
































Microsoft Word - 4 - UDDIN edited.docx


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76 

How the agent-based banking model might 
facilitate financial inclusion and sustainability 
via economic circularity? – A Bangladesh 
perspective 
 
Mohammad Jalal Uddin, Independent Researcher & Analyst, Chittagong Research Group, Bangladesh. 
Email: jalalsmailbox@gmail.com  
 
Received: 05/08/2020 
Revised: 16/10/2020 
Accepted for publication: 17/10/2020 
Published: 26/10/2020 
 
 
Abstract 

Transformation of business models with the interaction of technological breakthrough, 

innovation and socio-economic transition are historical. Context based adjustment of business 

value chain also not rare. In fact, such adjustment might prove essential to survive in the 

market at certain point, especially in case of corporate transformation due to economic 

recession/depression, industry downturn and ecological correction like COVID-19. However, 

some business models are smart enough to cope with both kinds of transformations. Agent-

based Banking Model (ABM) is one of such kind, which not only sustains during adverse 

situation but also facilitates the momentum of adversity. This ultimately defined as a 

sustainable innovation in banking industry that drives via circular economy.  The mode of 

circular economy in product and service level or goods and service industry are not identical 

and while articulating circular business model in service industry, like Banking, then it denotes 

generating values for broader range of stakeholders and transmitting this value in such a way 

that minimize the ecological and social costs. How ABM might help the conventional banks of 

developing countries like Bangladesh toward the business model sustainability, is the centre 

of this study. Consequently, this study found that ABM would not only assist to bring the 

World’s 1.7 billion unbanked adult community into regulated financial system but also 

facilitate the physically challenged, illiterate & marginal people on financial inclusion and pave 

the way of global development in a sustainable manner. 



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___________________________________________________________________________ 
Keywords: Agent-based banking model; Circular economy; Financial inclusion; Sustainability; 
Transformation 
___________________________________________________________________________ 
 
 
1. Introduction 
 

In this dynamic World, transformation of business processes to behave in a sustainable 

manner is becoming inevitable as the business entities are no longer an isolated part of 

economic, social and environmental ecosystem (Bermúdez and Schneider, 2018). Therefore, 

converting traditional business model into circular one is now trending. What is circular 

business model? The essence of circular business model lies on the circular economy. 

According to Ellen MacArthur Foundation, “Circular economy focus on resource use often 

follow the 3-R approaches, (a) Reduce – minimum use of raw materials, (b) Reuse – maximum 

reuse of products/components and (c) Recycle – high quality reuse of raw materials”. Adoption 

or conversion into circular model rapidly gaining importance among business acumen as 

scientists/researchers have made significant progress on pricing the externalities (Andersen, 

2007), which will apply over the corporate actions. Embracing the concept of circular economy 

as the driver for sustainability (Bocken et al., 2018) could facilitate this transformation. Even 

though businesses dealing with commodity market counting the adoption of circular business 

model as challenging, from environmental and policy perspectives. Korhonen et al. (2018) 

found circular economy as vague and unorganized concept due its undefined application in 

specific field and there is an ambiguity at the tangent point between circular economy and 

sustainability (Geissdoerfer et al., 2017). Investopedia defined sustainability as “focusing on 

meeting the needs of the present without compromising the ability of future generations to meet 

their needs”. 

Until now, circular business model in service industries might be the most neglected part of 

the circular economy. We should not confuse the service of a product by counting as service 

level circular economy like buying the lifetime or service hours of a ‘Refrigerator’ not the 

‘Refrigerator’ itself. However, incorporating this concept into service industries like Banking, 

Insurance etc. might be vastly beneficiary for the society and economy at large. It will enable 

the service providers to cover broader range of populations under respective service network 



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78 

with minimum ecological and social cost. Among the service industries, financial or banking 

industry is the strategic one, which is in acute sustainability pressure (Bocken et al., 2016). This 

is due to high correlation of banking industry with macroeconomics (Athanasoglou et al., 2008; 

Drake et al., 2006), geo-political incidents and other sensible issues like pandemic. 

Incorporating the concept of circular economy within banking industry is almost essential, not 

only for de-risking its extreme domino effects over the society, economy and environment but 

also for covering the nearly 1.7 billion1 unbanked bankable community into the network of 

regulated financial system. In addition, the term ‘Circular Economy’ is no more an acute 

environmental action as it emerged, rather an economic strategy (Yean et al., 2008) that will 

assist the economy to become sustainable and resilient.  

