In the traditional banking era in Bangladesh, customers had to physically visit bank branches for services such as transactions. These banking services were not always readily available, and customers often had to wait in long queues. Banking hours frequently clashed with customers' schedules, limiting accessibility to essential services.
Providing personalised services was a significant challenge for banks, as they relied on manual record-keeping and outdated data management systems. Moreover, without automated systems, it became difficult for banks to track customer interactions and preferences in real time. Instead of tailoring services to individual needs, banks used standardised loan offerings, interest rates, and financial advice.
Manual processing posed another challenge for customers during the traditional banking era. Transactions were often delayed due to the reliance on manual processes and record-keeping. Each transaction required extensive documentation and significant paperwork, making the process time-consuming. For instance, if a customer wanted to withdraw or deposit funds, they had to fill out a physical form, which a teller would then review or seek approval from a higher authority. This lengthy process also applied to loan applications and account openings.
However, times have changed. Today, customers can perform banking activities from anywhere and at any time using email, online chat, or mobile phones. Most banks now offer 24/7 customer service, eliminating one of the most frustrating problems of traditional banking.
Faisal Hossain Anik
Student
North South University
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