Empirical Study on RETAIL / Branch Banking of BRAC Bank Limited

Empirical Study on RETAIL / Branch Banking of BRAC Bank Limited

Chapter One

Orientation of the Report

1.1 Background

As a mandatory requirement of the Bachelor of the Business Administration (BBA) program under Bangladesh University, this report entitled – “An Empirical Study on Retail Banking of BRAC Bank Limited” – is a connived depiction of the three month long internship program at the Customer Service Department in BRAC Bank Ltd. During this period I have learned frequently used terms and conditions of Retail Banking Service provided by BRAC Bank Limited the country. Moreover, I tried my best to present a clear analytical report on how the Retail Banking Department provided service to their customer as well as the customer satisfaction level of Premium customer in context of BRAC Bank Limited and how the Retail Banking Department approved and disbursed those service to their customer, by utilizing my theoretical knowledge and capabilities with corporate world and its information.

With the consent of my line manager at BBL Md. Wasiul Alam and the approval of my advisor at Bangladesh University Prof. Mohammad Rowshon Kamal, I have prepared this report on my experience of work at BBL on its “An Empirical Study on Retail Banking of BRAC Bank Limited”.

1.2 Objective of the Report:

2.2.1. Primary objective:

· To fulfill the partial requirement as full credit subject of the BBA program. This report is to provide a general description of the initial and present status of BRAC Bank Limited and Retail or Branch Banking of BRAC Bank Limited.

2.2.2. Secondary objectives:

Main objectives of my report are:

• To present an overview and brief introductionof BRAC Bank Limited.
• To relate the theories of banking with the practical banking activities.

The Specific objectives of the project part are:

• To depict the Retail or Branch Banking of BRAC Bank Limited.
• To know deeply about Retail Banking of BBL.
• To learn about the procedure of maintaining Customer satisfaction and charges related to the retail customers of BBL.
• To make analysis of Retail Banking performance.
• To review the present retail banking position of the BBL.
• To define the functions of departments of that bank.
• To identify strength, weakness, opportunity and threats of BBL.
• To have an exposure on the financial institution, especially on banking environment of Bangladesh

2.3 Methodology

Different data and information are required to meet the goal of this report. Those data and information were collected from various sources, such as, primary and secondary which is showed below:

2.3.1 Primary sources of data:

• Personal observation.
• Face to face conversation of the officers.
• Face to face conversation of the client.
• Working at different desks of the bank.

2.3.2 Secondary sources of data:

• File study.
• Annual reports of BRAC Bank Ltd.
• Annual reports of Prime Bank Ltd.
• Statement of affairs.
• Bank rate sheet.
• Internet.
• Progress report of the Bank.
• Bangladesh Bureau of statistics report.
• Several kinds of Academic test-book and training sheet.
• Different publications regarding banking function and foreign exchange operation.

2.4 Scope

The scope of the study will be limited to the organizational setup, function and operation of the SJIBL in the Bangladesh. This report mainly encompasses the performance of BRAC Bank Limited in comparison the Retail Banking. For the purpose of my internship program, I was assigned in the New Eskaton Branch at BBL and this paved me the way to get myself familiarized with banking environment for the first time indeed. I have an opportunity to gather experience by working in different departments of the Branch.

2.5 Structure

In very beginning of this report a brief description of BRAC Bank Limited (BBL) has been furnished. Then in the subsequent chapters, elaboration of the three departments of branch, say General banking, Foreign Exchange and investment have been presented. At last few pages of the main report, some problems of banking which are observed while doing work in the branch are detected along with some recommendations to over come these problems. At the end of this report appendices and bibliography are added.

