while developing digital products at ABA.

During their design, we focus mainly on making new financial services and features easy to understand, as well as fast and secure. All this contributes to a great experience.

Based on these core principles, we allow people to perform banking with ABA 24/7 from anywhere, transfer money around the world instantly, and make payments online and in stores with ease.

ABA’s current ecosystem can meet the requirements of all types of clients, whether they be teenagers or large corporate clients with particular demands. Our clients also benefit from a unified and familiar experience across all ABA banking channels.

Which of ABA’s range of digital products are proving the most popular?

On the retail banking side, the ABA Mobile banking app is the most popular product. It has been ranked No1 among Cambodian financial apps on the Apple App Store and Google Play.

At the same time, our ABA PAY payment feature – which now has close to 200, 000 merchants across the country, including online and in-store – is the most demanded product on the business banking side.

The medium and large business segment prefers more structured access to their money and requests additional features to run company finances.

Here, I’d mention our modern iBanking for Business – IBB – platform. More and more businesses of different sizes connect their ABA accounts to IBB to process business payments quickly and conveniently, yet with sophisticated multi-layered security in place.

It is worth mentioning that all the digital products currently forming the ABA digital ecosystem are closely connected to each other.

In what way are ABA Bank’s digital products making Cambodians’ financial activities convenient and safe, both daily and longer term?

Today, ABA offers a wide range of digital services and products to both individual and business clients that are designed to help them in their daily financial routines and business needs. Importantly, through its current ecosystem, ABA connects businesses and individual clients with each other and helps them achieve their daily business and life goals.

With our advanced business platforms such as iBanking for Business, PayWay – an all-in-one payment gateway – and the BillZone billing system, ABA meets the requirements of even the most demanding business and corporate clients.

I’m confident that businesses can benefit from our solutions and financial services built on world-class cutting-edge technology.

For retail clients, ABA offers its flagship product, the ABA Mobile app, along with the modern self-banking facilities available 24/7.

With these comprehensive banking channels, our clients can pay bills, pay both in store and online, transfer and receive money locally and internationally within seconds, open new accounts, get loans, make deposits, withdraw cash, and do much more.

I think all these ABA implementations and user experiences are making Cambodians’ financial activities convenient and secure.