Wednesday, September 22, 2021
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Bangladesh: Banks leaning towards digital services

Customers no longer have to go to the bank to do banking. Money is being transferred from one bank to another while sitting at home.

Dhaka — Online banking services are relatively new, even a few days ago, online banking was important for this sector but now that status has shifted to digital banking.

Customers no longer have to go to the bank to do banking. Money is being transferred from one bank to another while sitting at home.

Banks have now started offering app-based services. Not only bank to bank, but mobile banking facility is also available from the bank. All public sector and private sector banks are focusing on digital services.

State-owned Sonali Bank is also launching app-based banking. Now the account is opened in the bank through Sonali e-service while sitting at home. Private sector Islami Bank is serving customers with Selfin App.

Along with the old banks, the new generation banks are also focusing on digital banking services. That means banking services are reaching from village to village, from city to city, from city to village, and from village to town. Islami Bank accounts are being opened especially at home.

In this regard, the Managing Director of Islami Bank Mohammad Monirul Maula said, “Islami Bank is making maximum use of information technology so that people can get services easily.”

He said that agent branches and sub-branches are playing a pivotal role in bringing digital banking services to the grassroots level.

Many of the customers say that the sub-branch of the bank has become a blessing to the common man. All types of banking services including opening bank accounts, depositing and withdrawing money, keeping deposits, loan facility, utility bill deposit are available in these agents and sub-branches of the bank located near the local hatbazar or home.

According to Bangladesh Bank, the number of new customers, deposits, and loans is increasing day by day.

On the other hand, due to low management costs, banks are also becoming more and more interested in setting up agents and sub-branches.

Bankers say it is becoming possible to deliver banking services directly to the general public who are out of financial services at low cost through agents and sub-branches.

Again no additional fees or charges are being imposed on the customers. As a result, the services of the sub-branch are becoming more and more popular day by day.

Bangladesh Bank says it has taken various initiatives to bring people out of financial services under the banking facility. As part of this, agents and sub-branches have been allowed to open. Banking services are also going to people’s doorsteps through this. This is accelerating financial inclusion. Employment in this sector is also increasing.

In this regard, Syed Mahbubur Rahman, former chairman of the Association of Bankers Bangladesh, an association of chief executive officers of private banks, and MD of Mutual Trust Bank, said: “Banks are now paying more attention to providing digital banking services. In this case, there is an opportunity to provide good service at low cost in the agent branch and sub-branch.”

“We get the same benefits by opening a branch, we get the same benefits by opening a sub-branch,” he said.
Through this, it is becoming possible to expand the network of banks at a low cost. Again, almost all types of services like branches are also benefiting the customers.

In this context, the executive director and spokesman of Bangladesh Bank Sirajul Islam said that digital banking services are keeping the banks ahead of the competition.

Through this, banks are also being able to take banking services to more doorsteps of the people. This is accelerating financial inclusion. On the other hand, employment is also increasing, he added

He also said banking transactions are now being done through digital services even in remote areas.

In December 2018, Bangladesh Bank issued a policy regarding the establishment of banking booths.

It is learned that all types of banking services including the opening of all types of bank accounts, cash deposit and withdrawal, checkbook and pay order issue, clearing a check and pay the order deposit, deposit, and loan facility, real-time online banking facility, utility bill deposits are provided in the sub-branch.

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