United Commercial Bank PLC (UCB) is a commercial bank in Bangladesh . It was established in 1983.
56-549: The bank was incorporated on 26 June 1983. The government owns shares in the bank. The bank was listed in the Dhaka Stock Exchange (DSE) by 1986 and Chittagong Stock Exchange (CSE) by 1995. On 8 April 1993, Humayun Zahir, the first chairman of the United Commercial Bank was murdered following a dispute with other bank directors. Akhtaruzzaman Chowdhury Babu , director of UCB was suspected for
112-615: A contract with the Bangladesh Cricket Board to become the official sponsor of the Bangladesh national cricket team . In September 2015, United Commercial Bank launched a new logo, designed by Rafiqun Nabi and Mustafa Manwar . Mobile financial service (MFS) , Ucash, was introduced in 2013. After eight years of services the name has been changed to Upay. In November 2020, United Commercial Bank PLC inaugurated its subsidiary, UCB Investment Ltd. In 2021, UCB launched
168-422: A great preference for close integration with social media . Research shows that culture makes a significant difference in people's motivation to engage in shopping, where Western consumers - for example - have significantly different motivations to Chinese consumers. The popularity of apps has given rise to the latest iteration of mobile commerce: app commerce. This refers to retail transactions that take place on
224-401: A high return for the mobile vendor as they require the consumer to make multiple transactions over a long period of time. Using a mobile browser—a World Wide Web browser on a mobile device—customers can shop online without having to be at their personal computer. Many mobile marketing apps with geo-location capability are now delivering user-specific marketing messages to the right person at
280-629: A local store. She can and within a few clicks, place an order for her supplies without having to plan ahead for it. No more need to reach for her purse and hunt for credit cards, no need to log into her laptop and try to recall the web address of the store she visited last week, and surely no need to find a babysitter to cover for her while she runs to the local store. Research demonstrates that consumers of mobile and wireline markets represent two distinct groups who are driven by different values and behaviors, and who exhibit dissimilar psychographic and demographic profiles. What aspects truly distinguish between
336-582: A mobile device. This customized data is more useful than a generic traffic-report broadcast but was impractical before the invention of modern mobile devices due to the bandwidth requirements. Banks and other financial institutions use mobile commerce to allow their customers to access account information and make transactions, such as purchasing stocks, and remitting money. This service is often referred to as mobile banking , or m-banking. Stock market services offered via mobile devices have also become more popular and are known as Mobile Brokerage. They allow
392-422: A mobile phone with one of these tokens at the point of sale receives the same benefits as if they had the traditional token. Stores may send coupons to customers using location-based services to determine when the customer is nearby. Using a connected device and the networking effect can also allow for gamification within the shopping experience. Currently, mobile content purchase and delivery mainly consist of
448-544: A native mobile app. App commerce is said to perform better than both desktop and mobile web when it comes to browsing duration and interactions. Average order value is reportedly greater with retail apps than traditional ecommerce, and conversion rates on apps are twice that of mobile websites. Mobile applications serve as a means to ensure positive user experience, seamless interaction, and increased revenues for e-commerce. According to DesignRush report, mobile applications are expected to generate $ 189 billion by 2020. Moreover,
504-415: A number of mobile capabilities such as location-based services , barcode scanning , and push notifications to improve the customer experience of shopping in physical stores. By creating what is referred to as a 'bricks & clicks' environment, physical retailers can allow customers to access the common benefits of shopping online (such as product reviews, information, and coupons) while still shopping in
560-502: A traditional online shopper from home and a mobile on-the-go shopper? Research shows that how individuals relate to four situational dimensions- place, time, social context and control determine to what extent they are ubiquitous or situated as consumers. These factors are important in triggering m-commerce from e-commerce. As a result, successful mobile commerce requires the development of marketing campaigns targeted to these particular dimensions and according to user segments. Mobile media
616-404: Is a public limited company . It is formed and managed under Company Act 1994, Security and Exchange Commission Act 1993, Security and Exchange Commission Regulation 1994, and Security Exchange (Inside Trading) regulation 1994. The issued capital of this company is Tk. 500,000, which is divided up to 250 shares each pricing Tk. 2000. No individual or firm can buy more than one share. According to