2.6 Limitations

An Internee has to complete the internship and prepare an internship report within a semester. So time constrain is the main limitation of the report, but it was a great opportunity for me to know the banking activities of Bangladesh specially BRAC Bank limited. Some other limitations are as follows:

• The main constraints of the study are insufficiency of information, which was highly required for the study.
• Every organization has their own secrecy that is not revealed to others. While collecting data through interviewing the employees, they did not disclose much information for the sake of the confidentiality of the organization.
• Since the bank personnel were very busy, they could not provide me much time.
• Due to time shortage, details of many aspects of the services of BRAC Bank Limited have been skipped in this report.
• I carried out such a study for the first time, so inexperience is one of the main constraints of the study.

Chapter Two

Background of the organization

2.1 BRAC Bank Limited Profile:

A fully operational commercial Bank, BRAC Bank focuses on perusing unexplored market niches in the Small and Medium Enterprise Business, which hitherto has remained largely untapped within the country, the Bank has provide support to more than 100000 Small and Medium Enterprise. Since inception in July 2001 the banks footprint has grown to 36 branches, 427 unit offices and more than 75 ATMs across the country.

The banks operate under a “double bottom line” agenda where profit and social responsibility to hand in hand as it strives towards a poverty free, enlightened Bangladesh.

BRAC bank Limited, with institutional shareholding by BRAC, International Finance Corporation (IFC) and Shorecap International, has been the fastest growing bank for last several years.

2.2 Shareholding Structure:

2.3 Vision:

Building a profitable and socially responsible financial institution focused on Markets and Business with growth potential, thereby assisting BRAC and other stakeholders build a “Just, enlightened, healthy, democratic and poverty free Bangladesh”.

2.4 Mission:

· BRAC bank will adhere to professional and ethical business principles and internationally acceptable banking and accounting standards.

· Sustained Growth in Small and Medium sector, continuous low cost deposit growth with controlled growth in retained Assets.

· Achieve efficient synergies between the branches, SME unit offices and BRAC field offices for delivery of Remittance and Banks other products and services

· Manage various lines of business in fully controlled environment with no compromise on service quality

· Keep a diverse, far-flung team fully motivated and driven towards materializing the bank’s vision into reality.

2.5 Values:

· Value the fact we are a member of the BRAC family.

· Creating an honest, open and enabling environment.

· Have a strong customer focus and build relationships based on integrity, superior service and mutual benefit.

· Strive for profit and sound growth

· Work as team to serve the best interest of our owners.

· Relentless in pursuit of business innovation and improvement.

· Responsible, trustworthy and law-abiding in all that we do.

2.6 Board of Directors:

2.7 Management Team:

2.8 Organizational Chart

2.9 Operational Network Organogram:

2.10 Departments of BBL:

If the jobs are not organized considering their interrelationship and are not allocated in a particular department it would be very difficult to control the system effectively. If the departmentalization is not fitted for the particular works there would be haphazard situation and the performance of a particular department would not be measured. BRAC Bank Limited has does this work very well. Departments are as follows:

• Human Resources Department
• Financial Administration Department
• Asset Operations Department
• Credit Division
• SME Division
• Internal Control & Compliance Department
• Marketing & Product Development
• Impaired Asset Management
• Probashi Banking Operations
• Treasury Front
• Treasury Back
• General Infrastructure Service
• Information Technology Department
• Customer Service Delivery
• Cards Division
• Phone Banking
• Cash Management
• Payment Service
• Loan Administration Department

2.11 Business Unit of BBL:

There are five different business units generating business BRAC Bank Limited:

• Small & Medium Enterprise (SME)
• Corporate Banking
• Retail Banking
• Treasury & FI
• Probashi Banking

All the units are being operated in a centralized manner to minimize costs and risks.

2.12 Long Term Strategy of BBL:

Summed up in a single sentence, the long term strategy is to go where the market is trying to go in the near future. The SME market in Bangladesh is large from the recent point of view, which was explored by the BRAC Bank Limited at first in the society. As a result of the achievements of the micro credit providers, Bangladesh now has an hour glass shaped banking market in which credit and other limited financial services are valuable to both very large and very small business and very wealthy and very poor individuals. While there is well-known informal system that provides credit to business, virtually nothing is available from either banks or micro finance providers to the million the middle –business and individual- who are severely constrained in their ability to produce and save for lack of access to financial resources and services . Until modern competitive financial services are readily available –including credit in amounts terms and conditions that small can access. Bangladesh will not be able to create the large middle class that is a prerequisite to social stability.