However, with the blessing to technological advancements, the inception of mobile banking 

or m-banking services from the beginning of 21st century is not less than a revolution in global 

financial industry. This inception has significant positive effect over the financial inclusion 

(Siddik et al., 2014), especially in underdeveloped and developing countries. M-banking not 

only facilitated unbanked populations but also enhanced the efficiency of other existing 

financial service providers, including conventional banks and microfinance institutions (Shaikh 

and Karjaluoto, 2015). This ultimately helped most of them to formulate ‘FinTech’ entity as 

sister concern or strategic wing of mother company, e.g. the ‘bKash’ of BRAC Bank in 

Bangladesh. Beside this, quick adoption of digital finance by tech-giants like Tencent, Alibaba, 

Apple, Google etc, leaved aggressive footprint of ‘TechFin’. This TechFin booted the way of 

financial inclusion with a big jump by facilitating ‘Platform Economy’, especially at the 

beginning of second decade of this century. The difference between ‘FinTech’ and ‘TechFin’ 

is coincide. When a financial institution embrace technology for better client services is called 

‘FinTech’, like ‘bKash’ and when a technology firm enters into financial industry is called 

‘TechFin’, like ‘Alipay’. 

Though m-banking is a handy tool of covering marginal community under banking network 

but due to security, technical, financial literacy, infrastructure and related issues, this 

mechanism couldn’t provide full-fledge banking coverage and failed to meet the growth 

prospects. As a result, m-banking is accounted for just around 5% of total bank accounts in 

India (Bhatt and Bhatt, 2016), the second most populous country of the world. Beside this, m-

 
1 https://globalfindex.worldbank.org/ 



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79 

banking is highly expensive compare to the financial condition of marginal community. For 

example, ‘bKash’, the first and popular mobile banking service provider in Bangladesh, which 

incurs at least 1.75% charge for cash out from the virtual wallet. This is excessively high for 

any paper (money) based economy where most of the payments have to make through physical 

currency. 

Providing banking services in remote areas with low service cost and customer friendly way 

might be an effective mechanism of covering the huge amount of unbanked community. This 

community are mostly marginal people with little or no financial literacy and residing in 

underdeveloped and developing countries. Agent-based Banking Model (ABM) may do this 

optimally by covering wider range of stakeholders with low economic and social cost as the 

essence of such model is circular economy. Therefore, transforming existing brick and mortar 

type or linear banking system into circular one is demanding and somehow required.  

However, aim of this study is to investigate the impact of Agent-based Banking Model and 

how it might facilitates the marginal community toward financial inclusion? To do so, this paper 

will follow by its background. Methodology of this study presented at section 3. Section 4 

highlighted the existing linear business model of Banks functioning in developing countries 

like Bangladesh. Pictograph of ABM with its explanation, application and limitation presented 

at section 5. Qualitative aspects of this study presented afterward and further wrapped-up by 

concluding remarks. 

 
2. Background  

To understand the status of global financial inclusion gap, the ‘Global Financial Inclusion 

(Global Findex) database’2 published in 2017 by the World Bank Group is absolutely good 

enough. Still, a brief flavour on this would help to realize the importance of fulfilling financial 

inclusion gap and identify the potential scope of contributing from socio-economic &/or 

environmental perspectives. 
 

 
2 https://globalfindex.worldbank.org/sites/globalfindex/files/2018-04/2017%20Findex%20full%20report_0.pdf 



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Figure 1: Demographics of World's 1.7 billion unbanked communities 

Data source: Chapter 2, Global Findex Full Report 2017 
 

According to World Bank’s report, there are about 1.7 billion adult unbanked community 

globally. The unbanked means, they do not have a bank account or account with mobile money 

service. This report also claimed that, literally almost all of the global unbanked community 

lives in developing countries and nearly half of them belongs to seven countries only. Global 

technological super-power, the People’s Republic of  

China3 hosting most of the unbanked adult population of the world. Therefore, sometimes 

technology may need to compromise with the context. For example, in the year 2018 due to 

digitalization of banking system, volume of net closing4 of branches by Banks & Thrifts in the 

United States of America (USA) was 1,947 units, whereas in Bangladesh, banks opened 393 

sub-branches5 last year (2019). So, the context relevancy is very important rather than jumping 

into technology blindly. If that prevailed true than many banks of developing countries may 

become 100% digital, may be with the help of different global platforms like ‘Deloitte Digital 

