Banks

No bank will survive without investing in digital banking

Selim RF Hussain says

Banks that are not investing funds to improve their digital banking platform will not be found in Bangladesh after 5-7 years, according to Selim RF Hussain, chairman of the Association of Bankers, Bangladesh (ABB).

Local banks will become obsolete if they fail to invest in the improvement of their technology-based banking, he said yesterday.

Hussain came up with these remarks at a press briefing on the sidelines of a two-day summit, titled "Banking on Digital Transformation", organised by the ABB at Pan Pacific Sonargaon Dhaka.

Along with the improvement of technology-based banking, a skilled workforce that will be able to run digital banking in an efficient manner is also important, he said.

Technology will also help mobilise remittances from abroad to a large extent and the central bank is also now encouraging banks in this regard, Hussain added.

Many lenders will create mobile banking apps to mobilise remittances, which will help remitters send their hard-earned money through the platform.

The expatriate Bangladeshis will be able to send their money through the apps on a real-time basis while sitting abroad.

If banks cannot increase their profitability, they will be unable to invest in strengthening digital banking platforms, which is why default loans will have to be contained.

Hussain, also managing director of Brac Bank, went on to say that digital literacy is important to make technology-based banking popular.

"Many people think that senior citizens cannot use banking apps, but the thought is not right as many aged people are now using our (Brac Bank) app," he said.

If anyone helps the senior citizens, they can easily do it, Hussain added.

He then said that the use of smartphones is now on the rise in Bangladesh, which will help digital banking grow at a faster pace as well.

Hussain also said the price of the internet should be decreased.

Many foreign professionals and bankers took part in the summit, which helps local banks learn from them, he added.

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