What If Your Bank Came In a Little Box: Two partners of E CAS E TECH are planning to introduce a “Bank in a Box” concept in Bangladesh, which will not only provide a safe way of banking for its unmanned banking services, but also help improve the country’s financial inclusion.
The self-service kiosk machines, with the functionality of video conferencing live agent / teller, reduces the need for physical locations to provide financial services, says a press release.
The “Bank in a Box” concept provides an alternate solution for individuals who are not able to access banking facilities physically, and for those who do not own a personal computer or any handheld devices to conduct digital banking.
A project founded by Mahbubul Wasek and Mashrur Wasek, the “bank in a box” will provide new employment opportunities and encouragement for the way forward to the ‘new normal’.
It will also enable the agents/tellers to work remotely from their homes and eliminate the risk of spreading infectious diseases from multiple hand change of cash.
The initiative taken by E CAS E TECH was in collaboration with Colorado-based Kiosk Information Systems, a leading custom self-service kiosk manufacturer and under the guidance of State Minister for ICT Zunaid Ahmed Palak and the ICT Division.
These self-service kiosk machines will be a cost-effective alternative with lower infrastructural and operational costs for the banks to reach the population located in remote geographical locations through formal institutions, where traditional bank branches are not feasible to open and too expensive to operate.
It can also be an initiative under the Bangladesh Bank’s plans to reach the unbanked population.
The current alternative solutions of the Bangladesh Bank, namely sub branching and agent banking, are tailor made manual attempts to serve the unbanked population.
However, self-service kiosk machines will be able to automate and digitalize these processes, and at the same time provide a more secure and efficient way of banking to the people.
One of the unique features of this alternative banking solution for Bangladesh is the Live Agent feature, which will be able to assist those majority potential customers, who do not have the required technological education, to operate e-banking services, in their preferred language of Bangla or English.
The ‘Bank in a Box’ concept also addresses the lack of proper documentation issue, by integrating the electronic Know Your Customer (e-KYC) system, which allows account-opening without filling in any documentation, as well as providing more than one authentication process using Biometric authentication.