Bank Accelerator’6 and could fill the vacuum of financial inclusion. Poverty, illiteracy and 

disability are the key obstacles of financial inclusion. Mechanism of agent-based banking model 

might facilitates illiterate, physically challenged and remote communities by leveraging 

 
3https://globalfindex.worldbank.org/sites/globalfindex/files/chapters/2017%20Findex%20full%20report_chapt
er2.pdf 
4 https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/49360224 
5 https://www.dhakatribune.com/business/banks/2020/01/12/sub-branch-opens-up-new-portal-to-banking 
6 https://www2.deloitte.com/global/en/pages/technology/articles/deloitte-digital-bank-salesforce.html 



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81 

existing technology and know-how. But the real challenge is poverty, which is further 

worsening with the interaction of COVID-19. World Bank estimate that COVID-19 might push 

71 to 100 million7 people into extreme poverty, globally. High financial inclusion may shed 

light on this, as it well prove that financial inclusion enhances the fund’s mobility and leads 

toward productive investment that ultimately yield socio-economic development and reduce 

poverty. 

 
3. Methodology 

This is an exploratory research with thematic inclusion, where focus group interviews 

conducted in an unstructured manner to collect primary data. About hundred people asked for 

interview during February to April 2020, in the Chittagong region of Bangladesh, from which 

63 person agreed to be respondent. Respondents are mostly male adult, whom are either existing 

clients (minority) of the Bank or officials (majority) working at the Banks. Respondents 

affiliated with the NCC Bank, One Bank, NRB Global Bank, First Security Islami Bank are 

branch level participants and respondents affiliated with Mutual Trust Bank, Dutch-Bangla 

Bank & Bank Asia Limited are the agent level participants. Respondent’s orientation better 

described at the qualitative aspects section of this paper. Collected primary data extensively 

contributed to offset the key research query. These data also helped to find a 

substitute/supplementary business model for brick & mortar type banks that are hyperactive in 

underdeveloped and developing countries e.g. Bangladesh. This study used quantifiable data, 

gathered from plausible secondary sources, for better understanding the current scenario of 

formal financial inclusion gap that prevails mostly in emerging countries. 

 

3.1 Research question 

How to incorporate marginal community into formal banking system and boost financial 

inclusion? 

 

 

 

 

 
7 https://blogs.worldbank.org/opendata/updated-estimates-impact-covid-19-global-poverty 



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82 

4. Linear business model of banks in developing countries 
 

By examining the primary data gained from branch level officials of different leading 

commercial banks in Bangladesh, it found that the existing business model of most of the 

commercial banks that operating in developing countries are kind of liner. This can be 

understand from their function pictograph plotted at figure 2. Nevertheless, many of those banks 

quickly coped with the trend of technological development. They have been adopting internet 

banking, real time transaction booking, inter & intra bank fund transfer, mobile application 

based banking service, online bank account opening, mobile banking division, SMS banking, 

ATM (Automated Teller Machine), CDM (Cash Deposit Machine), e-statement, POS (Point Of 

Sale) based cash withdraw facility, Plastic/Chip card based operation, storing data into the cloud 

and many more. To embrace those sorts of advance technology and facilities, operation cost of 

the banks reached at the pick where intention should be the gain of cost efficiency by embracing 

technology. Beside this, their brick and mortar type business model enhanced the maintenance 

cost significantly. To bear the lavish operation and maintenance cost, such banks have to charge 

the customers via different known and unknown means like SMS banking charge, half-yearly 

account maintenance charge, charge on cheque books, ATM cards, bank statement, online 

transaction, clearings and so on. As a result, availing banking services has become expensive 

which is discouraging people from financial inclusion. 

 
Figure 1: Pictograph of Conventional business model of banks in developing countries 

 

Source – developed by the authors 

 



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4.1 Mechanism of linear business model of banks in developing countries 

As explained by the respondents, whose are the officials at branch level of different leading 

commercial banks, functioning process of Bank’s branch start form the head/corporate office. 

With the objective of expanding business, bank’s head office looks for potential commercial 

areas. After assessing the tentative business case, they generally rent an office space at the prime 

location of that particular commercial area which is logically expensive. Bank spends huge 

amount of money on its decoration, furniture and fixture, air conditioning etc. Then the bank 

employs personnel for providing services. Those personnel are mostly migrated from different 

parts of the country, who needs accommodation in nearby town.  Through this way, respective 

banks provide financial intermediary services that incurs high amount of fixed and operation 

cost. Pictograph of such a model of banking is highlighted above via ‘Figure – 2’, for the better 

understanding. 