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#1732791442277672-529: Is a rapidly changing field. New technologies, such as WiMax , act to accelerate innovation in mobile commerce. Early pioneers in mobile advertising include Vodafone , Orange , and SK Telecom . An empirical study shows that over 70% of mobile commerce users are under the age of 25, as of 2019. Mobile devices are heavily used in South Korea to conduct mobile commerce. Mobile companies in South Korea believed that mobile technology would become synonymous with
728-475: Is a special type of ATM. Most ATMs are meant to be stationary, and they're often found attached to the side of financial institutions, in stores, and in malls. A mobile ATM, on the other hand, is meant to be moved from location to location. This type of ATM is often found at special events for which ATM service is only needed temporarily. For example, they may be found at carnivals, fairs, and parades. They may also be used at seminars and workshops where no regular ATM
784-416: Is an important piece of information used during mobile commerce or m-commerce transactions. Knowing the location of the user allows for location-based services such as: A wide variety of information services can be delivered to mobile phone users in much the same way as it is delivered to PCs. These services include: Customized traffic information, based on a user's actual travel patterns, can be sent to
840-656: Is believed to be caused artificially to benefit a handful of players at the expense of the big players. Mobile financial services The term mobile commerce was originally coined in 1997 by Kevin Duffey at the launch of the Global Mobile Commerce Forum, to mean "the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology." Many choose to think of Mobile Commerce as meaning "a retail outlet in your customer’s pocket." Mobile commerce
896-409: Is beneficial to the company, to the investor, and to the public at large. The trading indices are DSE Broad Index (DSEX), DSEX Shariah Index (DSES), DSE 30 Index (DS30), CDSET. The bullish market turned bearish during November 2010, with the exchange losing 1,800 points between December 2010 and January 2011. Millions of investors have been rendered bankrupt as a result of the market crash. The crash
952-662: Is nearby. Mobile ATMs are usually self-contained units that don't need a building or enclosure. Usually, a mobile ATM can be placed in just about any location and can transmit transaction information wirelessly, so there's no need to have a phone line handy. Mobile ATMs may, however, require access to an electrical source, though there are some capable of running on alternative sources of power. Often, these units are constructed of weather-resistant materials, so they can be used in practically any type of weather conditions. Additionally, these machines typically have internal heating and air conditioning units that help keep them functional despite
1008-539: Is one of the two stock exchanges of Bangladesh , the other being the Chittagong Stock Exchange . In January 2023, DSE and Nasdaq announced their partnership with trading technology. It was first incorporated as East Pakistan Stock Exchange Association Ltd on 28 April 1954 and started formal trading in 1956. It was renamed as East Pakistan Stock Exchange Ltd on 23 June 1962. It was again renamed as Dacca Stock Exchange Ltd on 13 May 1964. After
1064-526: Is one where direct debits are not standard practice, so the facility eases the burden of queuing for the postpaid half of Vodafone's subscriber base in Hungary. Tickets can be sent to mobile phones using a variety of technologies. Users are then able to use their tickets immediately, by presenting their mobile phone at the ticket check as a digital boarding pass. Most numbers of users are now moving towards this technology. The best example would be IRCTC where
1120-544: Is the 25th ex officio member of the board. The government has appointed Professor Shibli Rubayat Ul Islam, who teaches banking and insurance at Dhaka University, as the chairman of Bangladesh Securities and Exchange Commission, reports bdnews24.com. The following organisations are currently holding positions in DSE Board: The Dhaka Stock Exchange is open for trading Sunday through Thursday between 10:00 am – 2:30 pm BST , with
1176-442: Is the instant nature of customer decision-making that mobile apps and websites enable. The consumer can receive a marketing message or discount coupon and, within a few seconds, make a decision to buy and go on to complete the sale - without disrupting their current real-world activity. For example, a busy mom tending to her household chores with a baby in her arm could receive a marketing message on her mobile about baby products from
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#17327914422771232-477: Is ultimately billed by mobile carriers rather than the app stores themselves. Ericsson's IPX mobile commerce system is used by 120 mobile carriers to offer payment options such as try-before-you-buy, rentals and subscriptions. In the context of mobile commerce, mobile marketing refers to marketing sent to mobile devices. Companies have reported that they see better responses from mobile marketing campaigns than from traditional campaigns. The primary reason for this
