We will not be able to achieve it unless and until we take technological advantage." "We need to reach that level if we really want to be a developed economy. Talking about the existing lending rate ceiling, he said the rate in developed economies range between 6.0 per cent and 7.0 per cent. Our target is to provide more robust services with the same expenses," said Mr Ali. "It is possible only because of technology. By now, the bank's portfolio rose to Tk 720 billion but its manpower remains the same. Giving an example, he said the size of the portfolio of the bank was Tk 8.50 billion during its privatisation in 1984 when around 9,000 people were working. We will make a team of 300 technologically-sound people who will be assigned to deal with the technology-driven banking services," he said. So, we need to adopt technological advantages. This will give us the competitive advantage. "If we can do it, we will be able to offer loans and advances at lower rates. So, the clients don't need to visit the branch," said the bank's top executive, adding that the major concern of the banking system is reducing the operational costs. "Our relationship officers will be empowering enough to issue the letter of disbursement from the spot once everything is matched. Then the bank's relationship officer will make an appointment for meeting the client in his/her place to collect required documents, counter-checking the original ones. Once the information is given virtually, the bank authorities will consider the information authentic before placing those in artificial intelligence (AI) and the AI will tell them how much loan the loan-seeking individual can get based on the information. The bank's system will have location-wise rough pricing of apartments. For instance, if someone is interested in getting funds for buying a flat, the client would submit a request and in response the bank will seek necessary particulars like location, size and income statement. Simultaneously, he added, the customers can submit loan requests without visiting any branch. "It will help ensure instant delivery of services." "Opening this wallet, people will not only get all privileges of branch banking but also their personal income, expenditure and wealth management," Mr Ali said. Once opening the account, the clients will be able to enjoy services like fund transfer, add money, merchant payment, send money and many more. The bank will make a wallet account system that would be available in their dedicated apps 'PI Banking'. The infrastructure includes artificial intelligence, data mining and warehouses. The bank wants to create a complete virtual ecosystem - the banking system would become branchless with less human interaction while their clients would perform banking activities on their own. Initially, we'll start on a small scale and all aspects of banking will gradually come under the purview of the latest technology," said the MD. "We're expecting these projects to be completed within the next three months. Under the initiative, the bank has taken four projects - a complete payment modality through e-KYC in integration with the bank's dedicated mobile apps, consumers' loan-related application and approval facility, developing content to facilitate corporate loan proposal renewal and enhancement, and LC (letter of credit)-related services for the corporate houses. The bank has formed a 4IR preparedness committee to look after the proceedings. "Now our main target is to convert all our banking activities into 4IR-based ones." "It's a part of our continuous and intensified focus in embracing latest technology to make the bank a globally competitive one," managing director and chief executive officer of the bank Mohammad Ali told the FE in an exclusive interview recently. Pubali Bank Limited aspires to be a leading technology-driven financial institution within this year by offering its customers services that would go with the spirit of 4IR (Fourth Industrial Revolution).Įstablished in 1959, the country's largest private commercial bank in terms of its network has already procured 4IR-supported infrastructure of Oracle to introduce easier, faster and the most convenient services.
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