Bank Asia to Launch Voice Recognition-Based Transaction in December
Bank Asia is set to implement voice recognition technology into its banking system, the first of its kind in the country, in December of this year.
The announcement came on Thursday at a press conference marking the bank’s 22nd anniversary.
“We will introduce a voice banking service, unique in the country’s banking sector. It will be a sound or voice recognition system that will allow customers to make money transactions even if they do not have Internet connection, “said Bank Asia Managing Director Md Arfan Ali said at the event.
“This way, marginalized people will easily be brought under the net,” he added.
In response to a question, he said the service will be more reliable than traditional techniques. It will ensure a secure bank using artificial intelligence.
Besides Bengali and English, the voice recognition system will also be able to recognize the local dialects of noakhali, sylhet and chattogram.
Mr Arfan Ali said: “We already have experience in fingerprint based banking and we started a speech recognition trial from the 26th. March. We are expected to fully launch the service from December 26 of this year. Initially, customers will be able to transfer up to 5,000 Tk in a single transaction. “
Referring to the bank’s remarkable achievements in agent banking, the Managing Director of Bank Asia said, “We have the largest agent banking network across the country. We are now focusing more on SMEs. [small and medium enterprises] and agricultural finance to accelerate the process of financial inclusion in the country.
Currently, the corporate segment accounts for 67% of Bank Asia’s total portfolio, which the bank plans to reduce to 50% by bringing the SME portfolio to the same level over the next five years.
“We are not only receiving money through bank agents, but we have also started lending 300 to 400 units of loans per day. We plan to increase it to at least 500 units from next January,” he said. said Md Arfan Ali.
Since launching its agent banking service in 2014, Bank Asia has established the largest agent banking network with more than 4,982 outlets open across the country through March of this year.
Bank Asia has the highest number of agent bank accounts – around 40 lakh – as of March of this year. The bank holds 50% of the total 51 lakh agent bank accounts held by women in the country, according to data from Bangladesh Bank.
Mr. Arfan Ali said: “As the fifth bank receiving funds, we recently raised $ 1.5 billion in funds. The distribution of funds through the agent banking network is increasing day by day. In the future, clients will receive the funds at their doorstep.
He said Bank Asia is poised to build the largest banking network, both local and global, through the introduction of postal banking by engaging post offices across the country.
In the local networking portion, the bank will provide financial services through 8,500 digital post offices across the country by appointing digital post office contractors under an agreement with the Bangladesh Post Office.
In addition, Bank Asia will be the first Bangladeshi bank to connect to Eurogiro, an open payment platform. Under the agreement with Eurogiro, the bank will engage all of its post offices with the global payments platform to provide money transfer services.
Apart from this, the bank plans to introduce cross-border postal payment application, which recently gained recognition from Bangladesh Bank.
Bank Asia Director of Operations Mohammad Borhanuddin, Deputy Managing Directors Md Sazzad Hosain, Mohammad Ziaul Hasan Molla, Safiuzzaman, SM Iqbal Hossain, Alamgir Hossain and Adil Chowdhury were also present at the press conference.
Bank Asia performance
According to its financial statements at the end of September, Bank Asia had a total deposit of TK 29,966 crore and disbursed loans amounting to Tk 25,110 crore, of which classified loans amounted to Tk 1,171 crore. .
Bank Asia’s current share price is Tk 20. In the past two years the bank has announced a dividend of Tk 10 per share.
At the end of September this year, the bank’s profit stood at Tk 274 crore, which was the core of TK229 as of September 2020.