Digital Banking

Poster Credit: Jayed BIn Habib
Article Credit: Sumaiya Mehzabin

Digital Banking refers to converting currently manual or paper based documentation into digital format and changing the business rules or procedures to accommodate those. It is the application of technology to ensure seamless electronic processing of banking operations. Digital banking is part of the broader context for the move to online banking, where banking services are delivered via the Internet, in short a location independent bank free from any physical entity.

Living in the time and age where moving with ease and saving time with efficiency is the goal, would you actually prefer moving around with money and debit cards or just one medium for all those cashes and cards? The aid to that contemplation lies beneath.

As digital innovation is continuously modifying the landscape of the financial system all over the world, Bangladesh Bank promotes the regulatory environment allowing innovation to make a robust. crafting efficient and secured financial system, Bangladesh recognizes the role of digital platforms and usage of in driving greater efficiency and availability to people of the country. Merging with this very belief, ten private banks have united to from Digi10 bank; PLC, Bank Asia, Brac Bank to set up their own digital banks and numerous banks is to invest in digital ventures including Dutch-Bangla Bank Ltd and Trust Bank.

Some key points for those unfamiliar with the rules of qualification must take into consideration –

Monetary requirement:

Every account needs to hold the least of 1.25 billion Bangladeshi Taka with a minimum value for every shareholder of 5 million Bangladeshi Taka.

Application Fee: To apply for an account you need to pay 0.5 million Taka, which is non-refundable. If your application for the account is rejected for lack credibility and alignment with all the rules provided by Bangladesh Bank, you will end up losing the money provided. 

If we talk about the tempting service pros, money transaction to no bound of amount, regardless of the location of your receiver or the time of the moment you need to make that transaction, there lies no obligation in any of those terms to detain you. The streamline and flexibility offered with digital banking is marvellous.

In the end, let us run you through a little reality check, in the age of compact and digitalisation, no matter how much you love the crispiness and smell of new money notes, you wouldn’t opt for losing proficiency in using time. The digital banking system has come up with a fluent system that saves time and organises the use of money and banking cards in one compact form. So, as a vigilant, calculative, and minimalist individual, this compact card system that is easy to work with might be the option you would wanna opt for.


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