Prime Bank Limited has won the Analytics and Artificial Intelligence (AI) award - Bronze at the Efma-Accenture Banking Innovation Awards 2021 along with Bank of Santander, Spain (Gold) and ING Bank, Turkey (Silver).
The accolade comes from Prime Bank's AI driven digital nano financing platform, "PrimeAgrim" that focuses on innovation that facilitates banking needs and propel financial inclusion, said a press release.
Efma-Accenture Banking Innovation Awards have been a catalyst for innovation in the banking sector worldwide. The awards ceremony is widely recognised as the "Oscars" of the Banking industry. Efma recognises the best in banking innovation, attracted a record-breaking 816 entries from nearly 300 financial institutions in 73 countries.
"This is a great acknowledgement for Prime Bank. Our focus is to deploy technology and innovation for financial inclusion and this recognition certainly adds to that motivation," said Prime Bank Managing Director and CEO Hassan O Rashid.
PrimeAgrim, is a digital nano financing platform that is embedded with artificial intelligence, machine learning and alternative credit to address emergency needs of Blue-collar Working Community. PrimeAgrim is an end-to-end digital product that assesses customers' credit eligibility and completes disbursement digitally, negating the hassles of document submission to save time and energy, the press release added.
"Prime Bank has been working relentlessly to promote financial inclusion through digital transformation. PrimeAgrim was designed and developed with that exact objective in mind. Global recognitions like this assures that we are indeed on the right path and we shall keep working to bring even more innovative and customer-centric digital initiatives in the future," said Prime Bank's Head of Consumer Banking Division and DMD ANM Mahfuz said.