 

5. Agent-based banking model 
 

Figure 3: Agent-based Banking Model 

 

Source – developed by the authors 

 



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5.1 Brief explanation of Agent-based Banking model 

In light with the objectives of circular economy, the agent-based banking model might 

transform the linear business model of conventional banks dramatically. As learned from the 

respondents affiliated with agent banking operations (Officials and Customers), the operating 

model of agent-based banking is very handy but technology dependent. Their opinions 

sketched, visualized and presented at figure – 3. Apparently, first of all locally competent 

person or entity approach to a bank for setting up a banking service centre with tentative social-

business case, where conventionally banks look for potential markets and service location. Bank 

then review the proposal, which covers demographics and socio-economic condition of that 

particular region and the competency of the proposer. If the proposal fits with the bank’s pre-

specified criteria than it nominates the proposer as bank’s local agent and asked the agent to 

set-up a friendly structure to provide banking services. In that case, banks generally provide 

technical supports and train the recruited staffs of agent, whose are mostly from local 

community. Through this mechanism employee migration reduces significantly, which means 

lower movement, better cultural affinity, better utilization of indigenous human resources, 

balanced development and many more. Off course bank needs to employ experienced staff for 

smooth operation of banking services until the locally recruited persons/agent become capable 

to serve the front office clients properly. Respective agent deploys his/her local 

reputation/network and the brand value of the bank, which ultimately serve the local community 

and brings them under formal or regulated financial system. This system incurs minimum 

ecological, social and operation cost than the linear service model of conventional banks. It 

enhances the service network of banking system that capable to serve all level of community 

from rich to ultra-poor. Eventually this builds a banking service model for the customers by the 

customer. 

 
5.2 Mechanism of the core banking service under agent-based model 

Technological advancement blessed the conventional banks to adopt agent-based banking 

system, which not only help them to expand their coverage significantly without significant 

investment but also making their business model sustainable and resilient. Here is how? 

Bank ask the appointed local agent to deposit certain amount in his/her mother or agent 

account with the respective bank. Upon receipt of deposit from customer through secure 



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computer-based transaction system, agent account debited (deducted) with the equivalent 

amount as credited (added) to the client’s account. Similarly withdraw transaction booked for 

the drawings by client, that is, client account debited (deducted) with the equivalent amount 

credited (added) to agent account. For the safety of customer’s fund, respective agent is not 

entitled to receive deposit from the clients exceeding the amount of his/her mother account and 

for such attempt, system will automatically reject the transaction. Transaction request will be 

authenticate by the biometric fingerprint of the respective client and agent/bank officials. This 

method is secure, cost efficient and environment friendly, due to no requirement of printing the 

‘Cheque’. Such assured form of transaction through biometric authentication is very effective 

and somehow essential for illiterate and physically challenged community. Those people are 

not capable to put signatures on paper, which protesting them from formal financial inclusion. 

Let us see an illustration on how the agent-based banking model facilitates the physically 

challenged community on formal banking inclusion; 

 

 
Figure 4: Convenient banking inclusion of physically challenged community 

Source: https://www.bayometric.com/nitgen-fingkey-hamster-ii-dx-usb-fingerprint-scanner/ 

 

According to World Health Organization, about 10% of global population are experiencing 

disability8 and approximately 15% or 1 billion World’s population lives with at least some sort 

 
8 https://www.who.int/disabilities/world_report/2011/report/en/ 



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of disabilities9. There is no such appropriate data available (at least I failed to find) about what 

percent of disable community are formally unbanked but there is a strong positive correlation 

among the poverty, disability and non-banking. Financial condition of most of the disable 

people that belongs to developing and underdeveloped countries are poor to ultra-poor10. 

However, bringing physically challenged people under social safety net is an on-going process 

globally. This require their formal financial inclusion not only for ensuring transparency in 

disbursement but also for truly empowering them financially with a real flavour. 

Take the case of Mr. Mojaharul Hoque from Chittagong, a physically challenged freedom 

fighter of liberation war of Bangladesh and ex-policeman who got severe disability from war. 

