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Banking Frontiers
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Making of the most connected bank in Bangladesh
- Khalid Hossin, Head of Digital Banking Division at Mutual Trust Bank in Bangladesh, has spearheaded the bank’s transformation into the most connected bank in the country, with over 35 open banking-powered digital products created in partnership with 35 fintechs, tech-fins, agri-techs, start-ups, telcos, MFs, aggregators and marketplaces.
- One of MTB’s recent initiatives is a unique digital lending product called ‘MTB Daylight Loan’, which targets kitchen market vendors who need small daily loans to procure goods or raw materials to sell their products. The loan is repaid before evening each day, with a repayment rate of less than 0.2%.
- Hossin has also launched ‘Cash by Code’, which allows anyone to withdraw cash without having a bank account by inputting a code and OTP available in the beneficiary's SMS. MTB has also launched a zero balance prepaid card that mirrors the MFS wallet balance of the user, allowing them to use the card for various banking activities.
- MTB’s open banking-enabled banking service partnerships have transformed the bank’s business model, enabling frictionless banking for partners with improved internal processes and operations, quicker cash liquidity and increased fee-based income.
- To drive customer loyalty in the digital ecosystem, Hossin suggests rewarding digital interactions and incorporating virtual human touch in digital services, such as video banking with virtual humanoid bot or interactive AI chatbot banking in conversational style.
- AI systems can be designed to maximize intellectual capabilities and a balanced humane perspective, but finding the right balance can be challenging. Maximizing intellectual capabilities may result in accurate but lacking conversational responses, while maximizing humane perspective may result in overly chatty but moderately accurate responses.
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