Name & BackgroundInternational
Finance Investment and Commerce Bank (IFIC Bank) is a well-known commercial bank in Bangladesh, established in 1976 and has a history of more than 40 years. Headquartered in Dhaka, it is located in the heart of Bangladesh's business district. The bank is a private bank jointly invested by a number of private enterprises and institutions. IFIC Bank is not publicly traded and all shareholders are private shareholders and is committed to providing a full range of banking services to individual and corporate customers.
Scope of
ServicesIFIC Bank has a wide range of outlets and ATMs in Bangladesh, covering many cities across the country. Its offline outlets are located in large, medium, and small cities and rural areas, ensuring convenient banking services for a wide range of customers. Although it primarily serves the Bangladeshi market, it also provides services in some overseas markets, especially those with strong trade ties with Bangladesh.
Regulation &
ComplianceIFIC Bank is regulated by the Central Bank of Bangladesh (Bangladesh Bank) and as a commercial bank, it follows the country's financial regulatory regulations, including the deposit insurance scheme, to ensure that customers' deposits are protected. Banks also have a history of compliance, always following national and international financial reporting and risk management standards, and maintaining a proven track record of transparency and compliance with financial regulation.
In terms of key indicators of financial health, IFIC Bank's capital adequacy ratio remains above the industry standard, which makes it more resilient in the face of market volatility. The bank's low non-performing loan ratio indicates that its loan business is well managed and risk controlled. The liquidity coverage ratio is also in line with national regulatory requirements, ensuring sufficient liquidity to meet customer withdrawal needs and other financial obligations in the short term.
Deposit & Loan ProductsIn
terms of deposits, IFIC Bank offers competitive interest rates, covering a variety of options such as demand deposits, time deposits and large certificates of deposit, to meet the needs of different customers. For savings accounts, banks also offer high-yield savings accounts to appeal to the middle and upper income groups.
In terms of loan products, IFIC Bank has launched a variety of personal loan options, including home loans, car loans and personal lines of credit. The loan interest rate is transparent, and the loan terms are relatively flexible, especially in terms of repayment term and amount, customers can choose different repayment plans according to their own financial situation.
List
of common feesIFIC Bank's account management fees are relatively low and suitable for most individual and corporate clients. Domestic transfer fees are also more reasonable, while cross-border transfers are subject to a certain handling fee depending on the specific situation. In addition, overdraft fees and ATM inter-bank withdrawal fees are also regulated, with fewer hidden fees, and all fees are clearly displayed by the bank so that customers can have more control over their account management.
Digital Service
ExperienceIFIC Bank's digital services are growing rapidly, with a highly-rated mobile banking app that has been widely praised in the App Store and Google Play. The APP supports a number of core functions such as real-time transfer, face recognition, and bill management, and also integrates investment tools and account management functions, so that customers can grasp account dynamics anytime and anywhere. The bank is also making continuous efforts in technological innovation, introducing AI customer service, robo-advisors and open banking APIs to provide more intelligent and convenient financial services.
Quality of customer
serviceIFIC Bank's customer service is highly focused on convenience and efficiency. The bank offers 24-hour customer support, and customers can get help anytime through phone, live chat, and social media channels. Its complaint handling mechanism is perfect, the complaint rate is low, customer satisfaction is high, and the bank can solve customer problems quickly and effectively. The bank also provides multi-language support, especially with regard to the customer base in Bangladesh and abroad, to ensure that the service reaches more cross-border users.
Security MeasuresIn
terms of the safety of funds, IFIC Bank has joined the deposit insurance scheme to guarantee the safety of customers' deposits. The bank employs advanced anti-fraud technology to monitor all transactions in real-time and reduce potential financial risks. Regarding data security, the bank is ISO 27001 certified, ensuring that customers' sensitive information and financial data are adequately protected and that there have been no major data breaches.
Featured services and differentiationIFIC
Bank also has certain advantages in the market segment, especially in terms of student accounts and exclusive wealth management products for the elderly, the bank provides fee-free accounts and customized wealth management services to meet the needs of specific groups. For high-net-worth clients, IFIC Bank provides private banking services, where clients can enjoy customized financial solutions and exclusive investment advisory services. In addition, banks are also exploring the field of green finance and ESG investment, and have launched some environmental protection investment projects, which are in line with the trend of sustainable development in modern society.
Market Position & AccoladesIFIC
Bank has a large scale of assets in Bangladesh, ranking among the leading banks and has strong competitiveness in the local and international markets. Although it does not rank among the top 50 banks in the world, its position in the domestic market of Bangladesh is unquestionable, especially in retail banking and corporate finance. In addition, the bank has received several industry awards, especially in the areas of digital transformation and service innovation.
