The innovative business model of Bank Asia Ltd. has made it the winner of the category ‘Best Innovation – Financial Sector’ at the Bangladesh Business Innovation Award 2019. The private commercial bank has introduced various online-based innovative services for its customers such as:
Agent Banking: Bank Asia Ltd. is the pioneer in intruding Agent Banking services in Bangladesh to include the financially excluded mass. This technology-driven banking service facilitates accessibility within the proximity & accessibility of rural people, creates an ecology within rural settings for better financing and transaction and thus reinforces the government’s drive to achieve sustainable development goals.
The government’s social safety-net benefits and salary payment to Ready-Made-Garment (RMG) workers are being made through this platform. Other private and state-run commercial banks start the operation of agent banking.
DIGANTO-OCAS: To expand Agriculture and MSE Financing rapidly by using Agent touchpoints, Bank Asia innovates DIGANTO-OCAS software that gives communities’ access to necessary financing and banking services. By providing greater automation of the loan approval process, the bank is able to drastically reduce the time taken to assess and approve financing proposals.
A-Card: This card is an innovative product of Bank Asia which contains the bank allocated loan to a farmer. A micro-chip is set inside the device (card) that contains information (data). Using this card, a farmer can purchase agriculture input digitally from a merchant point that has the chip readable mobile. This business innovation reduces the propensity of misuse loan amount and creates the opportunity to purchase quality agriculture input at a reasonable price from a reliable merchant point.
SMART APP: Bank Asia came up with an innovative SMART Banking application named “Bank Asia SMART APP” and “Agent Banking SMART APP’ to facilitate customers by bringing the banking services into their fingertips. SMART APP allows customers to access banking services through Smart Phone/Tab. Customers can check account balance, account statement, pay utility bills and transfer funds from anywhere, anytime using the supported device.
Micro-Merchant Model: To support the product value-chains Bank Asia innovated Micro-Merchant (MM) Model where the MM practices digital transection with customers as well as distributors through the banking platform.
Partnership and Collaboration model: To accelerate financial inclusion Bank Asia developed partnership and collaborative model where government, non-government organizations, development partners and IT innovation partners have joined hands together and thus making the (financial inclusion) efforts vibrant and vigorous.