Khan Bank
High mobile phone penetration in Mongolia has driven domestic banks to ramp up their digital transformation efforts. Khan Bank was the first in Mongolia to introduce internet banking in 2007. Its mobile application was launched in 2013, and in 2022, users of its digital platform totalled 1.7 million (close to 50% of the population), with the ratio of transactions made through digital channels over conventional reaching 99%.
It is Mongolia’s best bank for digital solutions this year.
The bank was the first lender to introduce digital signatures for public use in Mongolia and introduced online loan applications, which the bank calculates saves 1.3 million pieces of A4 paper a month.
Robotic process automation technology has been introduced to improve efficiency, and the bank has automated 10 processes across five departments.
Further enhancements include technology to enable the visually impaired to bank digitally, so that even those in Mongolia's most rural areas can access banking services. The bank has more than a million registered customers using this channel.