Banks turn to digital services – Tech Observer


Dhaka – Online banking is relatively new, just a few days ago online banking was important for this industry, but now this status has moved to digital banking.

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

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

Public bank Sonali Bank is also launching app-based banking services. Now the account is opened at the bank via the Sonali electronic service while sitting at home. The private sector Islami Bank serves clients with Selfin App.

Besides the old banks, the new generation banks are also focusing on digital banking services. This means that banking services extend from village to village, town to town, town to town and town to town. Bank Islami accounts are opened mostly at home.

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

He said that agent branches and sub-branches play a central role in building digital banking services at the local level.

Many customers say the bank’s sub-branch has become a blessing for the common man. All types of banking services including opening bank accounts, depositing and withdrawing money, custody of deposits, loan facilities, filing utility bills, are available at these agents and branches from the bank located near the hatbazar or local domicile.

According to the 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 increasingly interested in setting up agents and sub-branches.

Bankers say it becomes possible to provide banking services directly to the general public who no longer have low-cost financial services through agents and sub-branches.

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

The Bangladesh Bank says it has taken various initiatives to get people out of financial services under the bank facility. Within this framework, agents and sub-branches were authorized to open. Banking services also go to people’s doors through this channel. It speeds up 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 managing directors of private banks, and managing director 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 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.
Thanks to this, it becomes possible to expand the network of banks at low cost. Again, almost all types of services like branch offices also benefit customers.

In this context, Executive Director and spokesperson for Bangladesh Bank Sirajul Islam said digital banking services allow banks to stay ahead of the competition.

Thanks to this, banks are also able to offer banking services to more people. It speeds up financial inclusion. On the other hand, employment is also increasing, he added.

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

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

It is learned that all types of banking services, including opening all types of bank accounts, depositing and withdrawing cash, issuing checkbooks and payment orders, clearing a check and deposit payment, deposit and loan facility, real-time online banking facility, utility bill deposits are provided in the sub-branch.

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