BRAC Bank envisages providing mass financing by increasing access to economic opportunities for another individuals and business in Bangladesh with a special focus on currently under-served enterprises across rural spectrum.

BRAC Bank is serving in the large banking arena through it’s unique and competitive products and it is the only local bank providing 100% online banking services from the very beginning of their operation.

BRAC Bank limited consists of four major business divisions namely corporate banking division Retail division, Small and Medium Enterprises (SME) and foreign and Treasury.

Corporate division provides full range of commercial banking products and services to any potential company clients including multinationals large or medium local corporate, institutional bodies. Retail division offers a wide array of lucrative and competitive products and services to the individual customers of the bank. Currently there are several lending products and a number of other attractive new products will be launches shortly. It also offers different types of term deposit scheme and attractive STD and saving deposit schemes giving interest on daily balance.

As a part of the total banking solution it has introduced an innovative and one of its kind remittance service under the style and name Secured and Easy Remittance Service. The aim of the program of the service is to introduce easy and secured service whereby people will be comfortable and secured in remitting funds without hustle and delay. Using the countrywide network of BRAC comprising more than 1100 field off SRS will ensure secured and only 24 hour lead time delivery of remittance anywhere in Bangladesh. BRAC Bank Limited Gulshan Branch became the 500 club members of the Western Union money transfer group. Now a days BBL focus more on their retail division to serve their existing and new customers by their full satisfaction as well as they increase their branch and SME sells and service centre to disburse the loan amount to their customers as early as possible by their sub wing. BBL also focuses on their alternative delivery channel to reduce the customer time to stay at the branch to deposit and withdraw their money from their own account. Customers can deposit 20 Thousand Money at a time in a day and they can deposit money any time in a day as well as they can withdraw 50 Thousand Money from the ADC in a day by using their visa debit card, they can withdraw 3 Lacs at a time from the point of sale machine.

2.13 Corporate Social Responsibility:

BRAC Bank and ICDDR,B representatives inaugurated BRAC Bank Short Stay Ward at Dhaka Hospital of ICDDR,B. Its Dhaka and Matlab hospitals provide free treatment to 1120,000 patients each year with a commitment to not to turn away anyone arriving for treatment. In the past, accommodating these patients required the use of tents as temporary wards.

With the support of BRAC Bank Limited the short stay ward has been renovated with full air conditioning, new washrooms, hand washing sinks, surrounding walls and upgraded floors and ceilings. In this regard BRAC Bank as part of their CSR activity contributed Tk.23,39,388 to develop the new BRAC Bank Short Stay Ward.

Mr. Muhammad A. (Rumee) Ali, Chairman, BRAC Bank Limited, formally inaugurated the new BRAC Bank Short Stay Ward at a ceremony. In his speech, Mr. Muhammad A. (Rumee) Ali mentioned that BRAC Bank and ICDDR,B has a long-standing relationship of collaboration and mutual understanding and BRAC Bank is proud to be associated with ICDDR,B to support the underprivileged people of Bangladesh.

Among other senior officials, Mr. A.E.A. Muhaimen, Managing Director & CEO, BRAC Bank, Dr. Alejandro Cravioto, Executive Director, ICDDR,B, and Dr. Mark Pietroni, Administrator, Dhaka Hospital, ICDDR,B were also present in that occasion.

