That your leadership has made a "booming economy" possible in today's Bangladesh is highly appreciated. Also, it is well recognised that the Insurance Development and Regulatory Authority (IDRA) has been playing vital roles in tackling financial risk of life, health and asset by bringing people of society under the coverage of insurance. Similarly, Bangladesh Bank (BB) has been contributing significantly to bring new products in the banking system.
However, digital banking faces perceived risk factors in the world economy. Bangladesh is no exception. Here customers compete for time-saving options. Banks compete for marginalising its operating costs. In most cases, customers do not read terms and conditions of the services. They do not save contract copies. These weaknesses cause abuses. The customers face perceived risk factors such as hidden charges, extra fees, account hacked and psychological risks.
Voluntary Insurance (VI) can be a new product in banking service. This is something which will keep banks or firms to grow. If VI becomes a reality, insurance companies, banks, and digital-banking customers will benefit. It can ensure a rapid progress in digital-banking usage in a faster rate. I humbly submit this letter for your consideration so that agencies can be directed for prompt actions.
Akim M Rahman,
Asst Professor, Economics
School of Business
Canadian University of Bangladesh
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