Description

The future of banking is going to be the application of new technologies to transform the existing banking business model into a new banking system which will itself produce new customer base, unveil new financial services, ensure faster and seamless services to clients with reduced operational cost, zero error, ease of use and apparently, maximum security. Therefore, it’s not only a new channel; rather it’s a whole new way of transforming existing transaction-based banking into the experience- based banking. So that, banking can be accessed by customers anytime and from anywhere. The global banking sector is becoming both more strategically focused and technologically advanced to respond to consumer expectations while trying to defend market share against an increasing array of competitors. FinTech investment in the US hit a record $52.5 billion during 2018, driven by mergers and acquisitions, and venture capital (VC) (Source: bankingtech.com). A separate report from industry body, Innovate Finance revealed that it was another good year for UK FinTech as investment rose by 18% to a record $3.3 billion in 2018. These efforts has only increased in 2019, as global financial and tech giants revolutionize the financial services arena. Bangladesh is one of the leading pioneers in financial inclusion utilizing state-of the-art financial technology. Currently, 18 banks are providing mobile financial services. This is just the beginning of bank and Fintech collaboration. Gradually banking service system in our economy will see more initiatives and partnership to pave the way for open banking.