1288-747: Is widely available and accessible. In addition, improvements in the capabilities of modern mobile devices make it prudent to place more of the resource burden on the mobile device. Unlike online banking using bank websites, mobile banking allows a smaller number of operations based on short messages or applications installed on mobile devices. At present, it is estimated that by 2022, the number of customers adopting mobile banking will increase to 2 billion, and banks are investing more and more in improving mobile applications to improve security and customer satisfaction. More recently, brick and mortar business owners, and big-box retailers in particular, have made an effort to take advantage of mobile commerce by utilizing
1344-886: Is worth US$ 800 billion, with Asia representing almost half of the market. The Global Mobile Commerce Forum, which came to include over 100 organisations, had its fully minuted launch in London on 10 November 1997. Kevin Duffey was elected as the Executive Chairman at the first meeting in November 1997. The meeting was opened by Dr Mike Short, former chairman of the GSM Association, with the very first forecasts for mobile commerce from Kevin Duffey (Group Telecoms Director of Logica ) and Tom Alexander (later CEO of Virgin Mobile and then of Orange). Over 100 companies joined
1400-545: The Helsinki area in Finland . The machines accepted payment via SMS text messages. This work evolved into several new mobile applications such as the first mobile phone-based banking service launched in 1997 by Merita Bank of Finland , also using SMS. Finnair mobile check-in was also a major milestone, first introduced in 2001. The m-Commerce(tm) server developed in late 1997 by Kevin Duffey and Andrew Tobin at Logica won
1456-520: The MFS called Upay (উপায়), a digital financial service brand owned by UCB Fintech Company Limited, a United Commercial Bank affiliate. Upay had acquisitions with Grameenphone , Robi , and Banglalink to ensure that their users will not need an active internet connection to use the Upay application. In 2022, UCB achieved its highest profit, exceeding US$ 39 million, representing a growth rate of 32% compared to
1512-581: The Philippines , and NTT DoCoMo 's i-Mode Internet service in Japan . i-Mode offered a revenue-sharing plan where NTT DoCoMo kept 9 per cent of the fee users paid for content, and returned 91 percent to the content owner. Mobile-commerce-related services spread rapidly in early 2000. Norway launched mobile parking payments. Austria offered train ticketing via mobile devices. Japan offered mobile purchases of airline tickets. In April 2002, building on
1568-508: The liberation war in 1971 the trading was discontinued for five years. In 1976 trading restarted in Bangladesh, and DSE was started on 16 September 1986. The formula for calculating DSE all share price index was changed according to IFC on 1 November 1993. The automated trading was initiated on 10 August 1998 and started on 1 January 2001. A central securities depository system was initiated on 24 January 2004. As of 16 November 2009,
1624-652: The 1998 Financial Times award for "most innovative mobile product," in a solution implemented with De La Rue, Motorola and Logica. The Financial Times commended the solution for "turning mobile commerce into a reality." The trademark for m-Commerce was filed on 7 April 2008. In 1998, the first sales of digital content as downloads to mobile phones were made possible when the first commercial downloadable ringtones were launched in Finland by Radiolinja (now part of Elisa Oyj ). Two major national commercial platforms for mobile commerce were launched in 1999: Smart Money in
1680-659: The Competition Commissioner of the European Commission ordered an in-depth investigation of the m-Commerce joint venture between Vodafone, O2, Orange and T-Mobile. A recent survey states that 2012, 41% of smartphone customers have purchased retail products with their mobile devices. In Kenya money transfer is mainly done through the use of mobile phones. This was an initiative of a multimillion-shillings company in Kenya named Safaricom. Currently,
1736-514: The Forum within a year, many forming mobile commerce teams of their own, e.g. MasterCard and Motorola. Of these one hundred companies, the first two were Logica and Cellnet (which later became O2). Member organisations such as Nokia , Apple, Alcatel , and Vodafone began a series of trials and collaborations. Mobile commerce services were first delivered in 1997, when the first two mobile-phone-enabled Coca-Cola vending machines were installed in
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1792-465: The accompanying killer applications," said Burchett. Perennial early adopters, such as the youth market, which are the least price sensitive, as well as more open to premium mobile content and applications, must also be a key target for device vendors. Since the launch of the iPhone in 2007, mobile commerce has moved away from SMS systems and into actual applications. SMS has significant security vulnerabilities and congestion problems, even though it
1848-578: The bank stole 100 million taka from the bank using forged credit cards until they were detected in May 2012. In 2012, the Anti-Corruption Commission sued six for embezzling 129 million BDT from UCB. In March 2016, a Chittagong Court sentenced an official of UCB to jail for allegedly helping a businessman secure 181.8 million BDT loan against a property, which was already mortgaged to Bangladesh Krishi Bank , through fraud and then laundering
