Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh. Over 2 decades old, the company has a network of multiple branches spread over Dhaka, Chattogram, Sylhet, Gazipur, and Jashore. The company serves thousands of customers through its subsidiaries – Bangladesh Finance Securities and Bangladesh Finance Capital – offering a wide range of financial solutions, from personal loans to corporate finance. Under the leadership of Managing Director Md. Kyser Hamid, the company has embraced digital transformation to enhance customer experience and operational efficiency.
FRONT OFFICE UPSHIFTS
Upshift No. 1 – Automated Digital Deposit System: In the previous 2 years, BD Finance has made significant strides in digitizing its deposit systems. The organization transitioned from manual processes to a fully automated platform, a key step in its broader digital roadmap. This initiative streamlined deposit and EMI payment management for both customers and the internal team. Customers can now open and manage deposit accounts online and seamlessly make payments via mobile financial services (MFS) platforms or traditional banking channels. The shift has resulted in a 40% rise in new account openings and a 30% improvement in overall customer satisfaction.
The company has also partnered with the largest MFS provider in Bangladesh, allowing clients to send EMIs easily. Additionally, the organization launched its own mobile app, ‘Bangladesh Finance,’ available on Google Play. Md. Kyser Hamid, MD & CEO of Bangladesh Finance, adds: “Through that MFS, clients can send us the EMI. Apart from that, we have our own app named ‘Bangladesh Finance’ in the Google Play store.”
Upshift No. 2 – Enhanced Front Desk Services: BD Finance also revamped its front desk services to improve customer interactions. The staff received extensive training to provide more responsive and efficient service, with customer feedback playing a key role in driving these improvements. A new CRM system was deployed to help the team track and resolve customer queries more effectively. This upgrade reduced service response time by 25% and led to a 15% improvement in customer retention. These enhancements have helped elevate the company’s market position and align it with modern industry standards for superior customer experience.
BACK OFFICE UPSHIFTS
Upshift No. 1 – Automation of Back-Office Operations: In the past 2 years, Bangladesh Finance has implemented advanced automation solutions for several routine back-office tasks, such as data processing, reconciliation, and reporting. The organization integrated software systems like the in-house developed ‘Digition’ and ‘BankUltimus CBS’ from leading corporations to streamline operations. These tools have reduced manual workloads and processing times by 50%, allowing staff to focus on higher-value, strategic tasks.
Accuracy has improved, and human errors have decreased, resulting in more efficient internal workflows and smoother service delivery to clients. Kyser emphasized that automation has significantly “reduced manual workloads, allowing staff to focus on more strategic tasks.”
Upshift No. 2 – Enhanced Risk & Compliance Framework: To strengthen risk management and ensure compliance with regulatory standards, BD Finance implemented an integrated risk management system ‘Digition’ that provides real-time monitoring and reporting, enhancing the ability to detect and address risks proactively. This upgrade has improved internal controls and helped meet regulatory requirements more efficiently.
BRAND UPSHIFTS
Upshift No. 1 – Stronger Brand Presence: Over the past 2 years, BD Finance has significantly enhanced its digital footprint and maintained a consistent brand message across multiple channels. This initiative has led to a 25% increase in customer inquiries and a 35% improvement in online engagement. The key channels include Facebook and Instagram for digital media and newspapers for print media.
The social media campaigns, targeted digital marketing, and updated corporate communications have strengthened brand recognition and boosted customer trust. This enhanced market presence, particularly among the tech-savvy demographic, resulting in higher conversion rates and improved customer loyalty. Says Kyser: “Our improved brand visibility has not only strengthened brand recognition, but also boosted customer trust.”
Upshift No. 2 – Launch of Market-Demanded Products: In response to evolving customer preferences, BD Finance has introduced a range of innovative products, including sustainable finance options and flexible investment solutions. These offerings have been pivotal in meeting the growing demand for environmentally and socially responsible financial products. As a result, the company has witnessed a 30% increase in product adoption, a 20% rise in customer retention, and significant growth in deposits and investments.
Upshift No. 3 – Engaging Campaigns: Targeted marketing campaigns have led to a 20% increase in new client acquisitions and improved customer retention rates. By focusing on customer-centric messaging and personalized communication strategies, BD Finance has strengthened its connection with clients, fostering long-term relationships and enhancing brand loyalty.
Upshift No. 4 – CSR Activities: CSR initiatives aimed at education, community development, and environmental sustainability have led to a 15% increase in positive brand sentiment, aligning the company with socially responsible values.
Upshift 5: Partnerships & Collaborations: Strategic partnerships with key industry players such as Akij, Palmpay, and Adorsho PraniSheba have expanded BD Finance’s reach and diversified its offerings, leading to a 25% increase in cross-industry customer engagement. These collaborations have reinforced the company’s reputation for innovation and flexibility, enhancing overall brand value and market competitiveness.
Through these initiatives, BD Finance has strengthened its brand equity, positioning itself for sustained growth and success in the financial sector.
DIVERSIFICATION INITIATIVES
Initiative No. 1 – Focus on Women Entrepreneurship: During the past 2 years, BD Finance has launched specialized financial products and services tailored to support women entrepreneurs. Recognizing the growing role of women in the business sector, the company introduced microloans and tailored business financing options to empower female entrepreneurs. These initiatives have provided women with the necessary capital to start and grow their businesses, along with training and mentorship programs to enhance their entrepreneurial skills. As a result, the company has seen a 35% increase in loan applications from women-owned businesses.
Initiative No. 2 – Launch of Sustainable Financial Products: Responding to the increasing demand for environmentally responsible financing, BD Finance launched a suite of green financing products designed to promote sustainable development. These offerings include green loans for renewable energy projects, energy-efficient home improvements, and eco-friendly business initiatives. This has attracted a new customer segment focused on environmental stewardship. Green financing options have resulted in a 25% increase in environmentally focused investments.
Initiative No. 3 – Expansion into Microfinance & SME Financing: To further diversify its portfolio, BD Finance has expanded its operations into microfinance and SME financing, providing accessible credit solutions tailored to underserved communities and small entrepreneurs. These initiatives have resulted in a remarkable 30% increase in microloan disbursements, thereby broadening the customer base and positively impacting local communities.
These diversification initiatives have significantly enhanced Bangladesh Finance’s market position, enabling it to respond effectively to changing customer needs while driving sustainable growth. Kyser concluded: “Supporting SMEs, we are contributing to job creation and economic resilience, ultimately enhancing our reputation as a socially responsible financial institution.”
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