Channel innovation by Epic helps Malaysia’s biggest bank to grow even bigger

Friday, 14 September 2012 00:59 - - {{hitsCtrl.values.hits}}

The biggest savings bank in Malaysia, Bank Simpanan Nasional (BSN), says through higher loan revenues and increased community banking activities, they expect a 25% growth in profitability during 2012.

This State-owned bank, which is targeting a net income of RM 1.3 billion, commenced expansion of its infrastructure with innovative delivery channels by introducing branchless banker solution developed by Epic Malaysia Sdn Bhd, a MSC status software firm fully owned by Epic Technologies Group in Sri Lanka.

As reported in the Kuala Lumpur-based newspaper ‘The Star’ on 11 September, Banking Beyond Branches or 3B, which is still under implementation, has generated 1.3 million transactions within a very short period of time through 2,000 agents. According to Winston E. Jeyaprakash, Deputy CEO (Retail Banking), BSN expects a higher contribution from online banking services. BSN has plans to appoint 4,000 agents scattered all over the country to offer cost effective and convenient online real time banking to Malaysians.

“Opening a branch would cost a lot more – buying or renting the building or office, renovations, operating expenditure and so on,” explained Azadin Ngah Tasir, Senior Vice President and Head of Community Business as quoted in Kembara Plus. By giving out POS terminals to the appointed agents who must have an established business as a mandatory criterion in appointing, BSN has widened its reach to the people at a minimal cost, he said.

A spokesperson from Epic said that they were very proud of their innovative solutions that are recognised in the region in terms of appreciations and accolades as well as through major national implementations. Epic Malaysia is a fully0owned subsidiary of Epic Technologies Group of Sri Lanka, which has an impeccable track record of serving local banks over the past 14 years.