Friday, 2 December 2022

BIBD maintains leading market position in retail loans and deposits

5 min read

By The Asian Banker

BIBD’s total retail banking contributed more than half of its total income. The bank’s NEXGEN Wallet recorded over 150,000 regular users with an average of $126.9 million (BND 171.7 million) transactions per month that represents 90% of its total retail transactions.

  • BIBD’s retail deposits and loans hold more than half of its total market share
  • The use of NEXGEN wallet represents 90% of the bank’s total retail transaction
  • Community for Brunei helped SMEs to digitize their businesses 

Singapore, 26 May 2022 – BIBD was recognised as the best retail bank in Brunei at the Excellence in Retail Financial Services Programme 2022 by The Asian Banker.

Financial Performance: BIBD’s retail deposits and loans hold more than half of its total market share

BIBD continues to solidify its position as the leading provider in retail banking landscape in Brunei by maintaining the largest banking network in the country with 18 branches and more than a hundred of self-service terminals. The bank showed a strong financial performance as its retail banking contribution recorded more than half of its total income. BIBD holds over 56% of all in-country retail deposits and over 65% loans, the highest market share among its peers.

Ranking second, Baiduri Bank’s retail customer base grew to more than 250,000 which is more than half of the country’s total population. The bank’s card penetration to total population stood at 75% as well as card online transaction growth at 40%.

Digital Journey:  The use of NEXGEN wallet represents 90% of the bank’s total retail transactions

BIBD introduced several initiatives to leverage digital transformation journey including the BIBD QuickPay, a quick response (QR) mobile payment platform that allows customers to make payment by scanning the QR code using the its mobile app, the NEXGEN Wallet. The mobile app recorded over 150,000  regular users with an average of $126.9 million (BND 171.7 million) transactions per month that represents 90% of its total retail transactions which is higher than Baiduri Bank’s online banking platform, b.Digital Personal with only 33% increase in new customer acquisition. The volume of transactions grew by 22.6%, thanks to its convenient and seamless transaction process. The bank’s QuickPay transactions saw an increase of 41.8% year-on-year (YoY) with 160,000 transactions.

Corporate Strategy: Community for Brunei helped SMEs to digitise their businesses

BIBD supported the government in wake of the pandemic by providing COVID-19 relief packages for its customers.  The bank also launched a virtual marketplace, Community for Brunei which is designed to help small and medium enterprises (SMEs). It is a free website to support SMEs in digitizing their businesses in line with the Digital Economy goals for Brunei.

Meanwhile, Baiduri bank launched donation drive in response of the impact of pandemic, which comprised of 100 sets of weekly grocery supplies and other basic household necessities. 

 

 

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research 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. Visit the company website at www.theasianbanker.com

You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/

To view the respective evaluation criteria, click here: https://awards.asianbankerforums.com/retailfinancial/criteria-country

 

For further information, you may get in touch with:

Chris Kapfer

Research Director

M: (+63) 94 3283 6015 

ckapfer@theasianbanker.com

 



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