IBBL Cellfin: One app for all banking solution

With the development of technology, consumers' behaviour in using 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 information technology services.

Islami Bank's Cellfin app has emerged with all banking solutions for users to make life easy, reads a press release.

Islami Bank Bangladesh Limited has gained huge popularity with its omnichannel banking app Cellfin which was launched in November 2020.  The tool now boasts 2.7 million users.

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, whether an account holder or not, can use the app. It may be used in the USA, Singapore, Australia, as well as a number of Middle Eastern and European countries.

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

Cellfin provides different types of payment and transaction 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 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 a card/account who can withdraw it through ATM. Customers can receive foreign remittances with a secret PIN or through the VISA Direct channel.

Other features of Cellfin include e-commerce payment (QR code/Online Gateway), mobile recharge, buying tickets and school-college fee 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. Passport fees, VAT, Tax and different types of govt fees can also be paid through A-challan using the Cellfin app. Indian Visa processing fee can be paid through it.

Moreover, complaints for failed Cellfin transactions 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. IBBL's Cellfin features have already created a new opportunity for its users and the number of users is increasing day by day.

Around 5.5 lac customers opened accounts in IBBL through the Cellfin app. The number is mounting day by day. There is no alternative to digital banking to build a smart Bangladesh. IBBL Cellfin app has been playing a vital role in building a cashless society. The process of building Smart Bangladesh will be accelerated with the Cellfin app.