Alternate channel and payroll banking

Abstract

Payroll Management is the administration of the financial record of employees' salaries, wages, bonuses, net pay, allowances and deductions. Payroll involves the calculation of amounts due to the employees, such as hourly wages, a salary consists of a certain amount per calendar period, or pay to salespersons on commission, as well as reimbursement for employee-paid expenses such as travel, medical, education. The payroll management service has become a vital part of any company to satisfy its employees. Many banks now offer payroll processing services. It is user-friendly, gainful, highly secured, less expensive, easier to get loans, and it takes less time to see all information in one website when payroll accounts are opened in a bank. But it is a matter of taking decision on whether to choose a bank for payroll service or a large specialized firm. In Bangladesh, several banks are offering payroll services for the employees working in different organizations. Having been considered Standard Chartered Bank is one of few banks which offer a comprehensive set of benefits and services to keep employees satisfied with their workplace. The bank is not only the leading foreign bank of the country but also one of the few banks that have revolutionized the banking service industry through adoption of modern technology and process with a view to enhancing customer satisfaction. Payroll Management Services is one of such technological advancements which are comprised of salary accounts, interest rate on salary amount, loan facilities, credit card shopping and debit cards, alternate banking etc. The popularity of payroll specialized services has been increasing since its initiation in this country as a great number of companies have already been registered with the bank and many more are coming up.