BRAC Bank Limited: a brief work process of the employee banking department
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This report entails a brief understanding of the Employee Banking (EB) department of BRAC Bank Ltd (BBL) from an intern’s work experience. It consists of the core functions of the Employee Banking department and also highlights the functions of other departments who work closely with the Employee Banking (EB) department. BRAC Bank Limited (BBL) is one the largest private commercial banks in Bangladesh. The vision, mission, objectives, achievements and basically the company overview are featured in this report. One of the integral performers of BBL in the market is its Retail Banking division. Retail Banking, also known as Consumer Banking is targeted towards individual clients through the local branches where the clients are offered multiple services and banking products i.e. accounts, loans, cards, mortgages, different deposit schemes etc. The Retail Banking division has several departments under its wing with Employee Banking (EB) being one of its major players. The Employee Banking (EB) department is very different in comparison to other sections of Retail Banking because instead of targeting single clients it attempts to target a wide array of employees working in an organization and cater to their needs. The basic function of EB is to open salary accounts for employees and disburse them as per the instruction of their employers. It also offers other banking products (loans, credit cards etc.) to the employees at discounted rates. Since the clients are targeted on a larger scale, the procedures involved are a little more complicated to have the clients on-board. The term “On-boarding” refers to the process through which a company signs an agreement to channel their payrolls through the salary accounts of BBL. The report mentions how the EB department has to work simultaneously with several other departments both within and outside of its division. The report also includes the different products & services that the EB department has to offer and how they are processed and communicated. The last part of this report highlights a few room for improvements of the Employee Banking department which would be beneficial for both the Retail Banking department and eventually BRAC Bank Limited (BBL) as a whole.