The Covid-19 pandemic is showing little signs of letting up, as lives continue to be lost in record numbers daily in Bangladesh. Yet, despite the immeasurable difficulties, there have been some changes that have been for the better, and one such change is the steady rise in digital banking services.
The numbers tell the story: Internet banking transactions rose 34.58% year on year to Tk8,477.3 crore, users of internet banking also rose 29.83%, debit card transactions rose 22.24%, and credit card transactions rose 23.89% in the last one year up to February, as per recent Bangladesh Bank data.
This is certainly a silver lining amidst the usual gloom and devastation of the pandemic; for a country such as Bangladesh, which has made going digital one of its principal priorities, progress of this nature is not just welcome, but necessary.
It is important to note here that, this sharp increase in demand for online banking has been reactive rather than pro-active, with all the banks reacting to the lockdowns as a result of the pandemic and investing in internet banking, agent banking, and mobile financial services. Yes, the end result has seen Bangladesh’s financial sector becoming more digital, which is undoubtedly a good thing.
However, it is vital that the momentum in digitalizing our banking sector that has now been achieved is not lost if and when we are not in the midst of a crisis.
It should not take a pandemic for our banking practices to be up to date with the rest of the world. To that end, a pro-active approach by the stakeholders to keeping the infrastructure robust and up-to-date is the necessary way forward.