2.14 Achievements:

2.14.1 DHL–Daily Star Bangladesh Business Awards 2008

BRAC Bank received the prestigious Business Award styled DHL-Daily Star Bangladesh Business Awards 2008 as ‘Best Financial Institution of the Year’ for its innovation in products, services, financial performance/ productivity, company management and contribution to Bangladesh’s development. BRAC Bank is a full fledged commercial bank; yet, it has significantly contributed in the development of SME sector by creating a unique model of collateral free SME lending, which enabled the SME entrepreneurs (the missing middle) to get easy access to finance. Furthermore, with its wide distribution network, BRAC Bank reached the greater population even at the distant corners of Bangladesh.

On behalf of the Bank, Mr. Muhammad A. (Rumee) Ali, Chairman of BRAC Bank Limited received the award from Dr. Saleh Uddin Ahmed, Governor, Bangladesh Bank and the chief guest of the award giving ceremony.

2.14.2 BRAC Bank received National Award as the Highest VAT payer for the financial year 2007-2008:

BRAC Bank Limited has recently received the prestigious award for being the highest VAT paying organization in national level in service industry.

Dr. ABM Mirza Azizul Haque Honorable Adviser Finance & Planning Ministry, Govt. of People’s Republic of Bangladesh, handed over the award & crest to BRAC Bank Limited at a ceremony held in Osmani Smriti Milonayaton.

2.14.3 BRAC Bank received ICAB National Award:

BRAC Bank Limited has been awarded ICAB National Award from Institute of Chartered Accountants of Bangladesh (ICAB) for one of the Best Published Accounts & Reports 2007 recently.

Dr. A. B. Mirza Md. Azizul Haque former Adviser Finance & Planning Ministry, Govt. of People’s Republic of Bangladesh, handed over the award to BRAC Bank Limited at a ceremony held in Bangladesh-China Friendship Conference Centre.

• Fastest growing bank in the country for the last two years
• Leader in SME financing through 350 offices
• Biggest suit of personal banking & SME products
• Large ATMs (Automated Teller Machine) & POS (Point of Sales) network.

Chapter Three

Theoretical Background

3.1 Introduction

Generally by the word “bank”, it can easily understand that the financial institution dealing with money. There are different types of banks like Central Banks, Commercial Banks, Savings Banks, Investment Banks, Industrial Banks, and Co-operative banks etc. But when we use the term “bank” without any prefix or restriction, it refers to the Commercial Banks. Commercial Banks are the primary contributors to the economy of a country. So it can be said that Commercial Banks are a profit-making institution that collects the deposits from the surplus unit of the society and then lend the deposits collected to the deficit unit of the society. So the people of the society and the government are very much dependent on the commercial banks as the financial intermediary. As banks are profit-earning concern they collect deposits at the lowest possible cost and provide loans and advances at higher.

Banking sector is expanding its hand in different financial events every day. At the same time the banking process faster, easier and the banking arena is becoming wider. As the demand for better service increases day by day, they are coming with different innovative ideas and products. In order to survive in the competitive field of the banking sector, all the banking organizations are looking for better service opportunities to provide their fellow clients. As a result it has become essential for every person to have some idea on the bank and banking procedure.

3.2 Banking Sector in Bangladesh:

In 1971, Bangladesh, which was East Pakistan, emerged as an independent country. It immediately nationalized all the banks excepting 3 foreign banks. Six nationalized banks were thus formed. In 1983 a new industrial policy was implemented allowing private sector participation in industrialization. As a part of this process, two nationalized commercial banks were again denationalized and a number of private commercial banks were allowed operating.

Banks play a very important role in important role in international trade. Now a day no country can thrive without international trade. Moreover banks provide some other non-traditional services like factoring, issuing guarantees; when are very much supportive to modem business.

3.3 Economic Condition

2008 was a turbulent year. Cash crunch in major US bank and Financial Intermediaries including large industrial corporations followed by European banks and financial institutions have left the world into a new economic world order. The economies in US and Europe have already slowed down showing worst recession not remembered in last few decades when the policy makers remained busy in pumping billion of dollars as bail out plan to salvage their own economies, while the developing countries, like Bangladesh cannot remain oblivious to prepare it to face new challenge in the years ahead. The recession will make direct impact on export and overseas job market. The Bangladesh export in USA and

Europe is likely to decline 15-20% and will have difficulty in getting employment abroad in extremely competitive job market.

