The award is in recognition of the collaborative implementation of BRAC Bank's new digital platform called 'Astha'. The Mobile Banking App 'Astha' comprises a wide range of digital services and engagement tools in retail banking. It is a prime example of the digital infrastructure overhaul that focuses on superior customer experience, higher adoption rates and market impact. Astha has had a significant impact on digital customer growth, 100% in digital transaction volumes and 36% conversion from manual transactions to digital channel in less than a year of going live.
The solution was highly impactful and resulted in an incredible 100% growth in digital transactions. Congratulations to the duo. On the occasion, Md. Sabbir Hossain, DMD and COO of BRAC Bank, said: "We are immensely honoured to have received this international award. The new Astha digital platform is part of our digital system overhaul to make banking experience more convenient for customers. The implementation of the app with the tagline 'Bank Smart' has helped us achieve a significant impact on our customer base over a short period of time. The award will help us launch more digital initiatives to take customer experience to newer heights. The CEO of Clayfin, Rajesh BLN, said: We are proud and thankful to have received this award with BRAC Bank. The Astha platform for BRAC Bank is functionally rich, intuitive, easy to use, safe and secure. This is just the beginning of a journey for the BRAC Bank. BRAC Bank will stay ahead of times and will influence the lives of more and more customers through its digital initiatives. IBS Intelligence is a pure-play Financial Technology research, advisory and news analysis firm with a 30 year track record and clients around the world. Over 190 participants from 48 countries attended the third edition of the IBSi Global FinTech Innovation Awards.
BRAC Bank Limited, traded as 'BRACBANK' on the Dhaka Stock Exchange, is one of the fastest growing banks in Bangladesh with a focus on the small and medium enterprise SME segment.
It focused its efforts on Small and Medium Enterprises after taking inspiration from its parent organization, BRAC, the largest NGO in the world. The bank offers SME Banking, Retail Banking, Wholesale Banking Custodial Service, Treasury and Foreign Exchange Related Services through 187 branches, 650 Agent Banking Outlets and digital channels. The bank, with more than 1.1 million customers, has already proved to be the largest collateral-free SME financier in just 20 years of operation in Bangladesh and continues to serve as a benchmark for governance, transparency and compliance in the banking sector.
Clayfin is a leading provider of Digital Customer Experience solutions for banks and financial institutions. Clayfin works across geographies and currently supports 80 implementations across 30 customers in APAC, Middle East and Africa.
The story was provided by PRNewswire.