• Tuesday, Apr 07, 2020
  • Last Update : 01:36 am

Banking needs to adapt to the future

  • Published at 11:47 pm January 18th, 2020
Cyber
Photo: BIGSTOCK

Digitalizing our banking sector should go a long way to help with its struggles

It is extremely encouraging to hear State Minister for Information and Communication Technology Zunaid Ahmed Palak announce that our financial sector will be brought under the digital infrastructure within the next five years.

To say that our financial sector has been in need of a boost would be an understatement. It is also borderline shameful that a nation such as ours continues to have such a floundering banking sector -- an unfortunate reality that continues to be a deterrent to our overall ambitions to become a robust, efficient, and functional economy.

To that end, digitalizing our banking sector should go a long way to help with its struggles, and it is important now for all stake-holders responsible to ensure that we have the right plans and strategy to implement this vision in an efficient and timely manner.

However, it is important to remember that, while going digital with financial services is indeed the way to go and will hopefully be even more prevalent in the future, we must not ignore the myriad challenges that are sure to come our way.

Chief among these challenges will be ensuring that our cyber security remains airtight. We have already seen the damage that cyber threats can pose, and our financial sector embracing the digital route makes us all the more susceptible to cyber security risks.

While it is good to see that we are already making plans about the threats cyber crime could pose -- with investment of around Tk12 crore pledged last year to combat cyber threats -- it will be important to ensure that these initiatives go ahead as planned, and not get bogged down by bureaucracy.

Bangladesh is surely on the right path to development, and digitalizing our banking sector will be yet another crucial step.