He is entitled to receive the freedom fighter’s allowance and pension from police fund but has 

to make another struggle for collecting his allowance and pension. The conventional brick and 

mortar type banking system of Bangladesh is responsible for worsening his sufferings; where 

in every month he has to travel to Upazilla-sadar (sub-urban area) where bank located, for 

proving his aliveness and receiving the pension. 

 

 

 
9 https://www.worldbank.org/en/topic/disability 
10 https://www.un.org/esa/socdev/enable/diswpa04.htm 



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Figure 5: Photografy of Mr. Mojaharul Hoque from Chittagong 

Source: Author 

 

 

However, with the agent-based banking model, disable and physically challenged people may 

get banking service easily from their home or nearby. This will reduce the cost of availing 

banking services, eliminate harassments & difficulties on financial inclusion. This might also 

ensure the transparency of the transactions and government’s disbursement of social benefits to 

underprivileged, aged/retired, physically challenged and related communities. 

 

5.3 Applicability of the model 

Agent-based model is in practice in many underdeveloped and developing countries (Chude 

and Chude, 2014; Chiteli, 2013) of the world, which generating huge social, economic and 

environmental positive impact there. Along with hitting triple-bottom-line, this mechanism may 

serve the special group of the society that is the physically challenged community. It might 

work as a handy weapon of eliminating inertia of illiterate people on formal financial inclusion. 

It will also enhance the indigenous fund mobilization via remote banking network and stimulate 

savings tendency of marginal inhabitants. This will ultimately lead toward the productive 



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investment and balanced development. Very specific challenges of brick & mortar type banking 

system that might be address by the agent-based banking model are; 

• Existing high fixed & operation cost of spreading banking network might be reduce 

significantly. 

• Way of incorporating illiterate and physically challenged community under formal 

financial system will be smoothen. 

• Environmental footprint from banking industry of developing countries like 

Bangladesh, will be minimize notably especially through non-use of paper cheque, less 

employee migration, sustainable physical structure of service station and so on. 

• Formal financial inclusion of marginal and remote community will increase and their 

savings propensity will stimulate accordingly. 

 

5.4 Limitations of the agent-based banking model 

Functioning of the agent-based banking model might be limited on the several grounds. 

Availability of Electricity and IT infrastructure or internet coverage of the respective territory, 

which did not considered in this model. The issue of grid power might be resolved through solar 

panel in remote areas but the internet connectivity might a matter of concern. If internet 

providing mobile network is not available in remote areas than providing banking service there 

under such model will not be possible. Operation cost of that sort of banking model is subject 

to the cost of internet data and power as well. Finding the literally and financially eligible and 

interested local service provider or agent in remote areas might be difficult. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 



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6. Qualitative aspects of the study 
6.1 Respondent’s orientation 

 

Figure 6: Respondent's orientation in terms of gender 

 

 

Source – developed by the authors 

In terms of the gender differentiation, 73% of total respondents are male and remaining are 

female. Reason behind this imparity might be the women are less likely to participate in survey.  

 

Figure 7: Pattern of respondents 

 

Source – developed by the authors 

 

73%

27%

Male

Female

65%

35%

Pattern of respondents

Bank's staff Customer



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About one-third of the respondents are the existing customers of the bank and 65% from the 

bank officials, either from Agent-banking or conventional banks. This is quite fruitful as the 

staffs of banks are better familiar with their business model. 
 

Figure 8: Respondent's affiliation 

 

Source – developed by the authors 

 

Respondent’s affiliation is an important factor regarding the relevancy and quality of data. 

Within collected samples, 56% respondents affiliated with agent banking service of three banks 

and remaining 44% affiliated with branch-level operations of four commercial banks. More 

than 30% of total data gathered from the respondents affiliated with Mutual Trust Bank, which 

is the highest single source. It followed by NRB Global Bank, Bank Asia Limited, First Security 

Islami Bank and Dutch-Bangla Bank, where they are accounted from more than 10% each. 

Respondents affiliated with NCC Bank accounted for 8% and One Bank accounted from 5% of 

respective data. 

 
 
 

BRANCH 
LEVEL

NCC Bank

O
ne Bank

NRB 

Global 

Bank

First Security Islami Bank

AGENT 
LEVEL

Mutual 

Trust 

Bank

Dutch-
Bangla 
Bank

Bank Asia 
Ltd.

