“Trust Bank is embarking on a comprehensive digitalization journey”

TDS: What is the current status of digitalization within your organization?

Humaira Azam (HA): Trust Bank has made significant progress in digitalizing its operations and offers a wide range of digital products and services, including mobile banking, internet banking, online account opening, any branch banking, mobile financial services (MFS), ATMs, point-of-sale (POS) terminals, e-commerce, near-field communication (NFC) payments, and alert services.

The TBL mobile app, 'Trust Money,' is a very popular and user-friendly mobile app that allows customers to check their account balances, transfer funds (to other TBL branches, BEFTN, NPSB, MFS), pay bills, and more. We are extensively developing this app to offer more convenience to customers, such as QR and e-commerce payments, PIN generation, and requests for information change, etc.

TBL is also implementing a major switching system with a dedicated digital integration module that will enable product innovation in the consumer segment. The bank is also planning to implement a new website with a chatbot and embrace futuristic technologies such as Artificial Intelligence (AI), Machine Learning (ML), Robotic Process Automation (RPA), Data Analytics, Distributed Ledger Technology (e.g., Blockchain), Cloud Computing, workflow automation, and a loan origination system to support Cards, Retail, and SME businesses.

TDS: What challenges do you see in implementing digital transformation within the financial sector?

HA: Bangladesh Bank is introducing policies favoring online and interoperable payment, digital banks, etc.

Trust Bank is committed to bridging the digital divide by investing in digital literacy and awareness programs, expanding its network of branches and ATMs, partnering with other organizations, bolstering its cybersecurity measures, and recruiting and training IT professionals. These initiatives will ensure that everyone in Bangladesh can benefit from the opportunities of the digital economy.

TDS: How does your organization guarantee security, encompassing cybersecurity, prevention of forgery, and the safety of data?

HA: Trust Bank prioritizes protecting its customers' data, safeguarding business operations, and upholding the integrity of financial systems.

Trust Bank's cybersecurity strategy is built on a multi-layered approach, including:

• State-of-the-art switching system with dedicated security and fraud prevention module

• Advanced EMV and 3DS technologies for cardholder and merchant protection

• Endpoint security solutions for workstations and servers

• EDR, FIM, and DLP solutions for intrusion detection, file integrity assurance, and data loss prevention

• Encryption of critical workstations to protect sensitive data

• Next-generation firewall (NGFW) for network traffic filtering and monitoring

• Security Information and Event Management (SIEM).

• Regular VAPT testing to identify and remediate vulnerabilities

The bank continuously invests in the latest security technologies, provides cybersecurity awareness training to employees, and actively monitors and adapts its security posture to address evolving threats.

TDS: How does digitalization contribute to addressing sustainability and the inclusion of unbanked individuals in the banking sector?

HA: Digitization is revolutionizing the banking sector, driving sustainability, expanding loan access, and promoting financial inclusion. By reducing paper consumption and optimizing branch networks, digital banking minimizes its environmental impact. Digital platforms streamline loan applications, enhance credit scoring, and enable real-time loan approvals, making loans more accessible to a wider range of individuals.

TDS: What future plans does your organization have to enhance digitalization?

HA: Trust Bank is embarking on a comprehensive digitalization journey, encompassing a multitude of strategic initiatives aimed at enhancing customer experience, expanding financial inclusion, and driving innovation.

The bank is committed to streamlining existing processes through workflow automation, adopting green banking by introducing a digital loan origination system, utilizing digital underwriting tools, integrating QR code payment capabilities, integrating with e-commerce platforms, and continuously enhancing the mobile app.