Pandemic pushes up internet banking 

Internet banking has picked up its pace amid the ongoing Covid-19 pandemic as a large number of people staying at home are increasingly turning to digital channels to fulfill most of their banking requirements. The internet banking transactions stood at Tk 9141 crore in July this year, up 46.13 per cent from a year earlier, according to the BB data.

The internet banking transactions stood at Tk9141 crore in July this year, up 46.13 per cent from a year earlier, according to the latest data from the Bangladesh Bank.

“People are changing their transaction behavior due to the pandemic,” said Dhaka Bank Managing Director Emranul Huq.

He said, “Now clients prefer tech-based banking services to avoid face-to-face interactions with bank staff to keep social distances.” 

The number of internet banking clients has also increased amid the pandemic. In July this year, the number of internet banking clients was more than 37.14 lakh, an increase of 30.66 per cent year-on-year, according to the central bank.

Banks have also been expanding their digital footprints during the pandemic to offer a range of services across the banking space since March last year when the pandemic broke out in the country, forcing the government to impose coronavirus restrictions across the country. 

Most banks introduced mobile banking apps, WhatsApp banking and online account-opening platforms. Though the strict lockdown was over conscious and smart people are used to online banking, according to bankers. 

Dhaka Bank launched several tech-based services to meet the growing demands for internet banking. 

 “We introduced Dhaka Bank Go, a mobile app to operate customers’ bank accounts,” said Huq.

Clients can also avail of several other services such as transferring their money from one account to another account and bank account to an MFS account, paying utility bills, fees of educational institutions through the app, he said.

“The banks witnessed tremendous digital developments during the pandemic hit last year,” said BRAC Bank Managing Director Selim RF Hussain.

“The developments propelled the banks four to five years ahead digitally,” he said. 

Last year, the bank introduced “BRAC Bank Astha”, a mobile app that facilitates banking transactions online.

BRAC Bank invested $20 million or Tk170crore in digital banking from 2018 to 2020, according to Hussain.

Meghna Bank is en route to digitalising its banking operations.