With 38 branches in Iraq, the Bank of Baghdad is the premier and one of the largest private banks in Iraq, with a vision of integrating technology into customer service, while providing trusted high-quality financial products.
Apart from providing commercial and international services to small and medium enterprises, some of the Bank of Baghdad’s key products include commercial real estate and construction loans, credit services, letters of credit and trade finance solutions. In addition to its services to individual customers which include a full range of savings accounts, the bank is actively involved in providing housing loans, personal loans and auto loans.
The Bank of Baghdad is a member of the Kuwait Investment Projects Company (KIPCO) and has a presence in the Middle East, North Africa and Europe. Over the past years, it has evolved from a local to an international bank, as it continues to perform well despite the uncertainties in global financial markets and the local and regional instability affecting the local economy.
To know more about the bank, which is playing an active role in the reconstruction of Iraq by taking advantage of available opportunities to develop the oil and non-oil sectors, build infrastructure and finance construction, International Finance caught up with Bank of Baghdad CEO and Managing Director Basil Al Dhahi.
Here are the excerpts from the interview.
Can you elaborate on the types of personal banking products you offer, such as savings accounts, checking accounts, and term deposits? How do these products cater to different customer needs?
We offer a range of personal banking products tailored to local customer needs. Savings accounts encourage saving with attractive interest rates, while checking accounts facilitate everyday transactions. Term deposits provide secure, long-term investment options. Moreover, introducing private banking services recently has helped provide full-fledged banking services to all our customers.
Additionally, our electronic payment solutions, including cards and mobile banking, enhance convenience and accessibility, allowing customers to manage their finances smoothly and securely.
What are the specific features and benefits of the Bank of Baghdad’s online and mobile banking services? How do you ensure these platforms meet modern security standards?
The Bank of Baghdad’s online and mobile banking services enable seamless account transfers and real-time transaction monitoring. To ensure robust security, the bank is partnering with leading technology firms to implement advanced security measures. This commitment to safety not only protects customer data but also enhances confidence in using digital banking solutions for everyday financial needs.
Could you provide more details about your corporate banking solutions? What types of services do you offer to businesses, and how do these support various business needs?
Our corporate banking solutions cater to various business needs through services such as issuing letters of credit and bank guarantees, which facilitate secure international transactions, and managing fund transfers of corporate customers at the official Central Bank of Iraq rate. The Bank of Baghdad’s extensive network of correspondent banks ensures businesses can operate effectively, accessing vital resources and support for growth and stability in a competitive environment.
How does the Bank of Baghdad approach financial inclusion? Are there specific programmes or services aimed at underserved or low-income communities?
The Bank of Baghdad actively promotes financial inclusion through its participation in initiatives led by the Central Bank of Iraq, focusing on underserved and low-income communities. By supporting cultural activities and providing assistance to impoverished families, the bank aims to enhance economic opportunities and raise awareness about financial services, ensuring that all individuals have access to essential banking resources and support.
Can you describe your approach to customer service? What strategies do you employ to ensure high levels of customer satisfaction and address complaints effectively?
We emphasise customer service throughout our branch network, which prioritises exceptional service delivery. By maintaining regular communication with customers, the bank continuously gathers feedback from customers to assess satisfaction levels and identify areas for improvement. This proactive approach allows for the timely resolution of complaints and ensures that customer needs are met effectively, promoting trust and loyalty.
What is the Bank of Baghdad’s strategy for expanding its branch network and ATM services across Iraq? Are there any plans for opening new branches or increasing ATM accessibility?
The Bank of Baghdad is strategically expanding its branch network and ATM services, aiming to increase the number of ATMs to over 200. This expansion focuses on high-traffic areas, such as major shopping centres and government offices, to enhance accessibility. By prioritising these locations, the bank supports the transition to electronic payment services and facilitates salary localisation for customers.
How does the bank handle digital transformation and innovation? Are there any upcoming initiatives or technological advancements that customers should be aware of?
We actively embrace digital transformation by leveraging mobile banking to keep our customers informed about updates and new digital products. Looking ahead, the bank plans to launch a dedicated digital bank, which will enhance the customer experience by providing innovative services and solutions. These initiatives aim to streamline banking processes and make financial management more convenient and accessible.