Alliance Bank Malaysia Berhad has won the Excellence in Customer-Centricity category at the virtual Retail Banker International (RBI): Asia Trailblazer Awards 2021 and the Excellence in Omni-channel Integration trophy for respectively, a mobile trade finance solution and a customer on-boarding tool that eases Know Your Customer (KYC) procedures and integrates into the bank’s wider mobile application for new customers.
Both tools embedded digital services into customers lives just when they needed it most during the Covid-19 outbreak. They also extended financial inclusion in-line with the ‘Bank In Your Pocket’ over-arching aim of Alliance Bank Malaysia Berhad.
At the start of the pandemic the bank ran a survey to determine customers' banking preferences. The study showed that:
- one-third preferred mobile/internet banking overall;
- 66% preferred using online channels for account opening;
- & 53% were less inclined to visit the branch to perform banking transactions.
The mobile trade finance solution recognised for excellence in omnichannel integration is called Alliance BizSmart eTrade and is especially useful for small-to-medium sized enterprises (SMEs). Offered on the BizSmart Mobile application platform, the tool provides a simple, paperless and convenient way for customers to perform a trade financing transaction, without having to visit a branch. This helps customers prioritize their valuable time better. They can approve transactions remotely, monitor trade finance utilization, and manage accounts, payments and collections anytime, anywhere – all while reducing potential Covid-19 contacts.
Fast approval and disbursement of funds means trade proceeds can be credited into the customer's account within 24 hours. The tool can accept digital Bankers Acceptance (BA), 90% of the market, and alternative Trust Receipt (TR) documentation. SMEs are typically underpresented in this segment, but can now participate much more easily. Since its launch in June 2020, BizSmart eTrade transaction counts have grown. By December last year, nearly 30% of monthly trade transactions were conducted via the mobile trade finance tool.
- Alliance Bank Malaysia Berhad were also HC: Highly Commended in the Best App for CX; Best Program Innovation; Best Multi-Channel Offering; and the Excellence in Mobile Banking categories at the Retail Banker International (RBI): Asia Trailblazer Awards 2021.