Sonali Bank Limited, the leading state-owned commercial bank in Bangladesh, has made a major milestone achievement in the banking industry by completed closing of the year-ending process in 8 hours.
Sonali Intellect Limited, a financial technology solution provider incorporated as a joint venture of Intellect Design Arena Limited and Sonali Bank Limited, announced the milestone achievement by Sonali Bank Limited. Sonali Bank Limited is providing services to over 20 million customers across the country.
Sonali Intellect Limited has transformed Sonali Bank’s traditional Banking services from different vendor's stand alone platform to a centrally controlled Intellect Core Banking platform and delivering International standard Banking services to its customers with Zero downtime. It has also achieved the Bank closing year end process in 8 hours record for a Bank over 20 million customers. Sonali Intellect is handling total 20,891,593 customers with 19,273,607 accounts, completed last year end at 08.17 hr. which was 11.28 hour in 2018.
Sonali Intellect Limited is a leading vendor in the BFSI space that has a local development center in Bangladesh that brings the state-of-the-art global financial technology to Bangladesh market. Intellect CBS has been made Bangladesh ready completely through its local development and support center.
Intellect’s CBS implementation is a key milestone in the journey of Sonali bank’s 'Primary Banker' vision. Ability to quickly launch new products also resulted in an immediate and consistent increase in its customer base. This technology transformation initiative has equipped Sonali Bank to compete directly with Private Commercial Banks while also providing efficient services to its existing customers. The CBS migration in Sonali Bank started in 2014 with 120 branches and successfully completed all 1209 branches in 2017, there after SBL opened 16 branches with CBS.
Sonali Bank which has 1225, branches across Bangladesh runs on Intellect CBS in full swing providing centralized online, real time banking platform that could provide enhanced functionality and superior customer experience.
Commenting about the achievement, Md. Ataur Rahman Prodhan, CEO & Managing Director, Sonali Bank Limited said, “Intellect's CBS implementation helped us achieve our twin targets of enhancing enterprise efficiency and customer experience. We are happy to achieve this significant milestone. Intellect is the International Company having a strong local presence in Dhaka, giving us the unique advantage of providing our customers with unparalleled service with access to world renowned latest digital solutions.”
Banesh Prabhu, Director, Sonali Intellect Limited, said, “While the banking Industry in Bangladesh is going through a significant technological evolution, Sonali Intellect Limited has demonstrated the capability to deliver world class Banking products to support the rapid change taking place in Banking and Financial services markets in Bangladesh and globally. Designed by bankers, Intellect® CBS is a highly scalable core banking platform that helped to achieve the milestone record of 8 hours closing year end process. With zero downtime, Sonali Bank has created a more engaging online experience and a more dynamic, responsive approach to its customers. ”