6 lessons I learned from my career as a banker: Rumee Ali

Rumee Ali began his journey at ANZ Grindlays Bank in 1975, right after earning his Master's in Economics from the University of Dhaka.

Ali quickly advanced in his career, becoming the first Bangladeshi CEO of the bank's operations in Bangladesh in 1997. When Standard Chartered Group acquired ANZ Grindlays in 2000, Ali continued as the CEO of the combined operations in Bangladesh.

Furthermore, his leadership was key in promoting regulatory reforms, especially in risk management and corporate governance, during his time as deputy governor of the Bangladesh Bank starting in 2002.

Ali's innovative thinking also contributed to the creation of bKash, a mobile financial service that has greatly improved financial inclusion in Bangladesh. His roles as managing director of Enterprises and Investments at BRAC, chairman of BRAC Bank, and founding chairman of bKash highlight his commitment to using technology for broader economic benefits.

By thinking creatively and pushing through initial failures, we can develop solutions that have a lasting impact on society. For bankers, the opportunity to innovate is not just a professional responsibility, but a way to contribute to the economic growth and stability of the nation.

Ali's career is marked by a dedication to ethical practices, strategic thinking, and a passion for innovation, all of which are vital for driving positive change in the banking sector and supporting the broader economy.

Recently, he shared six key lessons from his distinguished career with The Business Standard.

1. Training is essential

"When I joined ANZ Grindlays Bank Bangladesh as a management trainee in 1975, I underwent rigorous training for a substantial period. I served the bank until early 2000, and that initial training laid a strong foundation for my career," Ali said.

Throughout his time at the bank, they participated in numerous training programs, including international ones.

"The banking sector is highly dynamic, and in a developing country like Bangladesh, the economy presents significant challenges. To effectively navigate these challenges, continuous training is crucial — this was the first lesson of my career," he added.

But Ali noted that unfortunately, the country's professional institutions still lack sufficient training programs, leading to unqualified individuals occupying important positions.

To cultivate a culture of learning and teaching within an organisation, building a robust training culture is imperative, he opined.

2. Implementing and maintaining the 3P framework

To operate a bank or any institution with a sustainable goal, good governance is essential, Ali said.

"I define governance through the lens of the 3P framework: people, policy, and process."

First, every institution must have clear policy guidelines, designed to achieve long-term gains while also incorporating ethical considerations to prevent decisions that could have negative repercussions.

"For example, a bank might implement a policy that prohibits investments in casinos. Another example is refusing to lend to institutions that do not adhere to environmental guidelines," he explained.

"Second, people are the driving force behind any institution. A bank should establish a well-defined hierarchy that controls, but does not oppress, its employees. This approach fosters a positive work environment and builds trust among employees at all levels.

"Third, process refers to the standard procedures that a bank follows to implement its policies. It outlines the step-by-step approach to ensure that the institution's goals are achieved effectively," Ali further said.

According to him, the combination of these three elements creates a robust governance system, which in turn reduces risks within the banking system.

"In Grindlays Bank I went through this process and later I helped to implement it in other banks."

3. Leadership and strategic management

"To ensure your bank thrives in the future, implementing a strategic management system is essential. Leadership must commit to this practice consistently, without hesitation," according to Ali.

But what exactly is strategic management? In simple terms, it involves not only managing current operations but also planning and setting policies for the future. This forward-thinking approach is crucial because banking is inherently dynamic. Without a focus on the future, your bank risks falling behind in an increasingly competitive industry.

"Effective strategic management requires regularly analysing whether the products and services your bank offers today will remain relevant in the next five years. This involves understanding market trends, technological advancements, and evolving customer needs. Leadership must be proactive, continually adapting and innovating to meet these changes," Ali said.

In addition, strategic management includes risk assessment and mitigation, ensuring that the bank is prepared for potential challenges. It also involves aligning the bank's long-term goals with its resources and capabilities, making sure that every decision supports sustainable growth.

"Ultimately, successful strategic management is about leadership's ability to anticipate and navigate the future, positioning the bank not just to survive, but to lead in the industry."

4. The importance of an innovative mindset

Ali believes that as a banker, it is essential to consider not only the success of your bank but also the broader economy of your country. This requires maintaining an innovative mindset. While you may face challenges in implementing new ideas, truly impactful innovations will eventually find their way to success, benefiting both your bank and your country.

"As bankers, we are in a unique position to drive such change. I learned this firsthand through my experience with the development of bKash in alignment with BRAC Bank.

"In the early 2000s, I began to contemplate how we could better reach the grassroots level to help reduce the disparity between the rich and the poor. If we think of the economy as a pyramid, the wealthy occupy the small peak, while the majority — the lower-income individuals — form the broad base. These people are engaged in local production, whether it's growing vegetables or crafting small items from bamboo or wood. These activities have intrinsic value, but because their transactions were small and informal, they were largely excluded from the formal banking sector," he said.

With the advent of increased connectivity and the internet, Ali envisioned a solution: bKash. As technology advanced, it became clear that they could leverage it to bring financial services to even the most remote villages.

bKash enabled these grassroots-level individuals to become part of the banking system, allowing their transactions to be recognised and managed within the formal economy.

"This experience taught me that innovation is not just about creating something new — it's about finding ways to include everyone in the economic system. By thinking creatively and pushing through initial failures, we can develop solutions that have a lasting impact on society. For bankers, the opportunity to innovate is not just a professional responsibility, but a way to contribute to the economic growth and stability of the nation," Ali further explained.

5. Ability to identify and face a crisis passionately

In the banking sector, crises are inevitable. Whether it's an economic downturn, a sudden regulatory change, or an internal issue, the ability to identify and face a crisis passionately is crucial. During his tenure at Grindlays Bank, Ali encountered several crises that tested their resilience and adaptability.

"One key lesson I learned is the importance of early identification. The sooner you recognise a potential crisis, the more options you have to mitigate its impact. This requires a keen sense of observation and a proactive approach to risk management.

"For example, we used to do audits after a certain period of time, to find errors that may have occured in a company. When I was in the bank, I tried to identify errors even before the audit. I didn't just rely on the auditors," he said.

Moreover, facing a crisis passionately means being fully committed to finding solutions, no matter how challenging the situation may be. It involves rallying your team, maintaining clear communication, and staying focused on the end goal.

According to Ali, passionate leadership during a crisis can inspire confidence and drive the collective effort needed to overcome obstacles.

6. Commitment to ethical practices

Ethical practices are the cornerstone of sustainable banking, according to the veteran banker.

"Over the years, I have observed how a consistent dedication to ethical standards can create a culture of integrity that permeates every level of an organisation. This commitment goes beyond mere compliance with regulations; it involves fostering a moral compass that guides decision-making processes," he said.

By prioritising ethical considerations, banks can navigate complex challenges with a clear conscience, ensuring that their actions positively impact not only the bottom line but also the broader society. In doing so, they cultivate long-term relationships built on trust, which is essential for enduring success in the financial industry, Ali added.