Shwe Rural and Urban Development Bank bagged the Service Innovation of the Year – Myanmar category win at the recently held Asian Banking and Finance Awards for the recent launch of its Premier Banking service in October 2022.
Since the launch of the service, the number of premier customers has grown to 155 customers – constituting approximately one-third of the Bank’s total deposits and is now a valuable stable source of funds for the Bank.
Its customers has also recognized the benefits of the Premier Banking offerings, allowing for the growth of the Bank’s customer base mainly by word-of-mouth.
Shwe Rural and Urban Development Bank was also able to largely meet its objectives for launching the said service: customer retention and building a platform for eventual wealth management offering.
The premier banking service is only being done in Yangon, but the organization is also looking into expanding to other main cities amidst its success.