Md. Rashaduzzaman |
July 07, 2020 22:24:36
Now a days, banking is far completely different than it was in pre-pandemic occasions. Many banks enable their staff to do business from home with fourth technology ITC assist by way of core banking software program and nicely established IT networking, making certain many of the providers by way of expertise based mostly services. Some Banks additionally take benefit throughout present ‘New Regular’ state of affairs of their well-established centralised banking model. Nonetheless, some banks are dealing with challenges as a consequence of lack of implementation of contemporary applied sciences. So, the way in which folks bank throughout the brand new regular will largely decide the way forward for banking operations. Banks ought to concentrate on some areas to satisfy buyer demand throughout and after new regular to retain their buyer base and likewise improve model value.
CENTRALISED BANKING OPERATION: Below centralised banking working all banking actions together with normal banking operation, account opening, cash administration, fund switch, issuance of verify books, remittance, loan processing/ approval, loan documentation, loan disbursement & adjustment, commerce transaction (import, export and bank assure) are managed by way of a centralised skilled workforce after receiving formal or e-mail request (from pre-registered e-mail ID) from the client immediately or from the purpose of contract endorsed by the devoted Relationship Managers (RM).
Throughout new regular, many of the centralised banks enable their again workplace/ operational groups to do business from home with Digital Privet Community (VPN) assist to entry the working methods and to handle all daily actions. In consequence, they’re making certain all customer support with correct upkeep of social distancing.
Now it is time for all different banks to alter their mode of operation from conventional system to centralised operation system to fulfil buyer’s baking want throughout new regular and after the pandemic.
CENTRALISED BUSINESS RELATIONSHIP TEAM/ RELATIONSHIP BANKING: Below centralised relationship banking system, all the company/ business/ MSME/ Retail (phase smart) prospects of the banks are managed by way of extremely skilled devoted relationship groups and their branches are used as gross sales and repair centre.
Throughout new regular, the devoted Relationship Managers (RM) are nicely related with their prospects and take a look at to make sure all enterprise assist with the assistance of contemporary expertise and nicely useful again workplace groups. Irrespective of whether or not they’re working from residence or from workplace, the devoted RMs are all the time able to assist their portfolio prospects.
After new regular, non-centralised banks are more likely to face risk in retaining their prospects and may have to re-structure/ re-design their banking model.
TECHNOLOGY BASED BANKING PRODUCTS/ SERVICES: For these Banks who should not ready, their new enterprise alternatives shall be misplaced, buyer satisfaction will undergo and staff shall be inefficient.
Within the new regular interval, we’re experiencing an setting the place prospects change their transaction patterns. Individuals are extra snug with digital banking providers and different supply channels (ADC) to satisfy their banking wants like ATM, Cellular Banking, Telephone Banking and Web Banking. Bangladesh Bank can be supportive for selling digital banking platforms by introducing Digital Fund Switch Community (EFTN), Actual Time Gross Settlement (RTGS), Nationwide Fee Change Bangladesh (NPSB) for ATM sales space sharing / Level of Gross sales (POS) sharing. BB additionally permits some worldwide cost gateway operators to assist different supply channels within the banking sector of our nation like VISA, Grasp, JCB and so forth. Some Banks already built-in all these digital platforms into their different supply channels like ATM, Web Banking and Cellular Banking platforms. Banks like Prime Bank (Altitude), The Metropolis Bank (Metropolis Contact), EBL, BRAC Bank, MTBL and so forth., have very nicely diversified and efficient web banking service. Then again, some banks like BRAC Bank (Bkash), DBBL (Rocket), UCB (U-cash), Belief Bank (T-Money) and so forth., have nicely diversified cell banking providers everywhere in the nation. Aside from these, some banks are additionally providing deposit account providers by utilizing digital platforms, and others are reworking all inner approval/ operational course of into digital platform by growing inner communication platform, e-mail platform and core banking system. Telephone banking can be changing into well-liked and efficient to make sure clean banking service with minimal effort. Many banks have already established their name centres.
BANKING SERVICE PARTNERS : ‘Agent baking’ may be among the finest approach to supply baking providers to many individuals sustaining social distancing in the course of the present pandemic. Some banks like Bank Asia, UCBL and MTB are doing very nicely on this sector and taking benefits for small deposit mobilisation.
Banks may additionally take into consideration “Micro Agent” idea like cell banking brokers. Below this idea, ‘Micro Brokers” may be allowed for a restricted cash transaction from the ‘Agent Account’ on behalf of the bank to their account holders by utilizing digital platform (web banking) in opposition to minimal cost/ fee. Bangladesh Bank may situation licence favoring specialised cash administration firms to determine nationwide huge ATM networks (as much as union degree) to assist banking transaction for his or her accomplice banks by utilizing ‘Nationwide Fee Change Bangladesh (NPSB)’ in opposition to sure charges/ commissions.
PROMOTING SELF- BANKING: It is time to encourage self-banking amongst bank prospects by making certain availability of all digital platforms of the banks. Now a days, a buyer can handle all of the daily banking wants by way of self-service by utilizing completely different digital platform like ATM, Debit/ Credit score Playing cards, Web Banking, Telephone Banking and Cellular Banking providers. In publish ‘New Regular’ state of affairs, banks with extra self-service prospects will take aggressive advances than others within the business.
IT SECURITY FOR DIGITAL BANKING: Banks ought to make investments extra to make sure IT safety to guard their digital platforms from any kind of fraudulent exercise to guard their buyer’s curiosity in addition to fame of the banks.
BALANCING BETWEEN DIGITAL BANKING SERVICE AND COMPLIANCE : It’s totally difficult for banks to make sure all digital banking providers whereas sustaining correct compliance. Banks ought to develop automated scanning system for identification of any suspicious transaction to forestall any kind of cash laundering and terrorism financing actions by utilizing digital platform or self-banking providers.
Now it is time to take initiatives to satisfy future banking wants:
* Supply extra digital merchandise to the person prospects and educate them for Self-banking
* Supply digital banking service to the company/ MSME/ Retail prospects to satisfy their daily transaction and MIS requirement
* Develop absolutely automated platform to course of all inner and exterior course of flows of the bank.
* Pursue all of the service suppliers together with govt./ semi-govt./ autonomous/ non-public organisations to make use of digital banking channels for environment friendly cash administration.
Md. Rashaduzzaman is Staff Head, Business Banking Division Prime Bank Restricted & DBA Researcher, School of Enterprise Administration, College of Dhaka.