Phnom Penh, May 9th 2020 – Waiting in line, form filling, and the hassle of appearing in person are just a few of the reasons why some people are put off opening their own bank account.
Other deterrents include demands for documentation. And, while banks find it necessary to request ID cards, proof of address or letters from employers, members of the public are often put off by what they may consider excessive bureaucracy.
Nevertheless, as Khmers with bank accounts realise, having a bank account with a leading registered financial institution such as Sathapana Bank gives access to a whole range of financial services including loans, savings, payments, money transfers, payroll payments and more.
Despite the many benefits of formal banking, it is estimated that only around 20% of Cambodia’s population is involved in the formal financial sector.
“The introduction over the last few years of new digital financial services such as mobile banking and ibanking have seen Cambodia make significant progress in bringing more people in to the financial services sector and encouraging the use of the Khmer riel in regular transactions that used to be done in US dollars,” said Mr. Lim Aun, Chief Executive Officer of Sathapana Bank.
So what is keeping people from opening bank accounts?
“Many people are put off by the inconvenience and stress of having to travel to a bank branch, wait in line and fill in multiple forms to open a bank account as well as the amount of documentation, such as ID cards, proof of address or letters from employers, that are often required to open an account,” added Mr. Lim Aun.
“In the current Covid-19 pandemic, some might also be put off by the potential risks of leaving their home and being in a bank branch with other customers - even if the bank is being extremely diligent with social distancing and extra hygiene methods,” added Mr. Lim Aun.
For banks, because many have invested heavily in infrastructure, such as physical bank branches, and older software, which still require extensive paperwork and manual input of new customer data, there is an understandable reluctance to adopt new technology that might make a lot of that existing investment obsolete.
But to be a leader in this field, a bank like Sathapana Bank, which has been a part of the fabric of Cambodian society since 1995, needs to look to the future and ensure that their digital services and mobile banking are ready to meet the requirements of a more demanding, digital savvy population.
This is why Sathapana Bank, as a leading player in Cambodia’s digital banking sector, is working hard to make opening an account easier than ever before through their mobile banking app which is fast becoming the most innovative and comprehensive digital banking platform available in the Kingdom.
About Sathapana Bank
Sathapana Bank is one of the leading commercial banks in Cambodia with total assets of over US$ 1.6 billion and more than 4,000 employees. We have the second largest branch network in the country with more than 170 branches and more than 220 ATMs with cash recycling capability. We provide full banking services such as loans, deposits, iBanking, Mobile Banking, debit & credit cards, domestic and foreign remittances, Western Union, trade finance and other services. We have partnered with mobile payment providers such as WING, Pi Pay, True Money, Ly Hour Veluy and Bakong to give further convenience to our customers.
