Omni Channel Banking Platform
Updated: May 13
NMB BANK LTD
Set up as Nepal Merchant Banking & Finance Limited in 1995, NMB Bank Nepal offers retail and commercial banking services. Headquartered in Kathmandu, the bank has more than 160 banks across the Himalayan nation.
MARKET AND BUSINESS CHALLENGE
In view of the increasing digitalization of the socio-economic aspects of the Nepalese populace and the Government’s ambitious Digital Nepal project with the objective of sustainable development, it had become imperative for banking institutions to keep pace.
Omni-channel access to banking becomes a primary requirement in this scenario. Customers are keen on banking on any accessible device such as laptops, smartphones, tablets, or even retail outlets.
To meet the emerging preferences of customers, NMB Bank Nepal was keen on launching a robust, multi-channel banking service that engages with the mobile and Internet banking capabilities of digital natives and millennials.
The bank was looking ahead to create its perception as a user-friendly, modernized bank that was willing to walk the extra mile for the sake of its customers and Nepalese society.
To bring down development time, the Paynet team took the low code approach for creating an omnichannel hub. Segregating the project into sub-sections, we deployed a hybrid development and delivery approach.
Data synchronization lies at the core of these initiatives, so we made sure all channels and underlying technologies worked in perfect symphony.
From conceptualization to production, the omnichannel capability was delivered just in 16 weeks working with a team of 6 engineers.
The project rolled out a customized omnichannel hub across all digital channels including mobile, tablet, Internet banking, wearables, and conversational banking. All products, users, types,s, and transactions on the hub could be monitored by a central authority that could
BENEFITS FOR BANK AND CUSTOMERS
Embracing of technology by NMB Bank Nepal enabled them to extend some highly modern features to their customers:
360-degree view dashboard
The hub allows bank customers to manage the full range of products such as savings, payments, loans, cards, etc. to have a 360-degree view of their finances from a single interface
Bank executives can hook into advanced analytics to extract valuable insights about customers. It helps them in cultivating deeper relationships with customers and shape better services for them.
Alerts and notifications
Customers can set personalized real-time alerts on unusual behavior patterns.
The system allows them to set multimedia and multilingual omnichannel notification.
Goals and budget tools
Efficient but easy-to-use tools offer financial insight for customers, enhancing their ability to manage finances. They are able to review past spending based on parameters like categories and time durations.
Depending on goals, executives can frame custom rules to award cashback or loyalty points on various conditions like events, partial/full redemptions usage, or frequency of transactions
PayNet was a great success for our bank. It really influenced our sales results for some of our products.
Shivaraj Upadhyaya | Head-Digital Banking | NMB Bank