Information and communication technology (ICT) has become the heart of the banking sector in Bangladesh now-a-days. The banking industry is the heart of every robust economy. ICT is helping the banking sector improve its efficiency and effectiveness of services offered to customers, and enhance business processes, managerial decision making, and workgroup collaborations which strengthen their competitive positions in rapidly changing and emerging economies.
All banks in Bangladesh have made substantial investments in technology platforms and systems, built multiple distribution channels, including an electronically linked branch network, automated telephone banking, internet banking and banking through mobile phones to offer its customers convenient access to various products. By and large, the banks have been successful in developing innovative product features, reducing operating costs, enhancing customer service delivery and minimising inherent risks. IT facilitates all our core business processes and components, and serves to support, sustain and grow transformation and realisation of our strategic objectives at group and business unit levels.
In Bangladesh, banks have established their large ATM and POST networks for providing ATM access for 24 hours for their customers. Beside offering access to ATM network across the country, they are also providing the same access to their customers worldwide through the network of VISA/MasterCard. They are also establishing and expanding their own ATM/POST network.
Many banks have installed POS terminals in major shops, hotels, sales centres etc. all over the country. Some of the technology-driven banks are providing internet banking channel with the inclusion of a number of customer-friendly features. The systems software is providing the customers access to their accounts from mobile devices like smart phones and tablets. The customers are now able to do banking from any place of Bangladesh at any time. Mobile banking refers to access to accounts, transfer of funds, summary sheets and other banking services through dialling a telephone number.
In case of mobile banking, banking services are provided to the customers having credit card accounts. Services are provided by the association of banks and cellular service providers through SMS or WAP enabled mobile instruments. And there are many helpful sides of ICT and these are Contact/Call Centre, Automated Clearing House System (ACHS), Electronic Fund Transfer (EFT), Online CIB, the Core Banking Solution (CBS), Corporate Intranet System and so on.
Customers' awareness can be increased by counselling, advertising and distributing leaflets/brochures. Specialised training on IT security and fraud prevention can be provided to the employees of banks. Awareness of customers can be increased through proper mobile banking training, highlighting security issues. Banks should ensure that KYC forms are filled up and verified appropriately. Auditors of the Bangladesh Bank should ensure that banks properly follow its guidelines. Multi-factor/adaptive authentication method can be introduced by banks quickly. Data theft, bypassing OTP, can be stopped by increasing morality/ethics of bank employees and increasing internal data security.
The writer is a student of East West University
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- Friday, 22 November 2024 |
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