M Jamal Uddin
Managing Director & CEO, IDLC Finance

The Daily Star (TDS): How are you collaborating with MFS providers to integrate mobile financial services within your banking operations, and how does this enhance the delivery of your services?

M Jamal Uddin (MJU): At IDLC Finance, we recognise the transformative potential of mobile financial services (MFS) in ensuring financial inclusion. Our collaboration with leading MFS providers, such as bKash, allows us to integrate seamless digital solutions into our operations. For instance, our Online DPS through bKash is a fully automated end-to-end solution that empowers customers to start and manage their savings digitally, eliminating the need for paper documents and physical branch visits. This integration significantly enhances service delivery by making transactions faster, more accessible, efficient, and transparent, particularly for unbanked and rural segments. By advancing financial inclusion, we not only bring previously marginalised communities into the financial ecosystem but also empower them to achieve greater economic stability.

Our commitment extends to fostering innovative partnerships with MFS providers to bridge the gap between traditional financial institutions and the digital payment ecosystem. This strategy ensures we deliver services that are inclusive, scalable, and tailored to the needs of diverse customer segments.

TDS: What products are you offering through MFS?

MJU: We currently offer monthly and weekly DPS products through bKash, which are tailored to promote micro-savings among marginalised and unbanked communities. This product aligns with our mission of financial inclusion by providing an easy, paperless, and secure way to save. We are also exploring ways to expand our offerings to include small-ticket loans and microcredit facilities through MFS platforms. This will allow us to cater to a broader customer base, including micro-entrepreneurs and individuals requiring short-term financing but with limited access to traditional banking channels. Our aim is to make financial products more inclusive and accessible to all segments of society.

TDS: What technological innovations are shaping mobile financial services, and how is your bank incorporating these advancements?

MJU: The fintech landscape is rapidly evolving with innovations such as Artificial Intelligence (AI), blockchain technology, and advanced data analytics. These technologies are pivotal to enhancing the efficiency, security, and scalability of MFS. At IDLC, we are leveraging digital onboarding, e-KYC, and AI-driven analytics to simplify the customer journey and provide personalised solutions.

TDS: What steps is your bank taking to safeguard customer privacy and protect sensitive information?

MJU: Customer privacy and data security are non-negotiable priorities for us. IDLC adheres to stringent data protection protocols, ensuring compliance with regulatory standards and international best practices. We employ end-to-end encryption, multi-factor authentication, and secure APIs to safeguard customer information during digital transactions.

Additionally, we conduct regular vulnerability assessments and cybersecurity audits to identify and mitigate potential threats. Our commitment to transparency and secure practices builds trust with our customers, reinforcing our reputation as a reliable financial partner.

TDS: What is your vision for the integration of MFS into traditional banking services?

MJU: Our vision is to create a harmonious blend of traditional banking and mobile financial services that caters to the evolving needs of our customers. By integrating MFS into our core operations, we aspire to offer a comprehensive financial ecosystem allowing customers to seamlessly transition between digital and physical touchpoints.

This integration will not only enhance accessibility and convenience but also promote financial literacy and inclusion across all strata of society. Looking ahead, I envision IDLC playing a pivotal role in shaping a digitally empowered Bangladesh by leveraging MFS to drive innovation and positive social impact.