In the backdrop of above global environment, Bangladesh maintained a satisfactory growth momentum of 6.2 percent in the fiscal year 2008 (July07-June08) slightly lower than 6.4 percent of FY07. The performance was aided by robust growth in exports and surging remittances. Agricultural sector witnessed a moderate growth but industry and service sectors showed a continuous strong growth. Performance during July-September 2008 was reasonably well with steady progress in domestic economy activity and satisfactory growth in exports and remittance. The coordinated approach of Government’s stimulating and poverty reduction programs coupled with prudent monetary policy of Bangladesh Bank contributed towards these achievements. Monetary policy in general continued to be cautioned and restrained with a view to curbing inflationary pressure resulting from distortions in supply side factors. Bangladesh Bank pursued the banks to extend credit facilities to productive sectors and identified agricultural, small and medium enterprises and women entrepreneurs as the productive investment sectors of the economy. Unproductive lending in non-essential and wasteful lifestyle under consumer schemes was discouraged. Bangladesh Bank’s effort to rationalize lending rate continued.

Despite liquidity support interest rates on deposits continued its upward trend which started since Fiscal year 2006. The banks are now facing increasingly interest sensitive customers who are demanding higher rate of return against their deposits. While deposits increased by 17.6 percent in FY08 (16.5 percent in FY07), the Bank credit increased by 19.1 percent in FY08 (14.7 percent in FY07). The higher growth rate of Bank Credit coupled with rising import cost exerted pressure on liquidity and ultimately on interest costs of deposits. Bangladesh Bank also re-fixed the lending rate on commodity financing to 12 percent. This pulled the spread of the banks downward. Increased provisioning requirement on the off-balance sheet items, from 0.50 percent to 1 percent will improve capital adequacy but reduce the ROA and ROE of the banking sector. Stiff competition among banks for booking foreign trade business squeezed the marginalized and fee earnings of the banks.

However, banking sector particularly the private commercial banks showed its resilience and continued to perform better by diversifying the asset portfolio to Retail, SME and Capital Market. The available statistics indicate that share of business of PCBs are increasing in deposits, lending and other business operations. The banking and financial industry experienced further intensification of competitive pressure as the national and international banks operating in Bangladesh strongly pursued the banking and financing needs of the Corporate, Retail, SME sector and Credit Card business. In this competitive situation, PBL remained focused in all key areas and achieved strong growth in operating profit and many lines of business during 2008.

3.4 Types of Bank

Bank is that kind of organization, which function is lending and borrowing. There are two kinds of banks.

3.4.1 Central Bank

Like other sovereign country of the world, Bangladesh also has a Central Bank named Bangladesh Bank. It was established with a view to performing those works usually done by the central banks spreading across the world. One of the major functions of the Bangladesh Bank is to maintain the international monetary relations in the form of receiving foreign aid, grants, donations and management and investment of Foreign Exchange Reserve in the foreign countries.

The emergence of Bangladesh Bank in 1971 after a bloody freedom that claimed millions of people necessitated the birth of Bangladesh Bank as the symbol of economic freedom and sovereignty.

As a result in the 31^st October 1972, a bank ordinance was introduced by dint of “President Order 127”. Under this ordinance the Government acquired all assets and liabilities of the former Dhaka Regional Office the “State Bank of Pakistan” and declared the Bangladesh Bank as the Central Bank effective from 16^th December 1971. It works for the government and implements the government financial policies.

The main function of the Bangladesh Bank is (a) Money Circulation, (b) Banking Function. Other functions of Central Bank is- to control financial organizations like commercial banks, insurance company etc. controlling lone, clearing house, control the value of money, bank of the commercial banks, collecting income tax, representing of the governments work observe the development of banking system etc.

