Banking: Doing it the digital way

Digitalisation has ushered in a new era in banking services, especially Internet and mobile banking services. It is a great innovation in the banking sector. It has facilitated online banking and e-commerce. Bangladesh Bank, the central bank of the country, has encouraged banks and financial institutions to provide digital services and thus increase financial inclusion. Not only the central bank but also most of the private banks provide various services like online banking, SMS banking, Internet, phone banking, ATM service, debit and credit cards, Hajj cards, international travellers' cards and many other virtual banking instruments.
Any branch banking services: Many banks provide online connectivity among all the branches to provide better customer services to their clients. They provide services such as cash deposit, cash withdrawal, fund transfer, account statement, balance inquiry and investment recovery by any branch.
SMS banking: Almost all banking companies provide SMS banking services like multiple account registration, international push-pull facility, account balance, mini account statement, account information etc.
Internet banking service: Many private banks are providing their customers internet banking services. Moreover, they also provide a number of banking facilities like account balance, account statement, transaction summary, fund transfer, mobile recharge, wimax recharge, credit/investment account statement, customer-wise liability, mode-wise liability, liability at a glance of a party concerned, cost sheet for negotiation, cost sheet for realisation and cost sheet for retirement.
Mobile banking: Despite making significant improvement in all the areas relating to financial viability, profitability, innovation and competitiveness, there are concerns that banks have not been able to include a vast segment of the population, especially the underprivileged section and rural people into the fold of basic banking services. On the other hand, the rapid growth in the number of mobile phone users and a wider range of coverage of the mobile network operators (MNOs) have made their delivery channel an important tool of trade for extending banking services to the unbanked or banked population.
In order to ensure access of the unbanked people to banking services by taking the advantage of the countrywide mobile network coverage the Bangladesh Bank has given permission to start the mobile banking operations like bkash, Mcash,Ucash, Ok banking.
Phone banking and call centre services: Phone banking and call centres offer modern banking services that ensure clients' access to such services round the clock on any mobile or land phone without going to any branch and clients also can make all sorts of queries, requests or complaints about the services. The features and services of phone banking and call centres are as follows:
--Phone banking services cover fund transfer, account inquiry, balance inquiry, mini statement, mobile recharge, utility bill payment, request for T-PIN and change.
--Call centres provide services like answering clients' queries and taking note of their requests and complaints, ensuring simplified and modern banking transactions. They also provide services on cheque book requisition, Stop Payment Request, seven-days notice input, standing instruction input, restriction to account, queries about different deposit schemes, inquiries about profit rate, different investment-related information, SMS banking/i Banking/Mobile Banking-related information and services, ATM-related queries/request and complaints services, foreign remittance-related information and services, debit card/credit card/remittance card information and services, online banking-related information and services, HRD-related information and many more.
ATM service: About 5000 ATM booths opreting in Bangladesh are providing services like Cash Withdrawal, Fund Transfer, Mini Account Statement, Balance Inquiry etc. Banks having the largest ATM booth networks are DBBL, IBBL and BRAC.
Almost all banks in Bangladsh are providing ATM credit card services. Islamic Shariah-based banks have developed their products under the guidelines of Islamic Sha'riah. They market their products by following the 'Ujrah' concept that is based on a fixed fee structure that means the customers will be charged only the fixed fee. It offers customers the option of paying utility bills and purchase from online shopping malls.
SWIFT services: The Society for Worldwide Inter-Bank Financial Telecommunication (SWIFT) is a bank owned co-operative serving the financial community worldwide. The SWIFT Transport Network (STN) is a dedicated global network for secure communication between SWIFT customers.
SWIFT supports financial data communication and processing needs of financial institutions through a range of financial messaging services and value-added processing as well as access through the STN, interface and application software. In short, SWIFT is a pioneer in automation of the global financial services. The main services provided by SWIFT are: Personalised service, access after scheduled time, parcel handling, safe custody of goods and bonds/shares, availability of lockers in various sizes, including small, medium and large.
The writer is a senor officer of the Islami Bank Bangladesh Limited at its Anderkilla Branch. absiddique83@yahoo.com