Public-private cooperation will enable banks to provide quality digital services to customers at a faster rate, top bankers said yesterday.
They made the observations at a summit on fintech organised by Bangladesh Brand Forum in association with Guardian Life Insurance at a hotel in the capital.
The summit themed at “Shaping Future of Finance for People” was organised to provide present and aspiring fintech companies spaces to share their knowledge, successes and failures so that entrepreneurs can initiate dialogues for the right policy framework.
Ali Reza Iftekhar, managing director of Eastern Bank, said Bangladesh’s digital solutions for banking services remain limited to mobile banking only.
“We cannot bring other services, such as credit cards and insurance into digital banking as there is no integrated backbone and database from where we can get information,” he said.
He said there were 12 crore SIMs in the country but only 15 lakh credit cards.
Rahel Ahmed, managing director of Prime Bank, echoed the views of Iftekhar, saying that there was no omni-approach on integration.
“Convergence of fintech, banks, government and other agencies needs to be integrated for financial inclusion,” he said, adding that there must be coordinated efforts from the national level to help people get services digitally.
Analysts at the summit’s opening session said fintech has been thriving with growing investment and reshaping the financial sector.
“Fintech has changed how financial services are structured, provisioned and consumed,” said Sanjoy Datta from Deloitte South Asia’s financial services.
Fintech has laid the foundation for future disruption and set the pace with which incumbent financial institutions need to respond to customer expectations, he said.
Shariful Islam, founder and managing director of Bangladesh Brand Forum, said fintech and financial innovation would play the pivotal role in pursuing inclusive and sustainable progress for Bangladesh.
The summit comprised four keynote sessions, two insight sessions and five panel discussions with international and local industry leaders.