1904-669: The benchmark index of the Dhaka Stock Exchange (DSE) crossed 4000 points for the first time, setting another new high at 4148 points. In 2010, the index crossed 8500 points and finally crashed in the first quarter of 2011. Millions of investors lost their money and came out onto the street blaming the speculators and regulators for the bubble that finally burst in what became known as the 2011 Bangladesh share market scam . Currently, there are 22 industrial sectors in DSE which accommodate 625 listed companies. Dhaka Stock Exchange (DSE)
1960-426: The board of directors with a court verdict in his favor. In February 2008, Bangladesh Bank appointed an observer to United Commercial Bank due to ownership disputes. In 2010, Akhtaruzzaman became a director. The Anti-Corruption Commission (ACC) sued four officials of UCB and a managing director of a real estate company for embezzling 90 million Bangladeshi taka from the bank. Between 2007 and 2012, four officials of
2016-720: The chairman of the Bank who said he was removed from the bank forcefully with the knowledge of former Prime Minister Sheikh Hasina . With a network of 228 branches and 159 sub-branches, the Bank provided personalized service, innovative practices, dynamic approach and efficient Management. Consumer products like UCB Cards have been showing growth since its inception in 2006 and soon became the leader in local market with around 40,000 card holders. The bank listed in Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited. In 2009, United Commercial Bank signed
2072-576: The companies involved are Safaricom and Airtel. Mobile money transfer services in Kenya are now provided by the two companies under the names M-PESA and Airtel Money respectively. A similar system called MobilePay has been operated by Danske Bank in Denmark since 2013. It gained considerable popularity with about 1.6 million users by mid-2015. Another similar system called Vipps was introduced in Norway in 2015. Mobile automated teller machine (ATM)
2128-584: The exception of holidays declared by the Exchange in advance. In the month of Ramadan , the exchange is open for trading between 10:00 am – 2:00 pm BST . There are a total of 651 Securities and 397 companies listed on this Stock exchange. The listing provides an exclusive privilege to securities in the stock exchange. Only listed shares are quoted on the stock exchange. A stock exchange facilitates transparency in transactions of listed securities in perfect equality and competitive conditions. Listing
2184-430: The focus that should be given to the apps. In recent research, Parker and Wang demonstrated that within fashion m-Commerce apps, the degree that the app helps the user shop (increasing convenience) was the most prominent function. Such use examples might be through design cues that help the user find their products with minimal search. Additionally, shopping for others was a motivator for engaging in m-commerce apps with
2240-408: The money outside of Bangladesh . In September 2017, United Commercial Bank provided loan waiver to Russel Vegetable Oils Limited, a company linked to bank director, Sultana Hashem, wife to M. A. Hashem , chairman of Partex Group . The loan waiver violated banking rules of Bangladesh. Humayun Zahir was the first chairman of the United Commercial Bank. In 2013, Humayun Zahir's elder son Sharif Zahir
2296-434: The murder. On 26 August 1999, Akhtaruzzaman forcefully seized control of UCBL's board of directors during a meeting with his son, Saifuzzaman Chowdhury by gunpoint with 40 armed men. Again another chairman, Zafar Ahmed Chowdhury was forced to resign. Bangladesh Police declined to initiate any action against him citing the close association between Akhtaruzzamanu and Prime Minister Sheikh Hasina . Later, Zafar Ahmed returned to
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2352-501: The physical store. This is seen as a bridge between the gap created by e-commerce and in-store shopping, and is being utilized by physical retailers as a way to compete with the lower prices typically seen through online retailers. By mid summer 2013, "omnichannel" retailers (those with significant e-commerce and in-store sales) were seeing between 25% and 30% of traffic to their online properties originating from mobile devices. Some other pure play/online-only retail sites (especially those in
2408-614: The potential for medical applications on mobile devices. PDAs and cellular phones have become so popular that many businesses are beginning to use mobile commerce as a more efficient way to communicate with their customers. In order to exploit the potential mobile commerce market, mobile phone manufacturers such as Nokia, Ericsson, Motorola, and Qualcomm are working with carriers such as AT&T Wireless and Sprint to develop WAP -enabled smartphones. Smartphones offer fax, e-mail, and phone capabilities. " Profitability for device vendors and carriers hinges on high-end mobile devices and
2464-783: The previous fiscal year. The bank plans to establish a subsidiary at this year in Singapore the United Arab Emirates and Qatar to handle remittances. In 2024, UCB planned to take over National Bank, UCB indicated interest in purchasing NBL, which was hit hard by high loan default rates in 2022, resulting in Tk 3,285 crore in losses—the most ever recorded by Bangladesh's banking industry. Dhaka Stock Exchange The Dhaka Stock Exchange ( DSE ) ( Bengali : ঢাকা স্টক এক্সচেঞ্জ Dhaka stôk ekschenj ), located in Nikunja, Dhaka ,
