Analysis Corporate Values and Job Experience at BRAC Bank Limited
BRAC Bank Limited is a scheduled commercial bank in Bangladesh. It established in Bangladesh under the Banking Companies Act, 1991 and incorporated as private limited company on 20 May 1999 under the Companies Act, 1994. BRAC Bank will be an unique organization in Bangladesh. The primary objective of the Bank is to provide all kinds of banking business. At the very beginning the Bank faced some legal obligation because the High Court of Bangladesh suspended activity of the Bank and it could fail to start its operations till 03 June 2001. Eventually, the judgment of the High Court was set aside and dismissed by the Appellate Division of the Supreme Court on 04 June 2001 and the Bank has started its operations from July 04, 2001.
The importance of financial intermediaries in the development of the overall economy of country cannot be described in short. From the inception of the civilization the banking sector dominate the economic development of a country by mobilizing the saving from the general people and channeling those saving for investment and thus economic development and growth. In ancient time.
The importance of commercial banks after the ravage of the liberation war to develop a better economy was severally needed and it is needed now and will be required in future also. In time to time Government of Bangladesh agreed to permit the private commercial banking in the country.
BRAC bank will be knowledge based organization where the BRAC Bank professionals will learn continuously from their customers and colleagues worldwide to add value. It will work as a team, stretch, they innovate and break barriers to serve customers and create customers loyalty through a value chain of responsive and professional delivery. The bank promotes broad-based Participation in the Bangladesh economy through the provision of high quality banking services. BRAC Bank will do this by increasing access to economic opportunities for all individuals and business in Bangladesh with a special focus on currently under-served enterprises and households across the rural – urban spectrum. BRAC Bank believes that the pursuit of profit and developmental goals is mutually reinforcing. Increasing the ability of under – served individuals and enterprises to build their asset base and access market opportunities will increase the economic well being for all Bangladeshis at the same time, this will contribute significantly to the profitability of the Bank. BRAC Bank intends to set standards as the Market leader in Bangladesh. It will produce earnings and pay out dividends that can support the activities of BRAC, the Bank’s major shareholder. Development and poverty alleviation on a countrywide basis needs mass production, mass consumption and mass financing. BRAC Bank goal is to provide mass financing to enable mass production and mass consumption, and thereby contribute to the development of Bangladesh. BRAC Bank intends to set standard as the market leader in Bangladesh by providing efficient, friendly and modern fully automated online service on a profitable basis.
A fully operational Commercial Bank, BRAC Bank focuses on pursuing unexplored market niches in the Small and Medium Enterprise Business, which hitherto has remained largely untapped within the country. In the last six years of operation, the Bank has disbursed over BDT 1800 crore in loans to nearly 60,000 small and medium entrepreneurs. The management of the Bank believes that this sector of the economy can contribute the most to the rapid generation of employment in Bangladesh. Since inception in July 2001, the Bank’s footprint has grown to 26 branches, 356 SME unit offices and 26 ATM sites across the country, and the customer base has expanded to 200,000 deposit and 45,000 advance accounts through 2006.
In the years ahead BRAC Bank expects to introduce many more services and products as well as add a wider network of SME unit offices, Retail Branches and ATMs across the country.
Within this short time the bank has been successful in positioning itself as progressive and dynamic financial institution in the country. The is now widely acclaimed by the business community, from small entrepreneur to big merchant and conglomerates, including top rated corporate and foreign investors, for modern and innovative ideas and financial solution. Thus within this short time it has been able to create an unique image for itself and earned significant solution in the banking sector of the country as a bank with a difference.
BRAC Bank will be a unique organization in Bangladesh. It will be a knowledge-based organization where the BRAC Bank professionals will learn continuously from their customers and colleagues worldwide to add value. They will work as a team, stretch themselves, innovate and break barriers to serve customers and create customer loyalty through a value chain of responsive and professional service delivery. Continuous improvement, problem solution, excellence in service, business prudence, efficiency and adding value will be the operative words of the organization.
