Web banking leapfrogs in BD

SAJIBUR RAHMAN
Internet banking has boomed in recent times with more people opting to do financial transactions through digital platforms, thanks to user-friendly banking apps, nominal fees and growing client confidence.
The web-based transactions stood at Tk 938.22 billion in February 2024, while the amount was Tk 293.85 billion in February 2023.
The last one year's growth has marked a 219.39-per cent rise in the period, according to the data available with the Bangladesh Bank (BB).
The central bank figures show online banking transactions have amounted to Tk 962.05 billion this January.
The figures mark an increase from previous months' transactions, with Tk 816.40 billion in December 2023, Tk 828.66 billion in November, Tk 788.63 billion in October, Tk 487.16 billion in September and Tk 520.99 billion in August.
The surge in banking activity in Bangladesh was catalysed by the onset of lockdown measures during the Covid-19 pandemic in 2020.

While internet banking, also known as online banking, had its roots in the country two decades ago, its adoption rate skyrocketed during the pandemic.
With consumers prioritising safety and seeking to minimise exposure to virus, there was a significant shift towards accessing financial services online in the comfort and safety of their own home.
The number of internet customers reached 8.91 million by February of the current fiscal year than 6.56 million up to February last fiscal, the BB data said.
AKM Fahim Mashroor, former president of the Bangladesh Association of Software and Information Services (BASIS) and CEO at bdjobs.com, highlighted private banks' success in developing user-friendly mobile apps.
These apps, greatly appreciated by clients, provide a wide range of banking services, mirroring those available in local branches, such as deposits, transfers and online bill payments, he added.
According to Mr Mashroor, an increase in the distribution of monthly salaries online by private companies has contributed further to the higher volume of transactions.
Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank (MTB) Limited, credited this phenomenal rise in web banking to the convenience and security provided by user-friendly bank apps.
Identifying one of the challenges in such banking, Mr Rahman highlighted limited digital literacy among a significant portion of the population.
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