When full the Temburong Bridge in Brunei shall be 30km lengthy
Author: Ti Eng Hui, CEO, Baiduri Bank
July 22, 2021
Established in 1994, Baiduri Bank is a full-service financial institution serving people, enterprise, company and institutional shoppers in Brunei – whereas its wholly owned subsidiaries Baiduri Finance and Baiduri Capital specialize in shopper financing and funding options respectively. With a Standard & Poor’s ranking of BBB+/A-2 with steady outlook, Baiduri Bank is recognised because the main typical financial institution in Brunei and one of many strongest within the area.
2020 was an unprecedented yr, with the COVID-19 pandemic bringing forth an enormous human, social and financial disaster on a worldwide scale. Owing to the efficient whole-of-nation strategy in combating the pandemic, Brunei recorded optimistic GDP development of 1.2 % despite the challenges. According to the Autoriti Monetari Brunei Darussalam (AMBD), a statutory physique appearing because the central financial institution of Brunei, the banking sector is liquid and properly capitalised. Industry profitability fell by 4.eight % primarily on account of the worldwide low rate of interest setting, which has adversely impacted curiosity/profit revenue on offshore placements with banks and monetary establishments.
Against this backdrop, Baiduri Bank demonstrated excessive resilience and a strong efficiency. Despite the tough working setting, its market share in belongings grew by 21.98 % whereas internet profit grew by 1.09 % to BND56.2m ($42.1m). With sturdy credit score threat administration, mortgage impairment noticed a big discount of 51.19 % even after factoring in further allowances in anticipation of upper defaults attributable to the pandemic. Return on Equity (ROE) was barely decrease, in step with the financial institution’s course to take care of larger tier one capital, which has elevated by 7.98 %. Subsidiaries Baiduri Finance and Baiduri Capital additionally demonstrated robust enterprise momentum throughout the identical interval.
Speaking to World Finance, Ti Eng Hui, Chief Executive Officer of Baiduri Bank mentioned, “Overall the financial institution demonstrated a strong efficiency in 2020 amid the uncertainties of COVID-19. The proven fact that we have been the one main financial institution in Brunei that recorded a rise in profit in 2020 attests to the power of our enterprise mannequin and the standard of our execution.” In the final 12 months, Baiduri Bank achieved a number of key milestones in its efforts to adapt to the altering monetary panorama and place for development. “We have enhanced our digital choices, relocated to our new headquarters, launched our refreshed model, cast new strategic partnerships, invested closely in individuals improvement and reinvigorated our company social duty (CSR) programme,” Ti commented.
Enhanced digital choices
In March 2020, the financial institution launched Baiduri b.Digital Personal, a digital banking platform obtainable for desktop in addition to a cellular app model. Recognised because the ‘Best Mobile Banking App for Brunei in 2020’ by World Finance, Baiduri b.Digital Personal affords enhanced UI/UX, new and improved options together with biometric login, single-view account dashboard, in-app calculators and extra. The app affords full functionalities to cater for the most typical retail banking transactions. Adopting mobile-first design logic, it’s a pre-requisite to obtain the app to be able to transact utilizing the desktop model, because the app serves as a digital token for authentication.
“Since the launch, we noticed a 40 % year-on-year enhance in common month-to-month transaction quantity and a 43 % enhance in lively consumer base between March and November 2020. Undoubtedly, the pandemic has accelerated digital adoption and the launch of our refreshed choices was not solely well timed, but in addition met an enormous want for ‘contact-free’ options to entry banking companies,” Ti elaborated.
Relocation to new headquarters
In June 2020, the financial institution relocated to its new headquarters at Jalan Gadong, the hub of economic and retail actions in Brunei. The new headquarters options an eight-storey constructing with an adjourning multi-storey automotive park. Inspired by hospitality design to offer best-in-class service, the financial institution’s new headquarters are designed utilizing fashionable supplies with distinguishing touches of up to date structure and incorporate inexperienced options which are dependent on the necessities of the BCA Green Mark Scheme, a world benchmark for most effective practices in environmental design and efficiency.
The new headquarters are geared up to offer an enhanced client expertise with the introduction of a number of new options, one in every of which is the position of a entrance desk reception to greet and help all walk-in clients, distributors and friends. A digital queuing system was additionally launched, the place clients can be a part of a digital queue by scanning a QR code and observe their queuing standing instantly from their cellular system. Other options embody a spacious status centre for high-net-worth clients, a devoted digital hub to showcase the financial institution’s suite of digital choices, in addition to an onsite café for monetary session in a extra relaxed setting.
In September 2020, Baiduri Bank launched its refreshed model following an intensive year-long strategy of planning, analysis and evaluation in partnership with a world workforce of brand name consultants. At the center of the brand new model promise, ‘co-creating your future’, is a renewed give attention to being customer-centric and financially inclusive.
