Sinch report reveals consumers want better ways to get real-time financial services and connect with their bank

Bank to the Future–PR-thumbnail

Bank to the Future

One in three under 40 switch banks to get a better mobile experience as customers want more personalized two-way interaction

STOCKHOLM, Sweden, and ATLANTA — July 13, 2022 — Consumers want far more personalized mobile banking experiences that make it easy for them to get real time 1:1 support anywhere, says a survey of almost 3,000 consumers, commissioned by Sinch (Sinch AB (publ) – XSTO: SINCH). With 93% calling out for personalized financial assessments from their bank, but fewer than 30% receiving them, the survey across 15 countries shows customers would benefit from a greater level of interactive personalized communication with their banks and financial partners.

Customers want two-way, real-time interactions that can solve banking problems as they happen, no matter where they are. Fifty-three percent are frustrated when they cannot reply to a mobile message and one in three under 40 who have even switched banks to get a better mobile experience. This desire for personalized banking and being able to communicate easily is more pronounced in younger customers, as over 80% of Gen Z surveyed want to solve even more complex tasks using digital channels including completing a loan application or sharing personal information to get tailored financial product recommendations.

Getting answers instantly

In addition, 98% say they want their questions answered quickly, but just 58% experience this. While most banks offer support via email or in-app communication channels, they have yet to capitalize on the opportunity to connect 1:1 with customers and build stronger relationships through text messaging.

It’s about securing trust

The research shows a positive technology experience is highly correlated with securing consumer trust. Banks that do not deliver on good experiences are significantly less likely to have customers that say they trust their banks. Trust is also gained by knowing when human interaction with a customer is needed. Even with widespread usage of automated chat options, in moments of frustration customers still want to hear a human voice; 95% of those surveyed want an option to switch seamlessly from automated messaging to a human conversation from inside the messaging stream.

“Our survey shows that omnichannel engagement is fast becoming the answer for banks to improve customer experience,” said Jonathan Bean, CMO of Sinch. “It is all about interactive, personalized communications that are relevant to customers’ financial goals, and how easy it is to get a response from a person when needed. Though many are still building their trust in digital banking, technology can also help customers feel more secure too. Banks that partner with a reliable CPaaS vendor gain a unique advantage for securing both customer engagement and trust through a wide range of real time communications and verification solutions, like multi-factor authentication and two step verification, using channels customers prefer and are familiar with.”

The online study of 2,980 consumers across 15 countries was conducted by Ravn Research. To read the full report, visit Sinch Financial Services Report.

About Sinch

Sinch’s leading cloud communications platform lets businesses reach everyone on the planet, in seconds or less, through mobile messaging, email, voice and video. More than 150,000 businesses, including many of the world’s largest companies and mobile operators, use Sinch’s advanced technology platform to engage with their customers. Sinch has been profitable and fast-growing since its foundation in 2008. It is headquartered in Stockholm, Sweden, and has local presence in more than 60 countries. Shares are traded at NASDAQ Stockholm: XSTO:SINCH. Visit us at sinch.com

For further information, please contact:

Marcel Kay

Global PR Director

Email: marcel.kay@sinch.com

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PM Hun Sen Extends Congratulations to Cambodian Gold Medalist at World Games 2022 in USA

Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen congratulated Ms. Ouk Sreymom on her victory in the Women’s Petanque Precision Shooting event at the World Games 2022 being held in the United State of America.
The Premier extended the congratulations to the Cambodian gold medalist via a message on social media this morning.
Ms. Ouk Sreymom won the gold medal after beating her American counterpart, Ms. Rebeka Howe 41:21 in the final contest early this morning (Cambodian time).
Cambodia has dispatched two Petanque athletes including Ms. Ouk Sreymon and Ms. Un Sreya to compete in the games, an international multi-sport event held every four years.
This is the first time for Cambodia to join the World Games.
Taking place on July 8 to 15 in Birmingham of Alabama State, the World Games 2022 attracts the participation of some 3,600 athletes from over 100 countries.

