For the last decade, the rapid advancement in information and communication technology has significantly influenced our banking industry in Bangladesh. Banks and financial organizations have improved their services as a financial intermediary through adopting various IT solution services.
Technology now has become a tool that facilitates banks’ organizational structures, business strategies, customer services and related functions. Bangladeshi banking has come a long way over the last 43 years though still in these days we are unable to do much other than the management of cross-border trade volume increasing.
Therefore Bangladeshi banking is confined to large classified loans, small automation, the least possible number of retail banking solutions, low access to Internet banking, concentration of banking limits, or exposure to few groups or families (that too in cash credit) hypothecation of assets, import loans, and term loans.
Now, if we consider the booming of the mobile banking sector, with almost 50 million clients and a Tk 10,000 crore turnover per month, we have reasons to rejoice.
Even though cell phone companies have more to do here than banks, banks should be seen investing more in information technology along with the creation of newly educated entrepreneurs through venture capital funding, alternate banking channels, and capital market-linked product development to optimize profitability of the banking sector.
