This will bring enormous benefits to the NRBs living in the US providing 7 days a week round-the-clock remittance service, economical charges and competitive exchange rates, said Anthony J Nappi, managing director and Asia Pacific Region head, Global Transaction Services of Citigroup, in an interview with The Daily Star in Dhaka on Wednesday.

"Our commitment is to introduce new products and services, develop partnership with our customers and to be a leader in the market place," said Nappi, who was in Dhaka on a two-day visit.

"In Malaysia, the Philippines and the UK, we have introduced banking solutions based on mobile phone technology. A customer can transfer money to other beneficiaries through using his mobile phone," he said. "Introduction of the solution in Bangladesh is in an exploratory phase," he added.

When asked about his opinion on the Bangladesh market, Nappi said he thought that client needs are getting harmonised due to globalisation and he does not see much difference between the needs of clients in Bangladesh compared to clients in advanced economies like Singapore or Hong Kong.

He identified transparency and optimisation as the core requirements of clients in doing their banking transactions.

Referring to a banking solution through which signatures of chief executive officers or managing directors can be avoided in authorising cheques, he said not only big multinational companies, but also the commercial banks, insurance companies and small and medium scale enterprises can reduce the non-core activities and also expenses using the innovative and world-class solutions of Citibank.

He said the potential in Bangladesh for introducing new banking solutions is unlimited, as he sees a growing depth in the financial sector of Bangladesh.

"As there is a dramatic change in the world, especially for technological development, such banking solutions are now being accepted worldwide. So, there is no reason that the services would not be accepted in Bangladesh," he observed.

He said transparency and visibility into operations are the real needs for providing better customer services.

"However, awareness is needed among the stakeholders of Bangladesh about the innovative solutions, products and services," he added.

He said customers' level of sophistication in the Asian region are at par with those of the US and Europe.

Rashed Maqsood, director and head, Global Transaction Service of Citigroup, Bangladesh, echoed Nappi's views.

Transparency can make the decision making process faster, he said, adding that the products and services introduced by the Citigroup would ultimately benefit the customers and facilitate the development of Bangladesh financial sector.