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Transforming financial technologies through digital innovations is enabling and empowering citizens and companies to do more, which played a unique role during the pandemic.
The number of cards, both debit and credit, is still very nominal in Bangladesh. The number of people with banking accounts is also below average. So, for cashless payments, the mobile financial service (MFS) has opened the window for numerous consumers to experience touchless payments facilities.
The transformation started years ago, and thanks to digital innovations, the MFS industry has taken a new shape, allowing people to combat the challenge of Covid-19.
the digital transformation has touched many sectors of the country over the years, along with the financial industry, helping the financial service to rise to the next level.
Even a couple of years ago, it was unthinkable to open a financial accounts sitting at home only using digital tools. But it's now a ground reality. The wait for three to seven days has come down to only a few seconds and filling up of two to 10 pages of form have vanished from the process.
The introduction of digital KYC (know your customer) played a key role in this process. Banks that are conventionally conservative also embrace this facility and have started opening their regular banking accounts with this innovation.