Internet banking transactions in Bangladesh experienced a notable decline in August 2024, dropping from the previous month's total.
In August, internet banking transactions saw a significant decline of Tk 67.86 billion, marking by a 9.04-percent drop from July this year.
Similar to August, July 2024 saw a significant decline in internet banking transactions, dropping by Tk 219.29 billion, which marks a 20.98-percent decrease from June this year.
Transactions in August stood at Tk 759.38 billion, down from July's total amount, the Bangladesh Bank data show.
Transactions in July amounted to Tk 825.75 billion, down from June's figures, reflecting a temporary slowdown in online banking activities.
According to the data from the central bank, transactions in June this year reached Tk 1.04 trillion.
In August 2024, internet banking transactions experienced a significant increase compared to the same period last year, rising by TK 238.38 billion, or 45.76 per cent.
Similarly, July 2024 also saw a notable increase in transactions, with an uptick of TK 363.32 billion, representing a rise of 78.57 per cent.
Industry insiders say this year-on-year growth underscores the increasing adoption of digital banking services across the country, even though the month-on-month performance showed a decline.
The surge over the past year highlights the rising trust and convenience customers find in digital platforms, possibly driven by technological advancements and shifts in banking habits, they said.
They also said that despite the recent dip, the overall trend points to a growing preference for internet banking.
Talking to The Financial Express, AKM Fahim Mashroor, former president of the Bangladesh Association of Software and Information Services (BASIS) and CEO of bdjobs.com, discussed the challenges faced in July and August that adversely affected internet banking transactions.
He noted that internet access was disrupted for five days in July, while significant roadblocks were prevalent in August, both of which contributed to a decline in transaction volumes during these two months.
Mashroor emphasised that these disruptions significantly impacted the overall transaction figures, leading to a noticeable downturn in activity.
However, he expressed optimism about the future, stating, "Business is gradually returning to normalcy, and the economy is showing signs of improvement. We can expect this positive trend to influence transactions in October."
He anticipates that as conditions stabilise, there will likely be an increase in transaction volumes, reflecting a recovery in the market.
sajibur@gmail.com