3.4.2 Commercial Bank

Which Bank borrowing from people and invest for many business, that’s called Commercial Bank. Their main function is borrowing and lending. Commercial Banks has some specific functions these are medium of exchange, build up capital, creating bill of exchange, helping international business etc. There are 52 Commercial Banks are survived in Bangladesh, just now. There are some local Commercial Banks and some are Foreign Commercial Banks Following are some name of local Commercial Banks.

3.4.3 Nationalized Commercial Banks

· Agrani Bank

· Janata Bank

· Rupali Bank

· Sonali Bank

• 3.4.4 Specialized Banks

· Bangladesh Krishi Bank (BKB)

· Bangladesh Shilpa Bank (BSB)

· Bangladesh Shilpa Rin Sangsthga (BSRS)

· Bank of Small Industries and Commerce Bangladesh Ltd. (BASIC)

· Rajshahi Krishi Unnayan Bank (RAKUB)

3.4.5 Foreign Banks

· American Express Bank Ltd. (AMEX)

· Bank Al-Falah Ltd

· Citi Bank N.A

· Commercial Bank of Ceylon Ltd.

· Habib Bank Ltd.

· National bank of Pakistan

· Standard Chartered Bank

· State Bank of India

· The Hongkong & Shanghai Banking Corporation Ltd. (HSBC)

• 3.4.6 Local Banks (Incorporated in Bangladesh excluding Islamic Banks)

· Arab Bangladesh Bank Ltd. (Joint Collaboration)

· Bangladesh Commerce Bank Ltd. (BCB)

· Bank Asia Ltd.

· BRAC Bank Ltd.

· Dhaka Bank Ltd.

· Dutch Bangla Bank Ltd. (DBBL) (Joint Collaboration)

· Eastern Bank Ltd. (EBL)

· Export Import Bank Ltd. (EXIM)

· International Finance Investment and Commerce bank Ltd. (IFIC)

· Jamuna Bank Ltd. (JBL)

· Mercantile Bank Ltd.(MBL)

· Mutual Trust Bank Ltd. (MTBL)

· National Bank Ltd. (NBL)

· National Credit and Commerce Bank Ltd. (NCC)

· One Bank Ltd.

· Premier Bank Ltd.

· Prime Bank Ltd.

· Pubali Bank Ltd.

· Southeast Bank Ltd.

· Standard Bank Ltd.

· The City Bank Ltd.

· The First Security Bank Ltd.

· The Trust Bank Ltd.

· United Commercial Bank Ltd. (UCBL)

· Uttara Bank Ltd.

3.4.7 Islamic Banks

· Al-Arafah Islami Bank Ltd.

· Islami Bank Bangladesh Ltd. (IBBL)

· Social Investment Bank ltd. (SIBL)

· Shahjalal Islamic Bank Ltd.

· ICB Islami Bank Ltd.

3.5 Retail Banking

Retail Banking is typical mass-market banking in which individual customers use local branches of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs).

Retail banking aims to be the one-stop shop for as many financial services as possible on behalf of retail clients. Some retail banks have even made a push into investment services such as wealth management, brokerage accounts, private banking and retirement planning. While some of these ancillary services are outsourced to third parties (often for regulatory reasons), they often intertwine with core retail banking accounts like checking and savings to allow for easier transfers and maintenance. Retail Banking products are –

• Different types of current accounts-

· Business accounts

· Ezee Account

• Different types of term deposit accounts
  • DPS
  • Fixed Deposit
  • Marriage Scheme
  • Education Scheme
• Different types of savings accounts
  • Super Savings Accounts
  • Triple Benefit Sevings
• Different types of card products
  • Visa Card
  • Credit Card
  • Universal Card
• Different types of loan products
  • Personal Loan
  • Salary Loan
  • Car Loan
  • Home Loan
  • SME Loans
  • Marriage Loan
  • Education Loan

Chapter Four

Retail/ Branch Banking Overview of BBL

4.1 Introduction

To keep pace with the mounting and varying demand for retail needs of patrons, BRAC Bank’s Retail Unit has positioned itself as a giant player in the industry.

