Bangladesh Bank (BB) Governor Fazle Kabir on Wednesday underscored the need for investing in capacity development and knowledge management to cope with the growing challenges of the banking industry.
“The banking landscape of Bangladesh is changing rapidly . . . It is crucial now to invest in capacity development and knowledge management to cope with the growing challenges of the banking industry,” he said.
The BB governor said this while speaking as the chief guest at the inaugural session of the ‘8th Annual Banking Conference 2019’ at Bangladesh Institute of Bank Management (BIBM) in the city, said a press release.
Fazle Kabir, also chairman of the BIBM governing board, said with the evolution of technology, the entire industry has undergone a massive transformation that has changed the way financial procedures are carried out, and the way financial institutions operate.
“The collaboration between finance and technology has led to a radical change in banking operation and services. Alongside benefits, the paradigm shift posed significant challenges to the banks as well as to the regulators,” he added.
He said enforcement is becoming tough for central banks; and compliance is becoming very expensive for commercial banks.
“It is very important for banks to demonstrate a good compliance culture to maintain their reputation and win the trust of customers, investors and regulators,” he added.
Fazle Kabir said such culture is important for banks to avoid poor conduct and loss of trust. Practically, in the context of international banking, to be in the business, banks have to be complaint, he added.
Senior central bankers, current and former chief executives of banks and financial institutions, distinguished academics and professionals from home and abroad, faculty members of BIBM, paper presenters from home and abroad were present at the conference, reports BSS.
