Mongolia-based Trade and Development Bank (TDB) is the first bank in the market to offer instant card issuance.
With support from Compass Plus, TDB is simplifying card issuance for customers by reducing the number of branch visits required.
By utilising TranzAxis Instant Issuance from Compass Plus, TDB can issue a card on the customer’s first branch visit. This provides a fast and seamless banking experience, essential for TDB to stay ahead in a highly competitive market.
Instant card issuance is currently carried out by TDB branch tellers. In the future, the bank will roll out self-service kiosks enabling customers to receive a card without any assistance. This innovation will improve the customer experience, while drastically reducing the bank’s operating costs.
TDB and Compass Plus: a 20 year partnership
Compass Plus and TDB have been partners for nearly 20 years, implementing several projects efficiently together. In that time, the bank has become a major player in the Mongolian financial sector. TDB operates a network of 65 branches and 201 ATMs and is headquartered in Ulaanbaatar.
Goldman Sachs acquired a 4.8% stake in TDB in 2012.
Total assets for TDB are around MNT7.2trn ($2.69bn). In fiscal 2018 TDB’s deposits rose by 14.7% to MNT3.5trn. At the same time, TDB’s total loans rose by 10.8% to MNT2.8trn.
TDB holds market shares for assets and deposits in Mongolia of 22% and 20% respectively.
“We decided to introduce instant card issuance to not only drive customer loyalty, but decrease the cost of internal processes – something that has always been crucial for the bank,” says Khatanbaatar.L, Head of Unit / Processing Unit at TDB.
“When we set about choosing a partner for the project, we had no doubts that Compass Plus was the right fit. It has proved professional while meeting challenges of any complexity time and time again.”