Bringing banking to customers’ fingertips

Tareq Refat Ullah Khan, Managing Director & CEO (Current Charge), BRAC Bank

The Daily Star (TDS): What is the present state and trend of bank deposits in Bangladesh? What is the situation in BRAC Bank?

Tareq Refat Ullah Khan (TRUK): While the industry witnessed a deposit growth of 7.44% in the year 2024, BRAC Bank recorded an impressive 34% growth, setting a remarkable benchmark in the banking sector. Despite the challenging environment faced by the banking sector last year, BRAC Bank successfully maintained consistent growth in customer deposits—an achievement that reflects the trust and confidence of our customers.

Our market leadership is further reinforced by the highest market capitalisation, a consistently rising share price, and the best credit ratings from leading international and local rating agencies. Additionally, BRAC Bank has been recognised as one of the top sustainable banks for five consecutive years in the Sustainability Rating of Bangladesh Bank. BRAC Bank has also been featured in the Bloomberg Sustainability List, showing international recognition of its sustainable work.

TDS: What major deposit schemes does BRAC Bank currently offer, particularly those tailored to specific customer segments?

TRUK: Our products are tailored to accompany customers throughout their financial life cycle—from Future Star accounts for children, to Agami for students, and Golden Benefit for senior citizens. We also cater to specific professional groups, including government employees, mariners, freelancers, and high-net-worth individuals. For remittance earners, our Probashi segment enables customers to open accounts digitally from abroad.

For the tech-savvy generation, we offer Virtual Accounts with Virtual Debit Cards. Our insurance-backed savings products are specifically designed for women, children, and senior citizens, providing added security and peace of mind.

Under our flagship Women Banking proposition, TARA, we empower, inspire, and connect women across Bangladesh. Recently, we introduced the TARA Homemaker Savings Account, a pioneering product dedicated to women outside the formal workforce.

In our commitment to diversity and financial inclusion, we continue to expand our reach through 1,121 fully digital Agent Banking outlets across the country. We have also partnered with bKash, one of the largest MFS providers, to enable customers to open DPS accounts digitally, targeting underserved micro segments.

In Term Deposits, we offer flexible options, including Interest First, Monthly and Quarterly Interest Credit facilities, and Recurring Deposit Schemes, starting from as low as BDT 500, making them accessible to all.

For Corporate & Institutional Banking clients, we offer transactional accounts with a number of facilities for business entities. For them, we also have the Special Notice Deposit (SND) account, which offers interest on deposited funds—making them attractive to companies looking for a safe place to save while earning a return, and enjoying flexibility in accessing their funds with short advance notification.

In addition to interest-bearing and low-fee current accounts for SMEs, BRAC Bank offers tailor-made collection solutions for corporates, enabling faster receivables, ERP integration, and improved supply chain transparency through virtual accounts and nationwide collection support.

TDS: What innovations has BRAC Bank introduced in terms of technology, payments, and security to benefit depositors?

TRUK: In this era of technological advancement and a fast-paced world, continuous innovation has been a key factor in the success that BRAC Bank has achieved so far. Our eKYC platform has enabled customers to easily open an account on their own. Customers can then register in our app, Astha, which has become a well-accepted lifestyle and financial assistance system for our customers. We have revolutionised the banking sector by being the only bank in the country that has enabled customers to take app-based (Shubidha) instant personal loans.

Our Corporate and Institutional Banking team is empowered by the CORPnet platform—a comprehensive, one-stop solution designed to meet the diverse needs of our corporate clients. With its user-friendly interface and robust security features, CORPnet stands among the pioneering digital platforms in the country.

Looking ahead, we are set to launch the country's most advanced Trade Solution platform within the next year—an innovation we believe will positively transform Bangladesh's trade and commerce landscape.

TDS: What are your bank's future plans for developing new deposit schemes and enhancing operational modes for depositors?

TRUK: The future of banking lies in providing customer convenience and offering tailored solutions according to individual needs and preferences. It directly contributes to changing the concept of traditional retail banking. Customers should be able to open accounts and take loans digitally 24/7—anytime, anywhere—regardless of the brick-and-mortar banking model. We believe in bringing banking to the fingertips of the customers—bank with us from anywhere.

TDS: What role do you believe the government should play in strengthening public trust and ensuring the safety of deposits in the banking sector?

TRUK: The government has played a pivotal role in ensuring macroeconomic stability and maintaining strong regulatory oversight. We have recently observed the lowest inflation rate in 27 months, primarily driven by a tightening of monetary policy. Public confidence in the banking sector is gradually being restored—thanks to initiatives such as the Deposit Insurance Scheme, continued efforts to ensure transparency, the enforcement of good governance practices, and the promotion of digital and financial literacy.

This positive momentum must be sustained. Going forward, the government should consider incentivising banks to adopt global risk management standards and encourage innovation in compliance frameworks.