Revolutionizing Financial Frontiers:The Apex of Internet Banking Innovation in Pursuit of Excellence Qorus-Infosys Finacle Banking Innovation Awards 2024

In an era marked by technological leaps and dynamic transformations, the financial landscape is undergoing a profound revolution. As the paradigm of traditional banking evolves, Community Bank Bangladesh PLC emerges as a beacon of innovation, trailblazing through the corridors of open API based digital banking solutions.

Community Bank Bangladesh PLC has embraced and harnessed cutting-edge technologies of its core banking system to redefine the essence of corporate banking. On this transformative journey, Bank has showcased the pinnacle of innovation that propels it toward a future where financial frontiers are not only crossed but redefined for a new era of excellence.

Community Bank Bangladesh PLC had started its journey in September 2019. With limited number of branches, the bank was able to cover the payroll services to the entire police force through manned service desks, ATM and Mobile apps. Thus the foundation was laid to ensure banking services through digital platforms.

In the initial three years from September 2019 to December 2022, Community Bank Bangladesh PLC faced the challenge of serving over 200,000 payroll customers, with 65% being unbanked and spread across the country. Despite opening only 18 branches, the bank aimed for financial inclusion, acknowledging the challenges of setting up branches in key areas and the need for investments and skilled manpower.

To address this, the bank established direct communication and connectivity with customers through manned service desks, initially focusing on onboarding payroll customers and collecting service requests. Through integration with the Bangladesh Bank and the Core Banking System, the bank efficiently covered salary disbursements for all payroll customers within six months. The installation of ATMs alongside service desks and connections with major ATM networks enhanced cash withdrawal accessibility.

Having triumphed over hurdles in customer onboarding and cash transactions, the bank broadened its scope, dedicating its efforts to extending credit and cash management facilities to both large corporations and SMEs.

The bank has unveiled its exclusive Internet banking facilities tailored for institutional customers. Once enlisted, customers has autonomy over their transactions, empowered by a seamless combination of multi-authentications and dual verifications.