As the financial center of any economy, banks are the most integral part of the fund management of a nation, company or entity. Therefore their advancement is a necessity for a growing nation such as ours. Bangladesh is economically equivalent to Vietnam, yet it has more than double the banks. This leads us to ask how efficiently we are providing banking services. Is the greater quantity meeting the standards of quality?
For banks to gain any leverage in Bangladesh, they must meet the challenges of a customer-centric business model. With many option, consumers have a plethora of banks that will cater to their individual needs. Therefore, banks must cater to the demands of providing customized loans, having a strong social media footprint, facilitating money transfers, tapping the unbanked persons, while integrating technology for efficient data management and impenetrable cyber security.
In the context of technology, mobile banking has revolutionized the mannerism of money transactions. As Anis A. Khan, Managing Director & CEO of Mutual Trust Bank Limited, has stated, “In a population of 160 million, over 100 million people have mobile SIM connections. This device allows the rickshaw puller and other blue-collar workers to send money to their families in rural areas.” Mobile phones are one of the many examples of how technology is creating efficiency in banking and integrating the banking population. The mass usage of smartphones has enabled the path for Fintech, a phenomena that our nation must take hold of in order to prosper.
As the demographic of the nation evolves to that of a middle-class, the citizens’ demands will change and the retail banking sectors must be ready to address this. ICE Business Times opened a dialogue with the retail heads of some leading banks namely, ONE Bank, Bank Asia and Dhaka Bank, regarding their initiative to address these modifications. These prominent figures have all emphasized the concept of creating services and loans for the growing agriculture workers, women and students who are becoming financially independent. As Bangladesh progresses towards becoming a global player, our banks must also make the greatest investment to become state-of-the-art financial institutions.