A full model refresh marketing campaign was launched, which noticed the introduction of a refreshed brand, collaterals, frontline uniform and a brand new appear and feel throughout varied client touchpoints. A model new, cellular optimised web site was additionally launched, together with a synthetic intelligence (AI) chatbot, Emmi.
“With our new model promise, we’ll proceed to discover extra platforms and initiatives to fulfil our mission to counterpoint, empower and have interaction the communities we serve, adopting a collaborative strategy by working carefully with varied stakeholders,” Ti emphasised.
Forging strategic enterprise partnerships
In October 2020, the financial institution partnered with Brunei’s flagship provider, Royal Brunei Airlines, to launch the primary co-branded Visa journey playing cards within the nation, geared up with the newest contactless cost applied sciences. Although journey has come to a brief halt in lots of elements of the world together with Brunei as a result of pandemic, each manufacturers determined to proceed with the launch, repositioning the proposition to give attention to how cardholders may begin incomes and accumulating Royal Skies miles from on a regular basis spending, to be able to redeem free flights or holidays as soon as journey restrictions are lifted.
Investing in individuals
Since 2019, the financial institution has been engaged on a serious initiative to digitalise its human useful resource administration and repair supply with the implementation of SAP SuccessFactors, one of many largest cloud-based human capital administration programs. Aspiring in the direction of turning into a studying organisation, the financial institution additionally partnered with worldwide studying suppliers reminiscent of Moody Analytics and Intuition Knowledge Service (IKS) to counterpoint its studying curricula for workers.
In February 2021, Baiduri Bank launched the graduate apprentice programme (GAP). GAP is a six-month holistic improvement programme geared toward offering latest graduates with the required data, expertise and expertise that can enhance their employability within the native job market. Eleven profitable apprentices joined the financial institution in the direction of the tip of March 2021, embarking on a sequence of actions designed to introduce them to the banking world and assist them acquire complete data of varied monetary services and products. At the tip of the six-month programme, apprentices could apply for any appropriate vacancies inside Baiduri Bank or its subsidiaries, or pursue their careers with different organisations within the business.
Ti defined, “GAP is a testomony to Baiduri Bank’s dedication to help latest graduates by serving to them develop employability expertise and a studying mindset. This can be in help of objective one for Wawasan Brunei 2035, reflecting the nationwide aspiration to be broadly recognised for an informed, extremely expert and achieved workforce.”
Empowering the neighborhood
Aligning to the financial institution’s refreshed model, three predominant pillars have been recognized for its company social duty programme: help for social neighborhood (social), creating the economic system (financial) and selling environmental sustainability (environmental).
In latest months, Baiduri Bank has efficiently applied quite a lot of necessary initiatives within the CSR area. In April 2021, the financial institution launched its worker volunteer programme named ‘Baiduri cares,’ a platform that allows its staff to present again to the neighborhood by being instantly concerned in varied volunteering actions specializing in the financial institution’s CSR pillars.
“Aligning with our new model promise, we’ve recognized new model values for our staff which embody trustworthiness, being inclusive, empathic and enterprising. Through ‘Baiduri cares,’ we hope to place these values into apply as we search to make a optimistic influence in our neighborhood,” Ti additional defined.
In the identical month, Baiduri Bank additionally partnered with the Ministry of Home Affairs to launch a meals truck entrepreneurship initiative, ‘city bites by Baiduri.’ It additionally inked an settlement with the Ministry of Culture, Youth and Sports for the event of the nation’s first native cellular volunteer app named ‘Mengalinga’ (translated as ‘caring’). Both initiatives are a robust testomony to Baiduri Bank’s dedication to help the wants of the neighborhood in collaboration with its stakeholders.
Doing properly by doing good
With the rising emphasis on triple backside line and sustainability, corporations around the globe are embracing company duty of their enterprise operations, setting forth and staying true to their purpose – specifically, purpose beyond profit. “At Baiduri Bank, we imagine that safeguarding the pursuits of staff, communities and the general public at giant isn’t essentially at odds with the crucial of profit. On the opposite, the adage of ‘doing properly by doing good’ holds loads of fact at this time. The COVID-19 pandemic has illuminated vulnerabilities inside the present socio-economic programs and underlined the significance of the sustainability agenda. Corporate social duty is, and can proceed to be, the inspiration of sustainable development.”
“As we search to ship larger worth to our clients and shareholders, we can even embed sustainability and accountable banking in our enterprise technique. By delivering on our purpose, and serving to people and companies obtain success, we develop as a enterprise and we will help meet the wants of the neighborhood too,” Ti concluded.