BRAC Bank pioneers e-banking in Bangladesh
A tie-up with Visa for an online commerce venture has helped BRAC, The Best Retail Bank in Bangladesh at The Asian Banker Excellence in Retail Financial Services Awards 2011, change the country’s retail banking landscape. March 16, 2011 | ResearchBRAC Bank’s strategy in 2010 was to provide a well-rounded retail banking platform for the Bangladesh market. It achieved this by focusing on developing its physical and electronic distribution network, and developing new products and services. With the largest network of terminals, branches, ATMs and point of service outlets in Bangladesh, the bank has quickly gained the reputation of being a leading bank that customers can rely on. The bank was the leader in attracting “1 million customers” in Bangladesh, outpacing its closest competitors within a relatively short period. In December 2010, BRAC Bank launched Bangladesh’s first e-commerce banking platform in alliance with Visa. This has changed the retail banking landscape as it offers more options for customers in using Visa cards for online shopping. The online shopping platform presents customers with 24/7 opportunities to shop for daily necessities and other goods from the convenience of their homes. In the area of corporate social responsibility, BRAC Bank was a market leader, launching its green debit card dubbed the “Planet Card”. The card offers discounts and other perks at many leading restaurants and lifestyle stores across Bangladesh. By encouraging customers to enrol for this product, the bank contributed funds to develop environmentally-friendly business practices in areas such as waste management and the development of renewable energy resources. Click here to view the full list of winners in the Excellence 2011 programme.
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