8th December 2020, Kathmandu
The Banker is an international financial affairs publication owned by The Financial Times Ltd. It has awarded NMB Bank with the prestigious “Bank of the Year-2020” award among banks in Nepal. NMB Bank took the title of Bank of the Year in Nepal thanks to its efforts in embracing sustainable banking and its strong merger and acquisition activities.
The Banker magazine writes ” This year COVID19 pandemic has brought the world to a halt making an incredibly tough year. The difficult operating environment makes this year’s winners even more deserving. Not only the banks have successfully managed the pressures of running their operations remotely. But also have taken care of their staff and customers, responding rapidly to their needs and stepping up support in these hard and demanding times.”
This is not the first time NMB bank has won this award, it has won the award for the 3rd time in the last 4 years. According to the bank’s press release, this award is an appreciation to all people working and connected with the bank. It added the efforts during Covid-19 to provide proper and safe services to the public and keep the company running by applying various methods. Also adopting digital ways has all contributed to the Bank’s success.
Why NMB Bank ‘Bank of the Year 2020’?
- The Bank has achieved international membership. As it has driven to promote Sustainable Value-Based Banking in allegiance to its membership of the Global Alliance for Banking. Also, it is a committee member of Partnership for Carbon Accounting Financials (PCAF) joining a league of international banks like Morgan Stanley and ABN Amro amongst others
- In late 2019, the NMB bank signed a memorandum of understanding for the acquisition of Kanchan Development Bank, which has a strong presence in western Nepal. A focus on sustainability due to which the bank has strengthened its domestic presence. NMB also began joint operations with Om Development Bank, which has a strong presence in the country’s economic centers.
- By the digital onboarding which was launched at the beginning of 2020. New customers now have the opportunity to open accounts via social applications. The facility was provided to increase new account openings at the time of the Corona pandemic.
- NMB Bank has promoted renewable energy by launching the Green Fixed Deposit product. Funds ranging from one to five years, savers can have their funds matched to a portfolio of renewable energy projects. A tree is planted on each account holder’s name.
- NMB the Bank is able to assist in FDI at critical times. Thus it makes the bank the most preferred Nepalese Bank for international institutions for extension of credit lines.
Next Step for NMB Bank
The bank has had remarkable growth which can be seen in its balance sheet size and its balanced network expansion that covers urban-semi urban and rural corners of the country
The bank will focus more on enhancing the client’s digital touchpoints and automating internal processes. By the help of digital means, the bank aims to contribute towards a paperless environment and crownless environment in the branches.
NMB is planning to introduce an AI-based credit approval system to enhance the user experience.
The bank will also keep an eye on the full implementation of environmental and social management systems (ESMS) to increase productivity through technology and manage costs through automation.
The magazine also said that it received hundreds of entries this year. These entries made clear that the investment of banks in their digital transformation efforts have truly paid off. It will continue to reap rewards in the coming days. In terms of improving customer experience, lowering the cost to serve, and driving the financial inclusion agenda.