Retail Unit is focused to meet the banking needs of individuals and is serving as a major channel of business. Retail Banking provides tailored products and services for different segments because its products are innovative & well-tested.

This unit takes foremost funding responsibility of the bank and is committed to offer diversified services to the entire customer base of the bank through Branch Banking Networks, Alternative Delivery Channels, Cross-Sell, Premium Banking & literally taking Retail Banking products to doorsteps through Direct Sales Force. Of many deliverables, “Retail” concentrates mostly to ensure ‘service excellence’ which is by adding delight across all touch-points.

As a part of continuous endeavor for providing unique products, services & delivery channels, the unit has also introduced Value Center concepts to explore different avenues in their respective centers to make massive contribution towards profitability.

4.2 Branch Banking Overview:

Retail Branch Banking under Retail Banking has further strengthened its position as a major channel of business by stretching its horizon both in richness and reach ness.

The thoughtful distribution of branches helped the Branch Banking team to offer total banking solutions and services through its online facilities to the customers. BRAC Bank at present has a total of 56-branch network in the country.

Branch Banking is responsible for carrying out all branch activities of the bank. It has been created to serve the acquired customers. The main task of Branch Banking is to oversee that branches are performing their duties properly and carrying out the day-to-day activities of the bank properly and efficiently and at the same time increasing both asset & liability portfolio.

Of many deliverables, Retail Branch Banking concentrates mostly to ensure ‘service excellence’ which is by adding delight across all touch-points to make massive contribution towards profitability.

Branch Banking has a number of deposit and Loan products.

4.3 Main objective of Brach Banking

• Branch Banking is responsible for carrying out all branch activities of the bank. It has been created to serve the acquired customers.

• The main task of Branch Banking is to oversee that branches are performing their duties properly and carrying out the day-to-day activities of the bank properly and efficiently and at the same time increasing both asset & liability portfolio.

• Of many deliverables, Retail Branch Banking concentrates mostly to ensure ‘service excellence’ which is by adding delight across all touch-points to make massive contribution towards profitability.

4.4 Service Quality of Branch Banking

The two main objectives are to help us achieve excellence in Guest Experience and ensure Service Quality.

4.4.1 ‘BRAC’ Bank Guest Experience Standards

The following guidelines will help us to achieve ‘BRAC’ Bank guest experience standards

• Bold – We will be BOLD on behalf of our guests and colleagues. We will be the first to greet, first to listen, first to make suggestions, first to satisfy even the unexpressed needs and to bid a fond farewell.

• Reliable – We will take full ownership in serving our guests to their complete satisfaction.

• Appealing – We will ensure that all guest touch points are appealing and inviting.

• Consistent – We will ensure that our guest experience quality is consistent in all aspects across all guest service points.

4.4.2 The Five Essentials of Excellence in Guest Experience [5P’s]:

BRAC Bank guest experience standards will apply to the five aspects for excellence in guest experience listed below;

• People – our team who serves our guests

• Premises – the locations from which we serve our guests.

• Papers – the documents we use to provide & receive information and communicate with our guests and colleagues.

• Processes – the processes that enable us to delight our guests

• Practices – the way in which we interact with our guests.

4.4.3 The ‘BRAC’ Bank Guest Experience Standards

The BRAC Bank guest experience guidelines are designed to help all team members contribute towards achieving the following guest experience standards:

• Every guest should feel that he/she is being treated as a personal guest

• Every guest should have a positive image of the bank so that they wholeheartedly refer BRAC Bank to others

• Every guest should receive one stop service

• Every guest must receive open and transparent communication

• Every guest must be informed about relevant rules, guidelines, charges and any changes to these up front

4.5 List of Processes of Branch Banking

Chapter Five

Liability & Wealth Manage