A role of digital banking to strengthen customer convenience and operational efficiency: A case study on MyPrime app of Prime Bank

Abstract

The Role of Digital Banking to Strengthen Customer Convenience and Operation Efficiency: A Case Study of MyPrime App of Prime Bank is the internship report I have prepared during my Bachelor of Business Administration major. In the report, the adoption of digital banking services, especially via MyPrime app, will help in boosting customer satisfaction and enhancing operational efficiency in Prime Bank Limited. As the role of technology in the financial industry has gained significance, there is a movement among banks to make a transition to digital platforms to fulfill the needs of a technologically advanced client base as well as to stay on par with their competitors in the market. Prime Bank has also established itself as a prospective bank by launching MyPrime app which is a sign of its innovation and customer friendly banking. The research is mainly based on my three-month internship experience at Prime Bank Limited, where I was actively involved in helping customers to use MyPrime app, open an account, check the documents, and motivate people and companies to use home-centric digital banking services. This experience allowed me to witness directly how digital tools can help to decrease the reliance on manual paperwork, minimize human-related mistakes in transactions, and allow delivering the service faster. Simultaneously, I also experienced practical issues encountered by customers, e.g. the inability to operate multiple accounts, the inability to access the joint accounts, one situation, which demonstrated the possibility of fraud, and technical problems with the app. These insights created a relative picture of the strengths and weaknesses of the system. The report is based on secondary research, such as published materials of companies and annual reports in addition to practical experience, as well as scholarly sources on digital banking. The research indicates that MyPrime app would greatly improve customer convenience in terms of their easy access to services like funds transfer, loan applications, FDR management, and bill payments among other services in a safe digital space. In operational terms, it minimizes workload in the branches, minimizes customer waiting time, and assists the bank to manage its resources better. Nevertheless, it is necessary to continue the development of the apps functions and better the technological infrastructure at the branch level to make the best of it.