Today’s banking system of Bangladesh touches the lives of millions of people and it is growing at a high speed. Banking industry in Bangladesh is facing a number of challenges like changing customer needs, expectations and perceptions, new regulations from time to time and never-ending advances in technologies. The force of meeting these challenges has compelled banks to change the traditional ways of doing banking activities. Banking system of Bangladesh has perceived some major innovations in the past decades which lead to remarkable improvements in banking services and operations. This paper focuses on various innovations like ATM, Retail banking, Debit and Credit cards, online banking, mobile banking etc. in banking sector in Bangladesh.
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The presence of modern banking services is very helpful to the economic activity and industrial progress of the country. Hence it is called a great agency of commerce. The banking industry in Bangladesh has a huge canvas of history and it has been through a long journey. Banking Sector of Bangladesh has witnessed a number of changes. It has undergone a huge transformation in the years since independence in 1971.The main driver of this change is the changing customer needs and expectations and exclusively the induced necessities of the age or environment. At present, the banks like other business organizations are deploying various types of new innovations in modern banking sector because they have to respond to the increasingly complex financial problems or situations. In addition, they are looking for innovative ways not only to attract but also to retain the customers and gain competitive advantage over their competitors. Hence, innovation in bank sector is getting recognition from the top executives due to its strategic importance and globalized …show more content…
are now changing our lifestyle. Banks nowadays offer a wide range of services to fulfill the financial and non-financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non-customers. Banking industry in Bangladesh is facing number of problems or challenges in modern banking sector and hence, apt management as well as appropriate solution of these problems or challenges must be needed in order to proper utilize the prospects of modern banking sector in
The presence of modern banking services is very helpful to the economic activity and industrial progress of the country. Hence it is called a great agency of commerce. The banking industry in Bangladesh has a huge canvas of history and it has been through a long journey. Banking Sector of Bangladesh has witnessed a number of changes. It has undergone a huge transformation in the years since independence in 1971.The main driver of this change is the changing customer needs and expectations and exclusively the induced necessities of the age or environment. At present, the banks like other business organizations are deploying various types of new innovations in modern banking sector because they have to respond to the increasingly complex financial problems or situations. In addition, they are looking for innovative ways not only to attract but also to retain the customers and gain competitive advantage over their competitors. Hence, innovation in bank sector is getting recognition from the top executives due to its strategic importance and globalized …show more content…
are now changing our lifestyle. Banks nowadays offer a wide range of services to fulfill the financial and non-financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non-customers. Banking industry in Bangladesh is facing number of problems or challenges in modern banking sector and hence, apt management as well as appropriate solution of these problems or challenges must be needed in order to proper utilize the prospects of modern banking sector in