Wednesday, December 22, 2010

E-Banking Bangladesh

E-Banking Status, Opportunities, Various forms of E-Banking in Bangladesh:

There are currently 53 Banks working together in Bangladesh. The competition is going up day by day, especially between the private commercial banks. They are trying to exposure themselves as the better one to their customers by proving new banking services, developing the existing services and so on. E-Banking is known to Bangladesh since 1990. Electronic Banking has got tremendous importance in banking sector and banking customers too.

Status of E-banking in Bangladesh:
Currently in Bangladesh, there are 4 state owned Banks have 34% branches, 5 specialized banks have 1311 branches, 30 local private commercial banks have branches all across the country.

Various Forms of E-banking available:
1. Automated Teller Machine (ATM): An ATM is simply a data terminal with two input and four output devices. Like any other date terminal, the ATM has to connect to, and communicate through a host processor. Now only DBBL (Dutch Bangla Bank Limited) has more than hundred of ATMs in Bangladesh.

2. SMS Banking: SMS allows you to do some banking inquiries on your mobile from anywhere under the mobile network coverage in a country. SMS Banking is developed to provide transactions related to client’s car number via SMS using cell phones. Bangladesh needs to develop SMS banking as most of the area of Bangladesh is already covered by Mobile networks.

3. Tele Banking: Tele Banking is form of remote banking which is essentially the delivery of branch financial services via telecommunication devices, where the bank customer can perform retail transactions by dialing a touch one telephone or mobile communication unit.

4. Online Banking: Banks are considering online backings as a powerful “value added” tool to attract and retain new customers. Online Banking (Internet Banking) is a term used to perform transactions, payments etc.over the internet through a bank’s secure website. Currently the internationally usage of VISA or MasterCard online from Bangladesh is very limited, which is an obstacle in the way of the online workers, who has to perform online transactions frequently. As PayPal, a trusted 3rd party online Transactions Company is still not available in Bangladesh, the banks should come forward and take steps to solve this problem. It will boost the purpose of making Digital Bangladesh.

Prospect of E-Banking in Bangladesh:
Bangladesh has been connected with the information super highway on the 20th of May, 2006. It is a landmark of ICT sector of Bangladesh. The cable network covering some around 786 miles across the country from Bay of Bengal will provide a fiber optic link with a date transfer capacity of 10 gigabits per second basing on the ICT facilities our e-banking is established. Electronic Banking allows banks to expand their markets for traditional deposit taking and credit extension activities and to offer new products and service s or strengthen their competitive position in officering existing payment service. In addition, e-banking could reduce operation costs for banks. More broadly, the continued development of e-banking and electronic money may contribute to improving the efficiency of the banking and payment system and to reduce the cost of retail transactions nationally and internationally. The development in information technology has contributed positively to e-banking through several channels. Banks have been increasing their own size and financial strength and expanding the scope of their products lines to meet the growing of online real time financial services through e-banking.

Constraints of Electric Banking in Bangladesh:
Emergence and growth of Electric Banking of a country depends on the following factors:

1.    Availability and growth of telecommunication instructors.
2.    ICT operation in electric banking sectors.
3.    Culture of using electric banking.
4.    Legal and regularity framework
5.    The users of electric banking are in urban areas.
6.    Infrastructure of villages is not suitable for electronic banking.

Recommendations of E-banking for Bangladesh:
Since 1992 the e-banking is going on all over the country but it is still many theoretical and technical hurdles. Some recommendations are listed below to overcome and improve the current situations:

1.    E-banking services should try to mobilize more deposit schemes through better marketing and innovative measures.
2.    E-banking system should be more flexible.
3.    E banking should develop their communication among branches.
4.    The decision making process should be faster
5.    SME section of banking should be more flexible.
6.    Need to establish more ATM booths.
7.    E-banking service should be according to the customer expectation and satisfaction.
8.    E-banking service should be resolve the entire problems very quickly that the customer face in online transaction.
 9.    The bank should arrange the demonstration programs for the clients to enjoy the service properly.
10.    Government should be pioneer to develop the IT infrastructure.

With overall discussion we can conclude the issue of E-banking's future in Bangladesh is that it can be very prosperous. With the resource Bangladesh has, it can be beneficial for the companies too. Just need some proper cares to be taken. It is also needed that the Govt. steps forward. The Bank companies need to to deal with appropriate authority to make E-Banking more available in Bangladesh.


Related Articles:

E-Banking Worldwide 
E-Banking Features

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