Online banking transactions in Bangladesh have reached an impressive 50 trillion Taka ($460bn) in the past month as more people opt for the convenience of digital transactions.
According to recent data from Bangladesh Bank, online banking transactions have surged by 142% compared to the previous year, reaching 49,930 crore Taka.
This represents nearly triple the volume of transactions recorded during the 2014-15 fiscal year.
The surge in online transactions can be attributed to customers’ inclination towards the convenience of online banking and banks’ commitment to technological advancements, ensuring fast and hassle-free services.
The proliferation of mobile banking apps has played a pivotal role in facilitating online transactions. More than 40 banks in Bangladesh now offer mobile apps, providing users with easy access to banking services.
Increasing awareness among customers about the benefits of online banking is crucial.
Due to customer interest, banks actively promote and advertise their online banking services.
The central bank has raised transaction limits and assisted customers in boosting digital banking further.
The introduction of Real-Time Gross Settlement (RTGS) and the Bangladesh Electronic Fund Transfer Network (BEFTN) has expedited digital transactions. At the same time, the widespread use of smartphones has significantly contributed to the popularity of online banking.
The digital transactions of the country’s oldest and largest bank have witnessed a remarkable 63% growth over the past five years.
Collaboration between banks and Mobile Financial Service (MFS) providers has accelerated the growth of digital banking.
Initially used for money transfers, MFS is now expanding its scope by accepting deposits.
Dhaka Bank Limited has introduced Nano Deposits and experienced a surge in opened accounts.
Acknowledging the risks associated with cyber-attacks and financial fraud, banks are actively implementing digital security measures and investing in firewall protection to safeguard their systems.
Bangladesh Bank has issued IT Risk Management guidelines that banks must adhere to, encouraging increased investment in this area.
Increasing customer knowledge and awareness about online transactions remains essential as online banking continues transforming Bangladesh’s banking landscape.