Digital transformation essential in banks for smart Bangladesh vision: Experts

Digital transformation is essential for the banking sector to keep up with the changing needs of customers and to make Bangladesh smart by 2041, experts have said.

Digital enterprise transformation is more than just moving to the cloud or creating mobile-friendly interfaces. There is a need to redesign the entire banking experience, including the use of technology, they said at a panel discussion on "Design Thinking for Digital Enterprise" organised by Sonali Intellect Limited and Intellect Design Arena Limited at a hotel in Dhaka today (21 March).

It is possible to simplify all the operations of different devices and centralised platforms used in the banking sector, the experts also said.

Debdulal Roy, executive director of Bangladesh Bank, said, "Digital transformation has brought many opportunities for banks in Bangladesh. By leveraging the power of digital technology, banks can not only improve customer experience but also make various banking operations more efficient."

"By leveraging the power of digital technology, banks can not only improve customer experience but also make various banking operations more efficient."

Debdulal Roy, Executive Director, Bangladesh Bank

Where local people have less opportunity to go to traditional bank branches, digital platforms allow people to conveniently manage their financial transactions and gain experience in this regard, he said.

According to a 2022 report by the Global System for Mobile Communications Association, smartphone penetration in Bangladesh will reach 63% by 2025, and digital lenders can expect to grow their services in the total addressable market in the coming years.

With this rapid growth, banking and financial industry customers will become more demanding, said the experts at the discussion. Only through digital transformation banks can meet the changing needs of customers, they said. This will create opportunities for banks to invest more in cutting-edge technology and partnerships, they said.