The current state of customer experience (CX) in the Kingdom’s banking sector hogged the limelight as ORLIG Sdn Bhd last week at an event at the Hyatt Regency Phnom Penh titled ‘RAISE YOUR GAME’ in collaboration with CTAPPS MSC Sdn Bhd, and eCam Solution Co Ltd.

Attendees of the event were representatives from prominent banking institutions in Cambodia, such as Sathapana Bank, Canadia Bank, and APD Bank.

The dialogue aimed at sparking discussions about balancing customer convenience, regulatory compliance, and a greater need for user security within the Cambodian financial sector.

Panellist speakers included Albert Khoo, Business Consultant for Customer Operations, Chan Fook Yee, Director, EUNOIA CX Sdn Bhd, Bun Sarady, Deputy Chief Retail Banking Officer, Sathapana Bank and Yvonne Ng, Customer Experience Visionary Officer, ORLIG.

A poll session held during the conference provided valuable insights into the industry’s challenges: 13 percent of banking institutions do not have a departmental unit dedicated to customer service issues. More than half (52 percent) of banking institutions have a dedicated customer service department of fewer than 20 staff members. 8 percent do not even have a dedicated unit. 47.8 percent of institutions require multiple follow-ups to resolve customer issues. 4.3 percent have no resolution whatsoever. In terms of challenges to customer experience, the two most prominent are lack of proper procedures (39.1 percent) and lack of technology systems & support (30.4 percent), followed by lack of knowledge (17.4 percent) and expertise and lack of talent resource (13 percent). 56 percent of banks cover all user channels, which include telephone, Telegram/WhatsApp, email, website and social media.

Khoo highlighted that from the data provided by the participants, 39.1 percent of banks lack proper procedures, while 17.4 percent need more knowledge and expertise in managing customer experience.

Sarady echoed similar concerns. “For digital services and mobile banking, it is only being adopted by those in the cities, such as Phnom Penh, Siem Reap and Siam,” he said.

Financial institutions in Phnom Penh recognise the importance but lack CX amid a competitive sector. With over 60 banks servicing a population of just 17 million, the industry is rife with competition.

A report by ‘The Financial Brand’ revealed that 61 percent of consumers would readily abandon brand loyalty after merely a single negative experience. This number is expected to be higher in a competitive banking landscape in Cambodia, leaving institutions with no room for slip-ups.

Yvonne Ng observed that high levels of effort are required from the customers’ end to perform basic transactions.

Despite the alarming conditions, the panellists are optimistic about Cambodia’s banking sector’s prospects.

Chan voiced that Cambodia is at a unique crossroads. With the core technologies needed to deliver excellent customer experience already mature, Cambodia has access to resources and easy technology adoption, including AI chatbots.

“For countries like Malaysia, or even Singapore, access to better technologies has plateaued, and the headroom for customer experience improvement is limited,” said Chan. “Cambodian banks are at the right moment for technological adoption because the core technologies needed to deliver customer experience are already mature.”

“Now, we even have AI chatbots in the picture. Technologies are going to become cheaper and much easier to implement moving forward. Cambodian banks now have access to consultants with many pre-existing case studies who can also assist in the implementation — which are resources that were hard to come by decades ago.”

After discussions with panellists, Khoo highlighted key security trends that Cambodian banks can consider adopting to significantly improve consumer confidence in banking facilities, which in turn enhances customer experience.