The impact of financial literacy workshops on customer understanding of banking products and services

Abstract

BRAC Bank PLC, a listed commercial bank in Bangladesh, was established in 2001 under the Banking Companies Act, 1991, and is listed on the Dhaka and Chittagong Stock Exchanges. The bank is divided into four divisions Commercial Banking, Retail Banking, Probashi Banking, and Small & Medium Enterprise (SME) Banking. BRAC Bank has 176 branches, over 500 ATMs, and 448 SME unit services nationwide. The bank has also initiated financial comprehension workshops to ameliorate customers' apprehension of bank products and services. These workshops have led to significant advancements in clients' knowledge of banking generalities and services, enabling them to make informed opinions on finances. The workshops have also led to increased complexity in banking services like investment and withdrawal savings. still, challenges remain, similar as availability in pastoral areas and the need for better product customization. BRAC Bank PLC continues to expand and enhance fiscal knowledge programs, fostering long- term trust and fidelity with guests and contributing to Bangladesh's profitable development.