Myanmar's Ayeyarwady Bank (AYA Bank) will be replacing its core banking system and digitalising its operations with Misys FusionBanking suite.
The move aims to improve the bank's customer engagement and accelerate customer acquisition through functions such as digital on-boarding.
AYA Bank will thus leverage Misys' platform to provide online and mobile banking solutions that will allow customers to easily and securely access services and information at their convenience.
The bank will also use the platform to consolidate and streamline its workflow, as well as digitalise manual and non-digital processes to better service its customers across retail and corporate banking.
This will help the bank improve process efficiency, minimise operational risk, and provide accurate and reliable reporting. The platform will also support AYA Bank's decision-making, and improve the bank's speed-to-market in launching new products and services in branches across the country.
"In addition to providing existing customers with a seamless, best-in-class experience, this transformation will drive rapid business and economic growth in Myanmar by increasing banking penetration and the availability of reliable, secure banking services to the nation's large underbanked population," said U Zaw Zaw, Chairman, AYA Bank.
"With Misys, this transformation will mean we can deliver excellence and pursue growth in our rapidly changing country while continuing to lead from the front. These financial services not only support the Myanmar government's national goals of inclusive economic growth, but also connect Myanmar to global commerce," he added.
"With fierce competition brewing in Myanmar's financial services sector, we are confident that we can help AYA Bank leapfrog developed market banking challenges to modernise faster and more efficiently. This will help to have a significant impact in including more people into Myanmar's financial system and making a cashless society a reality for all," said Nadeem Syed, CEO, Misys.
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