Customer-centric designs can raise profits

Financial institutions (FIs), including banks, should have customer-centric designs and improved services to ensure hassle-free transactions and save valuable time as a means of raising their profits, bankers and IT experts have said.
Speaking at a programme styled "Design Thinking for Digital Enterprises", they also stressed the need for properly addressing cyber security which they termed the biggest problem in the financial sector.
Intellect Design Arena Ltd, a fintech company that serves globally including Bangladesh's largest public bank -- Sonali Bank -- organised the event Thursday, followed by two-panel discussions.
Mr. Debdulal Roy, executive director of Bangladesh Bank, presented a keynote paper while Md Afzal Karim, CEO and Managing Director of Sonali Bank, Ms Rubaba Dowla, country managing director of Oracle Bangladesh, Tanvir A Mishuk, founder and Managing Director of Nagad, Kaykobad, independent director of Sonali Bank, Basab Bagchi, CEO, Thakral Information Systems Ltd., and SM Jahangir Akhter, CEO of Sonali Intellect Ltd, took part in the discussion, among others.
In his keynote presentation, Mr. Debdulal Roy said digital transformation presents an array of opportunities for the banks in Bangladesh.
"By harnessing the power of digital technologies, banks can raise their operational efficiency and tap underserved market segments," he said.
Appreciating the services Intellect provided over the past decade, Sonali Bank CEO Afzal Karim said the bank has been using mobile apps and people have been sending remittance into the country through such digital platforms.
He said the Sonali Bank's profit increased three times due to adopting customer-friendly solutions and other measures. "The customers do not need to come physically into the banks, and they don't need cheques for transactions."
Mr. Ramanan SV said: "This confluence of industry visionaries and experts brought together a wealth of ideas on how financial institutions can digitally empower themselves to deliver innovative solutions to disrupt customer experiences."
With over three decades of deep domain expertise, he said, Intellect is the brand that progressive financial institutions rely on for digital-transformation initiatives.
Ms Rubaba Dowla notes that customer expectations are changing in the country which she believes is a good sign for adopting the digital solutions.
Intellect has the world's largest cloud-native, API-led micro services-based multi-product platforms for global leaders in banking, insurance and capital markets.
eMACH.ai is the most comprehensive open finance platform of the BankTech Wave 5, a significant phenomenon that enables banks and financial institutions to refine their finances.

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