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ED: Expand the potential of digital banking services

  • Published at 01:10 am May 22nd, 2021
Mobile Banking
Bigstock

Transactions through mobile banking can be done at the push of a few buttons

We have editorialized multiple times before on the benefits that digital mobile financial services and it is encouraging to note that the government’s own initiative, Nagad, is taking that concept forward into the future.

Digital banking services such as Nagad, bKash, and Rocket have done a tremendous job of completely revolutionizing how banking is done, especially by the poor, and we commend the government for the policies which have ensured its continued success in this regard.

That is indeed one of the great aspects of digital banking services and of harnessing the power of technology in general -- it increases inclusivity within the financial sphere, allowing those who would not have access to banking services to become more involved in the economy and further contribute to its continued growth and success.

According to experts, however, there is potential for further positive change within the mobile banking industry, with involvement from the chambers of commerce being one of the crucial steps necessary to expand the services which are available to people.

Traditional banking has long been seen as more of a hindrance than a convenience, with steps requiring multiple processes and steps that would take up precious time and effort -- now, transactions through mobile banking can be done at the push of a few buttons, making remote work and banking not only feasible, but preferable for many.

Even opening an account, which used to take a few days, can be done instantly on Nagad, thanks to the government’s initiative to attach national IDs to phone numbers.

We hope the government takes further steps to integrate digital banking further into the mainstream and leave the age-old customs of traditional banking behind, heralding an era of convenience, ease, and efficiency to the lives of the people.