Source: Agency Kampuchea Press

Cambodia Updates the UN at Geneva on Its Progress and Accomplishments in Human Rights

The Permanent Mission of the Kingdom of Cambodia to the United Nations at Geneva has delivered a total of 22 statements, during the 50th Session of Human Rights Council (HRC) from June 13 to July 8, 2022.
According to a press release of Permanent Mission AKP received yesterday, Cambodia’s statement featured normative and practical progress and accomplishments of the Kingdom in diverse categories of human rights and including three joint statements of ASEAN. The country’s efforts as the Chair of ASEAN to address the situation in Myanmar were also briefed. Below are highlights of the above-said remarks.
• Cambodia’s “blossom strategy” to irrigate Covid-19 vaccines in a free and non-discriminatory fashion, including for inmates and foreign residents, resulted in inoculation of more than 94% of the total population. Rounds of social protection interventions were also offered to the disadvantaged, the vulnerable, and business enterprises affected by the pandemic. A draft law on social protection is being prepared.
• The UN system hailed the Kingdom for remarkable progress in enlarging social protection coverage. Since the launch of the “National Social Protection Policy Framework” in 2016, social assistance and social security schemes have significantly expanded to ensure that not only the most vulnerable, but more Cambodians who are at risk of falling into poverty, are better protected.
• Cambodia’s digital education is being developed in both formal and non-formal settings. To support it, high-speed internet will reach out to thousands of public schools by 2023. Cambodia ranked top in Southeast Asia and 3rd in Asia in terms of the lowest mobile data cost. Cambodia is expected to have sufficient internet access in remote villages, communes and districts by 2027.
• Nearly 80% of our entire population are active social media users, airing their views freely on public affairs. Their voices, including critical opinions, are further amplified by nearly 2,000 traditional and digital media outlets operating without censorship and restriction, as guaranteed by the Law on Press Regime.
• Cambodia accepted some UPR recommendations related to LGBTI rights. To further wipe out bullying and discrimination in society and workplace, the comprehensive curriculum on sex education, incorporating gender equality and LGBTI issues, has been introduced in school, along with other public awareness campaigns through media, and formal and informal education.
• Cambodia is committed to integrating mental health service into the different levels of care across the health system with the focus on the strengthening of primary health care in line with the WHO recommendations and “Mental Health Global Action Plan”.
• The UN Resident Coordinator praised the Kingdom for well integrating gender perspective into all national policies. The number of female civil servants has risen to nearly 50%, with 26% of them are serving in a decision-making role, while the number of female business owners has reached 61% nationwide. On peace and security, Cambodia ranked 13th among the 122 nations and 2nd in ASEAN for deploying women peacekeepers under the UN peacekeeping operations.
• Cambodia is one of the outstanding states in ratifying the ILO’s fundamental conventions including those on minimum age and prohibition of the worst form of child labor. In 2021, more than 100 campaigns on child labor were carried out at various types of workplaces with participation of nearly 3,000 workers, employers and parents.
• Cambodia supports the call to scale up actions for climate change mitigation and regional adaptation while reaffirming our commitment to the Climate Change Paris Agreement, in line with the principle of “common but differentiated responsibilities and respective capabilities”. National Bank of Cambodia adopted policies with the code of conduct for granting lower-risk loans to activities mitigating climate change.
• The exercise of the freedom of expression, association and peaceful assembly carries with it special duties, responsibilities and limitations provided by laws, as stipulated in articles 19 (3), 21 and 22 (2) of the International Covenant on Civil and Political Rights. It is the duty of everyone, including the purported human rights defenders, to exercise their rights responsibly within the bounds of the law.
• Cambodia joins the renewed call by many delegations for the OHCHR to work in a fair and depoliticized manner, guided by the principles of universality, impartiality, objectivity and non-selectivity, and to engage in constructive dialogues based on verified sources of information and genuine cooperation.
During the said 4-week interactions, Cambodia co-sponsored 10 joint statements on the topics of promoting multilateralism, family and work balance, technical assistance, climate change, nexus of technology to good governance, women’s rights, etc., added the press release.
In its 50th Session, the HRC hosted a total of 23 interactive dialogues with special rapporteurs and 8 panel discussions as well as adopted 23 resolutions on thematic and country-specific issues.

