Trust in online banking enhanced

Between April and September this year, an average of Tk 45,000 crore was transacted in digital banking per month. The amount of transactions through internet banking and apps in July was Tk 46,243 crore. In November, it further rose to Tk 82,866 crore.

This information has been highlighted in the latest update report on internet banking published by Bangladesh Bank. Consequently, there has been a significant increase of 79.19 percent in digital transactions within just four months. The transactions experienced a sudden doubling in October, which continued in November.

Experts believe that the growing trust in digital banking has encouraged people to conduct money transactions through internet banking and apps. As a result, both the number and value of domestic transactions have witnessed a surge.

Bank officials have reported a significant expansion of internet banking in the country, which can be attributed to the advancements in information technology. This growth has been particularly noticeable in recent times. One of the key factors behind this surge could be the country's political instability and the occurrence of elections. Since last October, there has been a substantial increase in transactions conducted through internet banking. This can be attributed to the fact that during that month, like-minded parties, including BNP, called for agitation. Consequently, a considerable number of customers have opted for the convenience of online banking instead of physically visiting the bank.

Among the various banks in the country, the majority of transactions made through mobile apps are carried out by customers of Islami Bank. They account for nearly half of all transactions. Following closely behind are Dutch-Bangla Bank's Nexus Pay, City Bank's City Touch, BRAC Bank's Astha, and Eastern Bank's Sky Banking.

Additionally, other bank apps such as Standard Chartered Bank's Internet Banking, Mutual Trust Bank's MTB Smart, and Dhaka Bank's Go Apps have also garnered a significant number of customers.

According to the data provided by Bangladesh Bank, the number of individuals utilizing internet banking in the country reached 7,442,964 in July. However, this figure witnessed a significant increase in November, reaching 8,172,648 users. Additionally, the number of transactions conducted by these customers in July amounted to 7,807,172, which experienced a notable surge in November, reaching 9,747,240 transactions.

This data clearly indicates a substantial growth in both the number of customers and transactions within a span of five months. Previously, all purchases and transactions were solely conducted using cash, resulting in long queues at banks for bill payments. Moreover, numerous shops were scattered across markets and neighborhoods to facilitate mobile money recharge. However, with the integration of technology into banking operations, internet banking and app-based services have witnessed a remarkable surge. Presently, approximately 8 million customers in the country are availing banking services through internet banking and apps.

The bank's internet banking and apps offer a wide range of benefits, including the ability to check account status, transfer funds to any bank, pay service bills, recharge mobile phones, purchase tickets, settle card bills, and deposit money as monthly savings.