BRAC Bank will serve its customers with respect and will work very hard to instill a strong customer service culture throughout the bank. It will treat its employees with dignity and will build a company of highly qualified professionals who have integrity and believe in the Bank’s vision and who are committed to its success.
BRAC Bank will be a socially responsible institution that will not lend to businesses that have a detrimental impact on the environment and people.
- Sustained growth in ‘small & Medium Enterprise’ sector
- Continuous low cost deposit growth with controlled growth in Retained Assets
- Corporate Assets to be funded through self-liability mobilization. Growth in Assets through Syndication and Investment in faster growing sectors
- Continuous endeavor to increase fee based income
- Keep the Debt Charges at 2% to maintain a steady profitable growth
- Achieve efficient synergies between the bank’s Branches, SME Unit Offices and BRAC field offices for delivery of Remittance and Bank’s other products and services
- Manage various lines of business in a fully controlled environment with no compromise on service quality
- Keep a diverse, far flung team fully motivated and driven towards materializing the bank’s vision into reality
BRAC Bank will be the absolute market leader in the number of loans given to small and medium sized enterprises through out Bangladesh. It will be a world class organization in terms of service quality and establishing relationships that help its customers to develop and grow successfully. It will be the Bank of choice both for its employees and its customers, the model bank in this part of the world
The objectives of BRAC Bank Limited are specific and targeted to its vision and to position itself in the mindset of the people as a bank with difference. The objectives of BRAC Bank Limited are as follows:
- Building a strong customer focus and relationship based on integrity, superior service.
- To creating an honest, open and enabling environment
- To value and respect people and make decisions based on merit
- To strive for profit & sound growth
- To value the fact that they are a member of the BRAC family – committed to the creation of employment opportunities across Bangladesh.
- To work as a team to serve the best interest of our owners
- To relentless in pursuit of business innovation and improvement
- To base recognition and reward on performance
- To responsible, trustworthy and law-abiding in all that we do
- To mobilize the savings and channeling it out as loan or advance as the company approve.
- To establish, maintain, carry on, transact and undertake all kinds of investment and financial business including underwriting, managing and distributing the issue of stocks, debentures, and other securities.
- To finance the international trade both in import and export.
- To develop the standard of living of the limited income group by providing Consumer Credit.
- To finance the industry, trade and commerce in both the conventional way and by offering customer friendly credit service.
- To encourage the new entrepreneurs for investment and thus to develop the country’s industry sector and contribute to the economic development.
Bank’s Culture & Corporate Values
Bank has adopted trust as a corporate value which is acronym for team work, respect for all people, unquestionable integrity, excellence in everything BRAC Bank of SME do, Sense of urgency in getting things done and total commitment. All employees are expected to conduct themselves in accordance with the rules and regulations of the bank.
There are some corporate values
- The strength of the bank’s employee emerges from the owner – BRAC. This means, they will hold the following values and will be guided by this as they do their jobs.
- Value the fact that they are a member of the BRAC family
- Creating an honest, open and enabling environment
- Have a strong customer focus and build relationships based on integrity, superior service and mutual benefit
- Strive for profit & sound growth
- Work as a team to serve the best interest of their owners
- Relentless in pursuit of business innovation and improvement
- Value and respect people and make decisions based on merit
- Base recognition and reward on performance
- Responsible, trustworthy and law-abiding in all that we do
Finance Soft ware & IT
BRAC Bank has recently introduced one of the world famous banking software FINACLE to give better service efficiently and effectively to its clients. FINACLE is one of the expensive and effective software in banking sector. FINACLE will help to give faster service to clients and keep maximum data in storage. BRAC Bank Ltd. is currently running countrywide true online fully automated baking system. The system allows their customers to do transactions all around the country. The bank cheques are all marked with Barcodes that makes each cheque unique and disallows it to be duplicated. All the signature and customer information with their pictures can be verified from any console at any branch on the bank.
We also ensure Offsite backup and Disaster Recovery. Their Goal is to provide a true online baking system, which will not only fulfill the demand of time but also set new benchmarks in twenty-first centuries banking world.
