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Mutual Trust Bank (MTB) started its rebranding process with a new logo on February 1, aiming to attract more customers, particularly the youth, by offering world-class services, according to the bank's top executive.
"We've decided to rebrand, taking into account the needs of the younger generations, who represent the future of the country," said Syed Mahbubur Rahman, managing director (MD) and chief executive officer (CEO) of MTB, while explaining why rebranding of the organisation was necessary, in an exclusive interview with the Financial Express (FE) recently.
MTB looks to become a bank for the present and the future, providing global-standard services through technological transformation, he added.
"We're not a bank for a particular time. We're a bank for all time," the CEO said, adding that MTB is committed to making its banking services faster and easier for the growing segments of tech-savvy populations.
As part of the rebranding, MTB has already introduced its internet banking platform, MTB Neo, replacing MTB Smart Banking App, offering next-generation digital services and payment solutions.
MTB Neo provides an upgraded user interface, enhanced functionality, and more flexibility, allowing customers to manage their finances easily and efficiently with their mobile devices.
"MTB Neo represents a fresh identity, but it retains the trust and reliability our customers have always valued. We believe this change will enhance the digital banking experience of our customers," the CEO continued.
All types of transactions, except for large ones, will be conducted using MTB Neo App by June this year. Interested customers may even apply for personal and vehicle loans through the app, he said, adding that MTB is working to bring home loans under the app as well.
MTB customers can now access most banking services through the app without visiting a branch. "Our aim is to bring the banking services to the doorsteps of our customers."
The experienced banker also spoke on other issues, such as access to finance, inclusive economic growth, sustainable financing, and achievement of the Sustainable Development Goals (SDGs) by 2030.
The SDGs include 17 goals and 169 targets that set out quantitative and qualitative objectives aiming to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity.
"We want to boost our digital loans, particularly in rural areas of Bangladesh, through partnerships with FinTech companies," the CEO said, adding that MTB provides all types of financial solutions like a digital bank to meet future clients' requirements.
MTB has also planned to expand its network to hard-to-reach areas, leveraging robust and cost-effective digital platforms.
On the comparatively higher interest rates charged by the banks while lending digitally in remote areas, the CEO said the central bank and other stakeholders should consider benefits of the rural borrowers instead of interest rates as credits in rural territories are much more expensive because of the existence of "Mahajans", local but informal money lenders.
Rural borrowers will benefit from formal credit facilities even if they are made available at a slightly higher rate than what is offered to people in urban areas. "So, the interest rate in this case is not important, their access to credit is more important as bank rates are still far lower than rates charged by informal money lenders."
As one of the leading commercial banks in the country, MTB has already started loan disbursement in rural areas in a pilot project, Mr. Rahman said, adding that the initiative would be expanded in the near future.
With the help of strong data analytics, MTB is now addressing customer needs by moving to end-to-end digital solutions, and prioritising speed and convenience, according to the CEO of the organisation.
"We want to contribute to the achievement of inclusive economic growth by boosting rural financing across the country," he said.
He also said MTB had planned to double its financing in the sector of retail and small and medium enterprises (SMEs) to bring more unbanked people into the banking network in the next three to five years.
According to the plan, investments in retail and SMEs will reach 40 percent of the lender's total loans and advances within the time from 20 percent at present.
Besides, MTB is actively addressing environmental and climate change issues in line with its board of directors' advice to promote sustainable banking practices, according to Mr Rahman.
"We've allocated significant funds towards green financing and sustainable projects, underscoring our dedication to environment preservation and societal advancement," he noted.
Mr Rahman took responsibility as MD and CEO of MTB on December 1, 2019. Prior to joining MTB, he was the MD and CEO of Dhaka Bank. Before joining Dhaka Bank, he served BRAC Bank as MD and CEO, and deputy managing director (DMD). He also served Prime Bank Limited as DMD.
MTB has consistently prioritised customer-centric banking, ensuring good governance and trustworthiness amid the evolving economic landscape.
"As we celebrate over two decades of service since our inception in 1999, we remain committed to our values of trust and progress," Mr Rahman noted.