Software Group’s DFA will help CHID Bank to enhance customer experience in Myanmar
Construction, Housing, and Infrastructure Development Bank (CHIDB), a development bank in Myanmar, entered into a partnership with Software Group, a global technology company specialized in providing digitalization solutions for the financial services sector, to increase efficiency and enhance its customer experience.
The financial institution will implement Digital Field Application (DFA) as a loan origination solution that will play a key role in reaching the bank's goal to expand its loans client base by up to 600% in the next five years. Through the technology, CHIDB will be able to significantly reduce the turnaround time of high-value construction, housing, and infrastructure loans. Support services to the bank will be provided locally by Software Group’s partner ThitsaWorks, a Myanmar financial technology company based in Yangon.
CHIDB was looking for a trusted partner to help them start their digital journey and equip them with innovative mechanisms to launch new products and initiatives. The DFA solution will enable the bank to offer differentiated financial services while improving operational efficiency. It is built on Software Group’s innovative banking platform, which enables quick go to market with digital solutions and exceptional customer experience.
“The financial services industry in Myanmar is very dynamic and we are happy to be part of the process with supporting CHIDB in achieving their business goals. Operating in more than 70 markets, we are cognizant that each client has unique needs and requires local understanding and support. To ensure that, we are very glad to collaborate with both Be One Technical, as our marketing partner, and ThitsaWorks, in our services to CHIDB,” said Alison Grun, APAC Regional Director at Software Group.
Construction, Housing, and Infrastructure Development Bank (CHIDB) was incorporated as a public company limited upon receiving a company registration dated 8th March 2013 from the Directorate of Investment and Company Administration. Their vision is to realize the potential for financial resources towards the development of construction, urban and housing sector and to enable the citizens to have a chance to own a house by increasing capital through the integration of the government’s responsibility, public deposits and shareholder contributions. As of 2019, the bank has 15 branches and 40, 000 end customers.