Page 44 - ICE BUSINESS TIMES February 2020

Banking Sector

CVV with anyone, it may jeopardize
their financial accounts.
Future of Agent Banking has proven to

be a monetary masterstroke
which has facilitated millions
of Bangladeshis with formal
Money banking services. But agent
banking is focusing on deposits
only and customers are not
getting loans from agent
banking? What is ONE Bank's
plan for agent banking?
Financial inclusion implies that
Gazi Yar Mohammed, EVP, Head of MFS & irrespective of income level, all
individuals, households and
Agent Banking, ONE Bank on their businesses must have access to
successful OK Wallet, the importance of financial services and products that
adopting DFS and how to build a address their needs. Agent banking
successful banking career in Bangladesh. plays a crucial role in financial
to win the hearts of millennial and bring them inclusion.
under the banking ecosystem. Sometimes, we Agent banking is growing at a rapid
assume internet banking as digital banking; pace. The current customer base in
By Asif Tarafdar digital banking is one-stop banking that you the market reached 4 million, which
can do from a single mobile app – from savings is astounding and agent outlet base
account opening to loan application in minutes reached around 10,000. We
without visiting branches. Banks should shift launched agent banking in
OK Wallet, ONE Bank's digital Wallet has been very well the paradigm to create comprehensive November 2019, and we are moving
received by the customers. How has ONE Bank Limited solutions that demonstrably fix practical fast. We have soft-launched 17
(OBL) successfully differentiated its service from numerous problems instead of product-centric pushes. outlets, and we aspire to reach 150
competitors currently present in the market? Coming to your next question, lending is outlets by 2020. Beside deposit
thriving in different markets, and the digital products, we are going to offer
Well, Cash-in and cash-out transactions are dominant in MFS loan is scalable and unbanked or underbanked home loan products of small ticket
market. To stand out, we have focused on digital payment, covering people can avail digital loan through mobile size for our agent banking. Besides
online payment and offline payment. We have onboarded 6000 phone. We are working on this to offer banking services, customers can
merchants, composed of chain retail stores, retailers, restaurants, disruptive value pillars for consumers and pay for different utility services,
rideshare startups, home appliance companies, electronics shops and quick access to finance. We have around 50 avail remittance services, Passport
e-commerce marketplaces for facilitating the payment by OK Wallet. million millennial who can be game-changers. fee, online to offline (O2O) and
To drive our payment strategic plans, we are offering a couple of Banks need to come up with digital banks and commerce services, among others.
utility payment services like DESCO, DPDC, WASA, NESCO, NID Fee, digital lending. Only 1 million people use
Credit Card payment. OK wallet users can add money from agent credit cards; this number is minimal compared Do you have any message for
points, ONE Bank branches and VISA and Master Cards. Users can to our working force size. Banks need to target the young generation and
withdraw cash from OBL ATMs, Branches and agent points. We millennial and rising middles class and offer aspiring bankers?
emphasized the strategic alliance and teamed up with different different DFS focused services to reduce the
marketplaces and rising startups named Pataho, Zantrik, Sheba cost and ensure the scalable business model. Passion, execution through skill and
where users of OK Wallet and these startups can take a diverse set of While our 3rd and 4th generation banks have problem solving – these three things
services paying by OK Wallet. an average customer base of 1 to 1.5 million, are much needed for our youth. The
We are also coming up hotels booking, movie tickets and bus ticket lot of digital banks have 3 to 4 million world is changing fast, big data, AI
booking services through the OK Wallet. We are also going to launch customers whom they onboarded in just 4 to 5 and Machine learning are changing
a digital savings scheme for OK wallet users soon that will offer to years. Without digital bank and DFS business models of any business
compete for digital customer experience and easy savings options. proposition, it will be challenging to increase more quickly. They need to prepare
themselves, and they can work on
in the customer base over the next decade.
Going forward into the new decade, how crucial is it for solving different points.
banks to adopt Digital Banking and Digital Financial Do the clients (customers) have a role to Fresh graduates who aspire to build
Service (DFS) to keep up with the rest of the world? Can play in keeping their transactions and a career in banks, it is an excellent
DFS solve access to finance problems as small and bank details safe? industry filled with prospects. The
unbanked borrowers don't get loans from banks? best way to start a career in
Yes, customers have an essential role in banking is to start as a
Banking and DFS will keep thriving, and Fintech is riding on banks. keeping personal information and banking management trainee. To become an
Banks need to team up with fintech to offer competitive products. A details safe. One Time Password (OTP) and PIN MTO, they need to take
lot of renowned contemporary banks launched parallel digital banks are the most critical data that must be handled comprehensive preparation and
with extreme caution. If customers share their should have excellent analytical and
OTP or PIN of Wallet and card number with communication skills.
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