So it seemed Brac bank women were more responsible when taking a loan facility from a bank. We checked our internal data and found that we already had more thandeposit accounts for women. Our objectives for TARA are first to make it a viable business generating platform, to differentiate ourselves with our value proposition, to make banking easier for women and to become the partner that can help women in Bangladesh realize their potential.
Even our male employees are saving with this product for their wives. To better understand how we can improve retention, we now conduct employee research. And what about your loans for women-owned SMEs? It was these two issues that led to the creation of TARA. What we are finding is that because they can apply for a better interest rate if a woman is on the title, men are encouraged to put their wives on the title and on the loan application.
We want to show them that they can have their own savings plan with us — they can be the main person in the Brac bank that supports it. These Brac bank of efforts are laudable, but they can be expensive. Some are, some are not. We researched this and found out that although the portfolio size was small, their repayment history was very good — they had lower NPLs than men.
For women there is a 30 percent discount on the annual fee for life, plus discounts and privileges with our partners.
With a holistic approach, BRAC strives to bring about positive changes in the quality of life of the poor. Our unsecured loan limit is up to BDT 2. In Bangladesh women usually do the shopping for the household anyway, so this encourages them to use their TARA debit card for those purchases.
We also increased the incentive amount for our sales force to bring in women clients — they get 10 percent extra for women clients. In addition to protecting its borrowers, these ventures have also contributed towards making the organisation self-sustaining, with profits diverted to back into its poverty alleviation programmes.
For retention, we improved workplace facilities and revamped policies to make them more women-friendly. How did you address the harassment issue? BRAC continues to play a pioneering role in providing diversified financial services to serve different segments of the population who lack access to saving and credits provided by financial institutions.
Typically we require 2 years of operation for an SME to be eligible for a loan, but for women we reduced this to 1 year after we saw that women have the most trouble getting their first loans.
Tell us about the credit card offering. So you have the capability to disaggregate the data? A number of commercial ventures have been set up by BRAC to create these strategic linkages.
With a holistic approach, BRAC strives to bring about positive changes in the quality of life of the poor. We surveyed our existing women clients and found that women want four primary things: Have you had any pushback from male clients for offering a higher interest rate to women?
As a fully operational commercial bank, BRAC Bank focuses on pursuing unexplored market niches in the small and medium-sized enterprise business sectors, which has remained largely untapped within the country. We have home loans, auto loans and personal loans.
We try to dig deep to understand the drivers and try to resolve any existing issues. A private commercial bank focused on serving small and medium enterprises, BRAC has a strong commitment to achieving sustainable growth through responsible business practices. We are also including a free digital health benefit for the first year.
These include backward linkage services such as training on improved techniques and provision of improved breeds and technology, as well as forward linkages, such as storage facilities to produce and market finished goods.
All of this has led to a positive change in behavior from male employees. These agents know all the documentation required and can help the customers obtain them. But for loan customers, only 6 percent were women. A lot of women are working now, but they still have the mentality that they cannot manage finances and banking.
What businesses do you most frequently see women in? This is particularly useful for business customers because they have to track 5 or 6 documents for their businesses.BRAC is a development success story, spreading solutions born in Bangladesh to 10 other countries around the world – a global leader in.
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Personal Loan Team, BRAC Bank.
1K likes. For any kind of banking service, please contact: Parvez: Rana: Zahed: BRAC is the world’s largest development organisation, dedicated to empowering people living in poverty. Providing services in the areas of human rights and social empowerment, education and health, economic empowerment and enterprise development, livelihood training, environmental sustainability and disaster preparedness.
Here are the top 25 Officer profiles at Brac Bank Limited on LinkedIn. Get all the articles, experts, jobs, and insights you need. Mehruba Reza. GBA recently welcomed our first member in Bangladesh, BRAC Bank.A private commercial bank focused on serving small and medium enterprises, BRAC has a strong commitment to achieving sustainable growth .Download