- June 09, 2020
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Bank Islam Brunei Darussalam (BIBD) awarded Best Retail Bank in Brunei at The International Excellence in Retail Financial Services Awards 2020
- BIBD exhibited a solid retail banking franchise in 2019 and secured its leading position in Brunei with a majority hold of the country’s retail deposits and loan portfolio
- Its accelerated digital transformation helped improve customer experience
- The bank eased the impact of the COVID-19 outbreak for its customers
Singapore, 5 June 2020 — Bank Islam Brunei Darussalam (BIBD) won Best Retail Bank in Brunei at The Asian Banker International Excellence in Retail Financial Awards 2020.
BIBD exhibited a solid retail banking franchise in 2019 and secured its leading position in Brunei with a majority hold of the country’s retail deposits and loan portfolio
The bank maintained its dominant position in Brunei, thanks to its large offline and online distribution network of 17 branches, 103 self-service terminals, and nearly 130,000 social media followers.The bank continues to capture majority of the country’s retail customers and holds the largest market share in deposits and financing. In 2019, the bank strengthened its retail banking proposition by offering products attuned to its customer base, such as Aspirasi certificate deposit and Triple Zero Promotion personal financing solutions.
Its accelerated digital transformation helped improve customer experience
In 2019, BIBD rolled out customer-centric initiatives, such as cashless payments using NFC technology, instant mobile remittances in 18 key markets and a marketplace for the internet app eCredits. Moreover, the bank added 24/7 contact centre and mobile chat support to its mobile app BIBD NEXGEN, enhancing its capabilities to offer borderless and instant convenience. It also entered into partnerships with key stakeholders across various industries in Brunei – including universities, telcos and Shell stations – to expand the reach of its BIBD NEXGEN Wallet and BIBD Quick Pay services to a wider audience. As a result, both customer logins and transaction volume saw growth in the high-teens by year-end.
The bank eased the impact of the COVID-19 outbreak for its customers
BIBD, together with the Ministry of Finance and Economy, Autoriti Monetary Brunei Darussalam and Brunei Association of Bank, introduced a collective economic relief package worth $178 million (BND 250 million) to alleviate the financial situation of qualified customers. The bank also introduced its virtual marketplace Community for Brunei as the country’s first integrated e-commerce platform with zero costs for micro, small and medium enterprises (MSMEs).
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information on the collaterals for winning banks, please contact:
Mr. Mobasher Zein Kazmi