Mohammed Nurul Amin is the Managing Director and Chief Executive Officer of Meghna Bank Limited. Before joining the bank he worked as the MD and CEO of NCC Bank for nine years. He obtained his Honors in 1973 and Master’s degree in 1974 in Economics from the University of Dhaka. He started his banking career as a senior officer in 1977 in Janata Bank and then joined National Bank, the first private Bank in the country in 1983. Thereafter he joined NCC Bank (the then National Credit Ltd) in 1985 and was promoted to the rank of DMD in 2005. Presently, he is the Chairman of the Bangladesh Foreign Exchange Dealers’ Association and previously, he held the position of Chairman of the Association of Bankers, Bangladesh.
What are some recent trends in Consumer Banking?
The unbroken speed of digitization and automation, the rise of fintech and regulatory initiatives are encouraging all financial institutions to become more transparent and implement efficient Management Information Systems. It will also force them to better foster internal and external collaborations. It will urge them to balance technology investments.
Consumers expect more personalized offerings and business models that adapt to their lifestyle. They are taking more control of their financial relationships and looking for digital tools for availing banking services. Banks have come to realize that fintech is not a threat, but rather an opportunity to expand the business.
To strengthen their position in the industry, banks need to adopt customer-centric business models, customize business and operating models, develop cost-effective distribution channels, invest in innovative technologies and manage internal-external risks and regulatory requirements.
Consumers Expect More Personalized Offerings And Business Models That Adapt To Their Lifestyle.
What is your bank doing to ensure financial inclusion in areas where people do not have access to regular banking services?
Under its financial inclusion program, Meghna Bank has undertaken two major projects to cater banking services to the unbanked population.
Meghna Bank Tap ^n Pay – a secured mobile financial service – has been launched to provide various financial services to the unbanked population. Outreach Customer Finance is another initiative to cater to the financing needs of small business entrepreneurs located beyond command areas.
What kind of role will Fintech play in this area?
Fin Tech can play a vital role in interfacing various innovative technologies for customizing business and operating models and developing cost-effective distribution channels.
What are some advancements in Consumer Banking that we can expect over the next year?
Rapid advancements will take place over the next few years in the banking industry. Innovation in Financial Technology is imperative and will change everything — becoming a potent enabler of increased services at reduced costs. Banks will adopt remote financial services through online and apps based banking in order to reduce operating costs drastically. Banks will be customer-centric rather than product or channel oriented. Cybersecurity will be prioritized for rebuilding trust.
To Strengthen Their Position In The Industry, Banks Need To Adopt Customer-centric Business Models, Customize Business And Operating Models, Develop Cost-effective Distribution Channels, Invest In Innovative Technologies And Manage Internal-external Risks And Regulatory Requirements.
Could you elaborate upon Customer Relationship Management (CRM) Policy?
Meghna Bank has pursued customer-centric and customer friendly policies since its inception. All the branches are well equipped to provide financial services to each client on a personal priority basis. Any deviation is dealt with extreme care. We always treat our customers as partners in progress which are embedded in our motto – together we sail.
Tell us about your most successful products?
Meghna Bank has launched 32 (thirty-two) customized Retail & SME products to cater to the financial requirements of the customers. All the products have got great market demand. Some of our most successful products are Doctors’ Loan, Home Loan, Apon Aloy (Home Loan for Semi-Urban & Rural Areas) under Retail Banking Segment. Furthermore, MEGHNA NABARUPA (Women Entrepreneur Loan) and MEGHNA MOUSHUMI RIN (Unsecured Loan for Small Enterprises) have gained popularity among SME clients.