Expansion into New Markets
Traditional banks face growing competition from financial technology firms, banking as a service, and embedded finance from non-banking businesses. However, Yoma Bank is well-positioned to thrive in this new environment. The fastest-developing private bank in Myanmar is on a mission to change the dynamics of traditional banking into a landscape that delivers more for people. An early provider of mobile banking, Yoma Bank has also pioneered many of Myanmar's digital banking initiatives, such as automated lending platforms that seamlessly integrate into its SMART banking application. By deliberately investing in its people and governance as well as technology, the bank has built a solid reputation in the community while forging both local and international connections.
Recently, Yoma Bank embarked on a digital transformation initiative to speed the bank's pace of innovation and create seamless experiences for clients and advisors alike. To support this effort, Yoma Bank relies on the API-first integration provided by WSO2 API Manager.
Head of Architecture Office
Yoma Bank had a clear vision of how a unified view of each customer across the business would lead to seamless experiences for clients, provide insights to drive customer-focused innovations, and improve bank employees' responsiveness and productivity. However, with 20-plus siloed IT systems in place, the organization faced serious roadblocks to turning this vision into a reality.
On one hand, the bank's business users were unable to quickly access crucial customer and market data. On the other hand, development teams lacked access to critical data and had little visibility into each other's work or ongoing projects. This led to repeated and inefficient operations that hindered innovation.
To realize its vision for customer-centric banking that delivered best-in-class experiences, Yoma Bank established four goals:
Yoma Bank recognized that the most effective way to achieve these objectives would be to implement an API-first architecture.
Since using WSO2 Manager to integrate the bank's systems, employees have gained a 360-degree view of each customer. As a result, sales and client support representatives can respond to customer inquiries 50% faster while improving their quality of service. Moreover, direct marketing efforts can now be tailored to meet the individual needs of clients, leading to greater success for employees and higher satisfaction for customers.
The ability to reuse the 100-plus APIs created and managed by WSO2 API Manager has helped Yoma Bank's development team to innovate new and enhanced digital services faster with less effort.
The API-first architecture powered by WSO2 API Manager has allowed for smoother system integrations during mergers and acquisitions, empowering Yoma Bank to more easily expand into new markets.
Response Time to Customer Inquiries
API Reuseby Development Teams
Expansion into New Markets for Yoma Bank
Initiated and assisted this project.
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