Bhutan to Bengaluru… in search of excellence
In a land known as the ‘Happy Kingdom,’ a leading bank has made its customers happier. Bank of Bhutan offers an advanced suite of digital banking applications, loaded with safety, convenience, and comfort, to its customer base of over 350,000.
This case study is a recount of Modefin’s journey, from an online rendezvous to RFP and a memorable partnership with the Bank of Bhutan.
As it happens often in an online world, the selection of Modefin as a strategic partner for digital transformation was triggered by a keyword search. Once the algorithm announced the name ‘Modefin,’ the company’s credentials took over, and its reputation as a solution provider for over 65 banks preceded the request for proposal.
About Bank of Bhutan
Bank of Bhutan (BoB), established by a Royal Charter in 1968, is the oldest bank in the country. It also has the distinction of being the largest commercial bank in Bhutan with a network of 53 branches.
Solutions installed by Modefin in the last 5 years
Mobile Banking – mBoB
Mobile Wallet (Chharo)
Keyboard Banking (BoBSmart Key)
Benefits to the Bank and its customers
Increase in online payments
Lower admin costs
Creation of a unified platform that propels digital transformation and a cashless economy.
Reduction in branch footfalls
Reaching out to the unserved, underserved and unbanked through Agency Banking
Audit, Application Development, and Installation
At Modefin, we believe in customisation and never take the easy route of ‘one size fits all.’ For Bank of Bhutan, our tech team audited the existing platform and designed a suite that was robust, user-friendly, and scalable across products and services.
mBoB – a Himalayan success story
Working closely with Mr. Dorji Kadin, Chief Executive Officer, Bank of Bhutan, we helped launch the Kingdom’s first-ever mobile-based banking application, mBoB.
mBoB launched in May 2015, received mixed responses in the beginning, as customers used to legacy banking were unsure about using an online platform. Within a short period, the application’s in-built security protocols became apparent, and more and more customers migrated to online banking using their mobile.
Currently, in the Bank’s account base of 350,000, more than 200,000 customers operate almost 250,000 accounts through mBoB. On average, the Bank registers 200 new migrations daily through the App.
The mBoB app enables Interbank payments, intrabank payments, and payment to third-party service providers. The most popular service in mBoB app is the Scan & Pay service which was launched in September 2017. With QR codes being powered with interoperable functions, BoB customers welcome QR payments as the most convenient method of payments, with more than 60,000 transactions daily on an average.
Agency Banking – Yet another pioneering product from Modefin
Modefin’s track record of success in Agency Banking in Africa and current foray into Asia-Pacific is well known. With Bank of Bhutan, Modefin once again demonstrated the power of the application, specifically designed for reaching out to potential and existing customers not located close to a bank’s branch or ATM.
Whether the customer was in the capital city, Thimpu, or on a remote mountain range, BoB’s Agency Banking service named ‘BoBConnect’ helped to bring banking within the reach of customers across the sparsely-populated Kingdom. BoB has a network of more than 500 registered agents across Bhutan. Using their mobile as an access point, the agents offer the same services as a branch, including cash in, cash out, recharges, tax and insurance payments to third-party bill payments.
Saluting the Man behind the Mission
Case studies normally do not end with a vote of thanks. As a special case, we wish to acknowledge the stellar role played by Mr. Dorji Kadin, Chief Executive Officer, for guiding our team at every stage.
Mr. Kadin has been the prime mover behind the development of our banking apps for BoB. During his earlier tenure as Chief Strategy Officer, Mr. Kadin also propelled Modefin’s design and introduction of mBoB, which is now the most popular banking App in Bhutan.
Overall, Modefin’s fintech suite will help Bank of Bhutan achieve and sustain its mission of “Providing Efficient, Transparent, Comprehensive and Secure Financial Services through Continuous Innovation, Contributing to the Nation’s Economic Growth.”
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The meaning and depth of any business are valued considering the customers it has garnered. We at Modefin are grateful to our customers and clients whose patronage has helped us build on our efforts to succeed and give our best. These are the very persons, institutions and industries who vouch for our efforts and acclaim the reliability of our solutions. Our customer experience goals gain value when we receive affirmation of our efforts.