- All Branches are computerized
- 99% banks work is automated using latest technology
- BRAC Bank is a member of SWIFT community
- Intercity Branches are connected via optical fiber backbone network
Ezee Account: ‘Banking That Sets You Free’ BRAC Bank offers you EZee Account a noncheque interest bearing account for small savers who are in frequent need of transaction. You don’t need to write a cheque or stand in a long queue to draw your own money from BRAC Bank. You can get an ATM card to operate your account round the clock.
Savings Account: A regular savings account offering you interests on your deposit amount.
Current Account: BRAC Bank’s Current Account is a normal checking account, giving you the option to deposit and withdraw money for your day-to-day needs.
DPS: BRAC Bank’s Deposit Premium Scheme is a savings plan that adds value to your hard earned money.
Campus A/C: BBL offering campus account for students.
Bizness A/C: As like current account but giving interest rate on daily amount.
Femina A/C: Offering a attractive relationship with BBL only for woman with highest interest rate 7.5%
Salary Accounts (TA)
BRAC Bank Salary Account is a payroll account for Employers and Employees. As an organization, you can opt for our Salary Account to enable easy disbursements of salary & enjoy numerous other benefits.
FDR OR H&W
BBL offering different kind of fixed deposit facilities to its clients these is given below:
Interest First Fixed Deposit
This time you don’t have to wait till maturity to receive interest on your Fixed Deposit. BRAC Bank Interest First Fixed Deposit lets you draw the interest instantly at the time of your deposit. Believe it. A deposit scheme where the client receives interest in advance.
Your hard earned money is paying-off immediately; BRAC Bank ‘Abiram’ Account is a special type of Fixed Deposit scheme, which offers the flexibility & comfort of having a guaranteed monthly return on your investment. With BRAC Bank ‘Abiram’ Account, you can ensure a safe & steady return on your investment.
Short Term Deposit
A deposit scheme to give returns on your savings.
Step Up Fixed Deposit
BRAC Bank 3-Year Step Up Fixed Deposit GUARENTEES increase of interest rate each year. It is the most attractive investment because the rate automatically increases each year. Step in today to step up your interest.
Since February ’07 I have been working with BBL. I am responsible for arranging ROAD SHOW and coordinate different events under sales department of BRAC BANK in different corporate buildings and crowd places in Dhaka city where BRAC Bank offer a line of products to visitors, doctors, teachers and employees.
From the very first day of my joining in BRAC Bank I worked under sales department and I deal with the entire consumer banking products which BRAC Bank offer to its clients. So I gather a little knowledge during my on job internship period regarding all the personal banking products. Now I describe the activities which actually I did in BRAC Bank during my on job internship.
Team: I am leading 4 executives those who are working with me to make the campaign successful. We all work as a team. While road show is running, few executives are responsible for making the campaign fruitful and rest of few are responsible to close all the sales lead which already generated previous road show.
Road show: This concept is completely new in Bangladesh. Usually we are very much familiar with campaign concept it’s almost same but has little difference. For road show no need of huge spaces and we don’t use sound systems like ordinary campaign and it can be successfully done in every potential places without huge expense.
Identifying potential places for Road Show: identifying potential places is the most important on how much campaign will be successful. For road show we are targeting corporate houses and some commercial places as well. Concept behind target corporate houses BBL providing different loan products to salaried individuals so we can easily reach all the employees where we will continue our road show.
Giving proposal: After identifying potential places for road show I visited corporate houses and tried to make an appointment with there responsible authorities and give them proposal like we want to run a 3-4 day long road show at your buildings if he agree with my proposal then I give him officially proposal which issued by my boss.
Collect authorization: if corporate houses agree to give us authorization to run a road show at there buildings than we collect a hard copy of authorization that must be sued by there GM or MD or Head of Admin.
Preparation for Road show: After collect authorization letter for run a road show than we starts prepare us. I give requisition for all type of product and services brochures, calendars, kiosk, card holder etc.
Number of executive: I decide how much executive will be needed for road show. It depends actually where we are going to run our road show. If it is market than I need extra executive from other section of sales department otherwise my event team well take care of it. Usually executive comes from every section of sales department during road show and work with me. Executive needed 3 to 5 members for corporate houses and 5 to 10 for super markets.
