Technology unlocks new efficiencies for collections in Dhaka
Rajdhani Unnayan Kartipakha (Rajuk) was established in April 1987 to develop, improve, extend, and manage Bangladesh real estate the peripheral areas through a process of proper development planning and control.
Rajuk, an autonomous body under the Ministry of Housing & Public Works, is a non-profit organization working for the planned and controlled development of Dhaka city. Within its vast activities one component is to allot housing projects in Dhaka to the public who deposit earnest money as part of their application. Historically, this process, which also involves collecting various application forms, has been carried out by a number of state-owned banks.
Following a series of privatizations of these banks, an opportunity arose for foreign banks to pitch to take part in Rajuk's application collection process within its Uttara third Phase and Purbachol Plot Allotment project. As Citi has only three corporate-focused branches in Dhaka, it was essential that it presented a credible proposal for efficiently managing a process that would generate thousands of applications.
Given the limited capacity of state-owned banks, the sorting of earnest money and application collection has historically been manual. Citi, with its superior technology, offered to fulfill Rajuk's MIS requirements on an unprecedented same-day basis while also providing reports in the paper format as requested by Rajuk officials. Despite having just three branches, Citi demonstrated that it could exceed Rajuk's expectations by using technology and an efficient process for managing collections.
Citi collected over 10,000 applications during a month-long period. An implementation team ensured each branch was ready for the collection; the team was also trained to fulfill Rajuk's MIS requirements and check the validity of applications. Combined with effective queue management, applicants received a prompt service. Indeed, as word spread of the efficient application procedures at Citi compared with other banks during the period, the number of applicants who wished to use Citi facilities increased substantially.
Rajuk was impressed with Citi's high-quality service and flawless MIS reports. The reports were prepared in Rajuk's prescribed format after transaction hours on the same day as applications and were delivered by courier service to Rajuk's office within the same day. From the experience of working with Citi in this one occasion, Rajuk hopes to extend the relationship with new avenue's in days to come.
"It was a wonderful experience working with Citi as our banking partner for the Plot Allotment collection purpose. The cooperation in providing the MIS for the vast number of applications received was much appreciated. We look forward to continuing the relationship with Citi," said Rajuk Management.