The digital services of Brack Bank PLC, the opportunities challenges and the impact of digital transformation on customer interactions

Abstract

BRAC is a brand, its works like magic, whatever it inaugurates it accrued number one position in its respective field. BRAC Bank PLC is also one of them. Recently it becomes the number one financial institution in the country. BRAC Bank is one of the most prominent and renowned commercial bank in the bank industry of Bangladesh. They have achieved these positions in this competitive market because of their quality digital services, advanced digital products, their discipline and their ambitious attitude towards achieving goals. They have earned the top most place in such sensitive and competitive financial feield of Bangladesh for themselves. This report is based on their digital services, the opportunities the challenges and its impact on the customers community. BRAC Bank PLC a subsidiary of BRAC is private commercial bank founded in the year 2001. BRAC Bank puts its intense concentration on small and medium enterprises and business. It has 187+ branches, 457 SME unit, and 329+ ATMS, 10 CDM and 68 RCDMs throughout the country under the distribution network. For the conventional banking services for deposits, loans, and cards, it provides digital banking services through “Astha”. It also maintains EKYC to collect customers information digitally. Besides it also provides online banking, mobile banking and e-wallet services. They maintain very effective and proficient management team to conduct these digital services in order to have the best customer satisfaction. But on the other hand, there have some limitations too in those field. Here I have discussed how the digital services work, how it shares some limitations, challenges, benefits and customers reactions. All the information I gathered from my internship experiences, from online research and from the employees and from customer feedback. First of all, I have tried to explain the organization, how it operates its branch, how it gives services to customer, how the management team works. Then I have tried to analyze the topic, came out with challenges and opportunities, the impact of customers, how customers attitude changed when they were used to with manual banking services to digital services. I have also tried to explain SWOT analysis and porters five forces theory.