2520-438: The remaining 50% can be retained as income. In July, MNH Bulu, A Bangladeshi businessman filed a lawsuit against UCB seeking BDT 400 million in damages for alleged defamation caused by false charges. In May 2023, according to a report prepared in accordance with International Accounting Standard (IAS)-34, UCB disclosed a decline in its operating profit along with an increase in operating expenses . In 2024, Sharif Zahir become
2576-407: The right time. Catalog merchants can accept orders from customers electronically, via the customer's mobile device. In some cases, the merchant may even deliver the catalog electronically, rather than mailing a paper catalog to the customer. Consumers making mobile purchases can also receive value-add upselling services and offers. Some merchants provide mobile web sites that are customized for
2632-413: The sale of ring-tones, wallpapers, apps, and games for mobile phones. The convergence of mobile phones, portable audio players, and video players into a single device is increasing the purchase and delivery of full-length music tracks and videos. The download speeds available with 4G networks make it possible to buy a movie on a mobile device in a couple of seconds. The location of the mobile phone user
2688-445: The smaller screen and limited user interface of a mobile device. Payments can be made directly inside an application running on a popular smartphone operating system, such as Google Android. Analyst firm Gartner expects in-application purchases to drive 41 percent of app store (also referred to as mobile software distribution platforms) revenue in 2016. In-app purchases can be used to buy virtual goods , new and other mobile content and
2744-585: The stock market rule, only members can participate on the floor and buy shares for themselves or their clients. At present, it has 238 members. The market capitalization of the Dhaka Stock Exchange reached nearly $ 9 billion in September 2007 and $ 27.4 billion on 9 December 2009. The management and operation of Dhaka Stock Exchange is entrusted on a 25 members board of directors. Among them 12 are elected from DSE members, another 12 are selected from different trade bodies and relevant organisations. The CEO
2800-451: The subscriber to react to market developments in a timely fashion and irrespective of their physical location. Over the past three years mobile reverse auction solutions have grown in popularity. Unlike traditional auctions, the reverse auction (or low-bid auction) bills the consumer's phone each time they place a bid. Many mobiles SMS commerce solutions rely on a one-time purchase or one-time subscription; however, reverse auctions offer
2856-459: The temperature of the environment.ion of mobile money services for the unbanked, operators are now looking for efficient ways to roll out and manage distribution networks that can support cash-in and cash-out. Unlike traditional ATMs, sicap Mobile ATMs have been specially engineered to connect to mobile money platforms and provide bank-grade ATM quality. In Hungary, Vodafone allows cash or bank card payments for monthly phone bills. The Hungarian market
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#17327914422772912-417: The ticket comes as an SMS to users. New technology such as RFID can now be used to directly provide a single association digital ticket via the mobile device hardware associated with relevant software. Mobile ticketing technology can also be used for the distribution of vouchers, coupons, and loyalty cards. These items are represented by a virtual token that is sent to the mobile phone. A customer presenting
2968-519: The travel category) as well as flash sales sites and deal sites were seeing between 40% and 50% of traffic (and sometimes significantly more) originate from mobile devices. The Google Wallet Mobile App launched in September 2011 and the m-Commerce joint venture formed in June 2011 between Vodafone, O2, Orange and T-Mobile are recent developments of note. Reflecting the importance of m-Commerce, in April 2012
3024-578: The work of the Global Mobile Commerce Forum (GMCF), the European Telecommunications Standards Institute (ETSI) appointed Joachim Hoffmann of Motorola to develop official standards for mobile commerce. In appointing Mr Hoffman, ETSI quoted industry analysts as predicting "that m-commerce is poised for such an exponential growth over the next few years that could reach US$ 200 billion by 2004". As of 2008, UCL Computer Science and Peter J. Bentley demonstrated
3080-548: The youth lifestyle, based on their experience with previous generations of South Koreans. "Profitability for device vendors and carriers hinges on high-end mobile devices and the accompanying killer applications," said Daniel Longfield. Consumers can use many forms of payment in mobile commerce, including: Interaction design and UX design has been at the core of the m-commerce experience from its conception, producing apps and mobile web pages that create highly usable interactions for users. However, much debate has occurred as to
3136-479: Was elected as the vice chairman of the bank. In 2013, M. A. Hashem was re-elected chairman of UCB. In September, Bangladesh Bank asked UCB to provide clarifications regarding their suspected profiting from selling dollars at inflated prices during the foreign exchange market crisis. Later the complaint has been resolved, resulting in the bank being mandated to allocate 50% of its profit from dollar trading to its corporate social responsibility (CSR) funds, while
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