Respondent's Affiliation



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6.2 Respondent’s opinion (Selected) 

“Agent banking wing of our bank is one of the finest additions. It growing very rapidly and 

serving the remote community. Agent banking centres are working like social enterprises with 

very minimum ecological footprint. With the inception of about four years, our agent-banking 

network surpassed the branch network. The strategic implication of such banking model is 

really wide. Regarding this new-normal situation resulting from COVID-19, this is absolutely 

fit. People need not to crowd in the branches that means less travelling, less chance to be 

infected or spreading the corona virus. In certain cases, agents provided banking services at the 

doorstep of needed clients. So, I found this model is very handy and as a head of agent banking 

department at one of the country’s leading private commercial bank, I would describe this as a 

silver bullet toward the financial inclusion of rural population of Bangladesh”. 

Mr. Madan Mahan Karmakar, 

Senior Executive Vice-President & Head of Agent Banking Department 

Mutual Trust Bank Limited 

 

 “I believe agent-banking is an innovative solution in the entire banking system but it’s 

definitely not a substitute of regular branch banking. Our bank still not introduced this model 

but very much positive about this as it incurs very low cost of spreading service network”. 

Mr. Forkan Ali, 

Operation Head, 

NRB Global Bank Limited, Narayanhat Branch. 

 

 “Agent banking is a strategic supplementary to retail banking. In Bangladesh, I see the 

future of retail banking moving toward agent and/or online banking”. 

Mr. Md. Saiful Islam, 

Junior Officer, 

First Security Islami Bank Limited, Hathazari Branch. 

 

 



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92 

 “Rural people once used to engage with NGOs and Cooperative societies for their 

savings endeavour where the risk of deception was very high. They also need to travel a lot to 

avail core-banking services. With the introduction of agent banking, those people might get the 

banking service at the nearby with safety and security”. 

Mr. Md. Mamunur Rashid Chowdhury 

Customer Service Executive 

Mutual Trust Bank Limited, East Kalurghat Agent Banking Centre. 

 

7. Conclusion 
 

The role of banking system in wider areas of capital formation, investment and economic 

development is unanimously recognized. Unfortunately, in this technologically advanced 

World, approximately 22.58% of global adult population still out of regulated financial system 

and most of this unbanked community belongs to emerging economies. To bring those 

unbanked communities into formal banking system, agent-based banking model might be an 

efficient tool. This tool contains the basic traits of circular economy, where circular business 

model in service industry covers wider range of clients/customers with optimum costing from 

social, economic and environmental perspectives. However, this study prudently identified 

several latent constrains toward formal financial inclusion and flagged following issues; 

• By leveraging existing technology, knowledge and expertise, applying a circular 

business model for brick and mortar type banks is very much feasible. 

• There is enough scope of bringing physically challenged, disable, illiterate and remote 

community under formal financial system. Utilizing those scopes will not only enhance the 

propensity of financial inclusion but also stimulate transparency and good governance in the 

concerning regions. 

• High fixed investment, high operating cost and employee migration related with 

spreading banking network by conventional commercial banks may be reduce significantly 

through the adoption of agent-based banking model. 

• There is a huge potential to lure marginal community into regulated financial system 

without significant investment and ensuring affordable banking services for them is very much 

viable. 



http://www.ojs.unito.it/index.php/ejsice/index  
 

European Journal of Social Impact and Circular Economy - ISSN: 2704-9906  

DOI: 10.13135/2704-9906/4945 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index 
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93 

Essence this study based on the primary data of particular region of Bangladesh and the data 

from particular area might not represent the entire universe. Therefore, the effort of this study 

might be limited on this ground. Small sample size might be another limitation of this study. 

Still, it might be interesting for potential researchers on further development of existing ABM 

and the context based adjustment of ABM, since the status of prerequisites of this model are 

not identical in every country or county, especially internet facility. 

Considering the current pandemic situation, the devastating effects of COVID-19 is leaving 

aggressive footprint almost in every industry. These effects further intensified at the banking 

industry owing its high correlation with different industries. In this complex situation as 

survival strategy, many private commercial banks in Bangladesh have been clipping their 

workforce and several other banks reduced their salary-base instead of retrenchment, media 

reported11. Outcome of this study might act as a policy feed for the conventional commercial 

banks in developing countries, like Bangladesh, whom are looking for sustainable 

transformation of existing business model. 

 

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European Journal of Social Impact and Circular Economy - ISSN: 2704-9906  

DOI: 10.13135/2704-9906/4945 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index 
EJSICE content is licensed under a Creative Commons Attribution 4.0 International License   

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