Dress code: All executive should be well dressed during road show. Prefer blue shirt with black trouser and well match tie.
Generate sales lead: From road our primary activities are generate sales lead. Those who are interested about BBL product and services we just collect their officer’s card and write down their name in our tracker list.
Promote product & services: we are not only generating sales lead we are also promoting all product & services which provided by BBL.
Sales consumer loan: Though I and my team working under asset section so we are trying to increase our business by selling personal loan products. I will give enough information about consumer loan products in later part of my report.
Close lead: After successfully complete the road show we go back to the office and work on sales lead which generate from road show. I distribute the lead to my team members and they are responsible to close the sales.
Follow up sales: Those who are already taken our loan and who our potential clients try to keep in touch with them and if possible try to make call to them after few days and do it regularly.
Some successful road show conduct by Event Management team under sales department of BBL Corporate Houses
- Silver Tower
- PBL Tower
- UDAYAN Tower
- Pink City
- Rupayan Golden Age
- DCC markets
- Bashundhara City
- UAE market
- Rapa Plaza
- Metro Shopping Mall
- Best buy
Different Aspects of Job Performance
My supervisor’s all time monitored my work what I am doing and how my team are working. He always supervised and advised me. He always is looking for the better performance from my team. He judge my performance in terms of different category like – either I followed the direction or not, my attitude towards work, am I self motivated or not, about my writing and communication skills, accurate and error free work, had the ability to confront problems, had good interpersonal skills, was flexible in the ability to work on several levels of job assignments and achievement of intern objectives.
Critical Observation And Recommendations
To improve the consumer loan procedure BRAC Bank should take some necessary actions that are given below:
Strictly monitoring Verification team: Few cases verification team doesn’t go clients working or living places for verified documents they do it by sitting office over phone so sometimes they doesn’t get the actual information about the clients. So, credit department should strictly monitor them,
Early CIB status: To know CIB status credit department takes minimum six working days though it is depend on Bangladesh bank but if BRAC Bank introduce freedisbursement before getting CIB status for small amount of loan that clients will be benefited.
Show Flexibility to approve loan: if credit department find a little bit miss-match clients documents with the BBL PPG than they directly decline the files without inquiry. So they should attitude positively towards the clients,
Interest rate: BBL charging 18.5% effective interest rate that is higher than local other competitors so they should decrease their interest rate otherwise they couldn’t keep the customer.
Increase Corporate Clients: I faced some difficulties when I approached someone for loan who is working with big company. Because most of the corporate houses are taking banking facilities from HSBC or SCB so they providing loan to them with lower interest rate than BBL. So BBL should increase corporate clients by offering some exclusive product and services.
To improve the branch office culture BRAC Bank Limited may adopt some of the practices that are not practices currently. These are –
Serial wise client service
Client service is the most vital for the bank if it’s handled properly and smoothly because Bank’s total goodwill depends on the client service. General Banking Department can start using serial wise client service so that client can know that how much time s/he have to wait for the service.
Authorization within very short time
As we know that whenever clients make any transaction or opening accounts/FDR/pay order etc. it’s need to authorization and as well as signature. If the authorized person delayed to give authorization and signature, client will be dissatisfied because all the clients don’t have enough time to sit in to the bank hours after hours. So authorization should be complete as quick as possible.
Fully separated Clearing Department
Clearing department of the branch should be separated from the General Banking Department. The clearing cheque should receive by the officer of clearing department so that the pressure is minimized from GB Department.
Introduced ATM booth in front of each Branch
Everyday a huge number of clients came to the branch only for cash withdrawal. If the bank authority setup an ATM booth in front of each branch then the pressure of client handling may reduce.
Quick quarries and telephone service through the Telephone Operator
Telephone operator should introduce branch wise for better and quick client service. It should not be a bank officer’s duty to pick up the phone and solved all kind of problem through the phone.
Alarm/fire exit and Armed Security Service
Each and every banking organization should have high security. The bank authority should ensure about the armed security guard, good opportunity of fire exit as well as the alert system to overcome the situations.