Source: Agency Kampuchea Press

Cambodia, U.S. Celebrate Repatriation of 27 Cambodian Looted Artifacts

The Kingdom of Cambodia and the United States of America celebrated the repatriation of 27 looted artifacts to Cambodia at the National Museum on July 13.
The event was presided over by Cambodian Minister of Culture and Fine Arts H.E. Dr. Phoeurng Sackona, visiting U.S. Assistant Secretary of State for East Asian and Pacific Affairs H.E. Daniel J. Kritenbrink, and U.S. Ambassador to Cambodia H.E. W. Patrick Murphy.
According to a press release from the U.S. Embassy in Phnom Penh AKP received this afternoon, U.S. Assistant Secretary Kritenbrink highlighted a memorandum of understanding between the Royal Government of Cambodia and the United States, which has solidified U.S.-Cambodia cultural cooperation, facilitated the return of over 100 priceless antiquities, and built the capacity of Cambodians working on cultural heritage preservation.
H.E. Daniel J. Kritenbrink also praised the joint efforts of the U.S. Department of Justice and law enforcement, Manhattan District Attorney, Homeland Security Investigations, Ministry of Culture and Fine Arts, and U.S. Embassy that led to the return of 27 pieces.
“Today’s ceremony is a testament to the strong relationship between the United States and the Ministry of Culture and Fine Arts,” H.E. Daniel J. Kritenbrink said. “U.S. government initiatives, such as the Ambassadors Fund for Cultural Preservation, demonstrate our longstanding support for the restoration of historic sites of cultural significance for Cambodia.”
At the ceremony, H.E. Ambassador Murphy announced a new U.S. government grant through the Ambassadors Fund for Cultural Preservation of US$360,800 to support the restoration of Preah Vihear Temple. This is in addition to over US$406,000 already provided by the U.S. government for the preservation of the historic temple in northern Cambodia.
“The United States is proud of its contribution to Cambodia’s cultural heritage preservation efforts and to our joint efforts to repatriate invaluable artifacts from the U.S. back to Cambodia,” he said.
Minister of Culture and Fine Arts H.E. Dr. Phoeurng Sackona concluded the ceremony stating “we sincerely appreciate the contributions of the U.S. Government, both in time and resources, in fighting the illicit trafficking of cultural properties. We look forward to further our cooperation in our investigations and efforts, training and exchange of information and expertise as we recover our national treasures.”
The United States has provided over US$5 million to the Royal Government of Cambodia since 2001 for cultural preservation efforts, including over US$3.5 million to conserve the Phnom Bakheng Temple in Siem Reap and to support to the Toul Sleng Museum.

Source: Agency Kampuchea Press

Cambodia Launches National Consumer Protection Programme and Implementing Regulations

Cambodia launched the National Consumer Protection Programme (NCPP) and Implementing Regulations under the Law on Consumer Protection, at a dissemination workshop here yesterday.
H.E. Pan Sorasak, Minister of Commerce, presided over the launching ceremony, co-organised by the General Department of Consumer Protection, Competition and Fraud Repression of the Ministry of Commerce, GIZ and Sethalay Law Office.
H.E. Pan Sorasak mentioned that NCPP was a core legal document serving as a strategic document for all stakeholders to build policies, action plans, and implementation mechanisms with adherence to the protection of rights and benefits of consumers.
The document also reflects Cambodia’s commitment to fulfill international recommendations and good practices, he added, pointing out that the dissemination workshop also covered guiding principles on Consumer Protection Association.
H.E. Minister linked the significance of NCPP to harmonisation of consumer protection framework to be consistent to promote market integrity, transparency, and high responsibility, to strengthen consumer authority, to boost inclusive economic development and to increase business confidence, which improves economic efficiency.
“The deployment of legal document and promotion of law enforcement on consumer protection have reflected that the Royal Government has strong commitment to protect consumers,” stressed the minister.
Enacted on Nov. 2, 2019, the Consumer Protection Law, composed of 11 chapters and 51 articles, establishes rules to guarantee the rights of consumers and to ensure that businesses conduct commercial competition in Cambodia fairly. It applies to any person who conducts any trading activities with consumers in Cambodia, regardless of whether the trading activities are for profit.

Source: Agency Kampuchea Press