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Community Bank Bangladesh Limited has been declared as the winner of globally acclaimed Infosys-Finacle Innovation Awards 2021 in three categories.
The categories are -- Channel Innovation for Financial Inclusion Leveraging Technology, Covid Response Innovation for Innovative Banking During the Pandemic, and Ecosystem-led Innovation for Customer Service Anytime Anywhere.
Community Bank has won those awards primarily due to its successful roll out of its ‘digital-first’ strategy to serve its customers from the alternate delivery channels, the bank said in a statement on Wednesday.
According to the statement, Infosys received 270 nominations in 10 categories from reputed banks all over the world, of which, from Bangladesh Community Bank received three awards in different categories.
Commencing its commercial operation in September 2019, Community Bank has reached out to 64 districts with 18 branches, 165 ATMs, 110 service desks, 24/7 contact center and its popular mobile application styled ‘Community Cash’.
More than 99 per cent of the bank’s transactions now generating from alternate delivery channel, mainly from its mobile application ‘Community Cash’ and ATM network. 55 per cent of the bank’s total transactions are now performing from Community Cash and 44.2 per cent from ATMs located in 64 districts and less than 1 per cent transactions are generating from conventional branch counters, it said.
The bank is managing the payroll of Bangladesh Police, where the bank’s customers are located all over the country. Due to round-the-clock availability of the service from anywhere, majority of the customers could avail uninterrupted, hassle-free and safe banking service during Covid-19 pandemic.
Community Bank Managing Director & CEO Masihul Huq Chowdhury said, “Community Bank Bangladesh commenced its commercial journey with a promise to serve customers with a unique digital banking experience. Leveraging on a cutting-edge core banking system developed by Infosys Finacle enabled us to offer customized solutions even under a stressed situation of Covid-19. We are serving more than 99 per cent of our customers from digital platforms ensuring round-the-clock banking services with no practical downtime. A significantly large portion of our customers are newly on-boarded to formal banking channel of which more than 72 per cent are now actively using our mobile application to perform banking transactions. This is a unique example in the banking industry in Bangladesh.”
