MT Desk: In line with the development of technology, consumers’ behavior in taking/receiving financial services has changed. Nowadays, customers like fast, easy and reliable services. The growing demands have resulted in the rise of numerous financial technologies (fintech) that have enhanced the quality of services offered by banks. To survive the competition against the fast-paced fintech companies, banks are required to adapt and provide better services, especially in connection with the information technology services. Islami Bank’s Cellfin app has emerged with all banking solutions for the users to make life easy with the slogan of ‘Banking and Beyond’. Islami Bank Bangladesh PLC has gained huge popularity with its omni-channel banking app Cellfin which was launched in November 2020.  The tool now boasts 3.4 million users. Around 9.61 lac customers opened account in IBBL through Cellfin app. The number is mounting day by day.

Cellfin is a platform offering a wide range of financial services. Upon registering on the app, users will receive an instant virtual prepaid card powered by Visa or MasterCard. Additionally, customers can also avail of a virtual dual currency prepaid card. Any person, whatever account-holder or not, can use the app. It may be used from the USA, Singapore, Australia, as well as a number of Middle East and European countries.

Cellfin works on electronic KYC mechanism allowing users to open various types of IBBL accounts without going to branches. The customers can manage their savings account, check account balance, view statement and transactions. Moreover, they can place requisition for cheque book.

Cellfin provides different types of transactions and payment services. Customers can transfer funds instantly to any bank`s account, card or MFS service such as mCash, bKash & Nagad. Adding money is available from any bank`s card, IBBL savings account or mCash. Cash-in or out is accessible from IBBL branch/sub-branch, ATM/CRM or Agent outlet. Money can be sent as cash-by-code to person without card/account who can withdraw it through ATM. Customers can receive foreign remittance with secret PIN or through VISA Direct channel.

Other features of Cellfin include e-commerce payment (QR code/Online Gateway), mobile recharge, buying tickets and school-college fees payment. Bills for various utility services (DPDC, DESCO, Dhaka WASA, NESCO, Palli Bidyut Prepaid, Titas & Jalalabad Gas) may be paid with ease. Bill of Khidmah credit card may also be paid. 196 types of fees can be paid through it including passport fees, VAT, Tax and different types of Govt. fees can also be paid through A-challan using Cellfin app. Indian Visa processing fee can be paid through it. Complaint for failed Cellfin transaction may also be recorded.

The banking industry is observing changes, primarily driven by shifting consumer preferences and expectations. Customers prefer cashless transactions, decreasing the demand for traditional banking services associated with these payment methods. IBBPLC’s Cellfin features have already created a new opportunity for its users and the number of users is increasing day by day. There is no alternative to digital banking to build smart Bangladesh. IBBL Cellfin app has been playing vital role in building cashless society. The building of Smart Bangladesh will be accelerated with Cellfin app.