The banking universe of Bangladesh is witnessing a tectonic shift, powered by the omnipresence of apps like Citytouch, Astha, and NexusPay. These digital platforms are rewriting the rules of engagement, consigning physical branches to historical memory.
A Silent Digital Transformation
Imagine a world where banking requires just a few taps. Touhidul Alam Shiplu, a Dhaka-based executive, embodies this change. Unable to recall his last branch visit, he simply smiled and said it was in a distant past, around 2013 – the year he adopted Citytouch.
Accessing banking services now means more than convenience; it’s a lifestyle for many. Paying bills, transferring money, and checking account status are now mundane tasks effortlessly executed on a smartphone. According to The Business Standard, over 8.82 lakh users save City Bank Tk20 crore each month in staff costs, illustrating the palpable efficiency upgrade.
The App Evolution and User Growth
As the digital dust settles, apps like Astha and NexusPay shine brightly. With 11 lakh users banking through Astha, transactions reach staggering heights – Tk20,000 crore monthly. Similarly, NexusPay commands an enviable user base of 70 lakh, reinforcing Dutch-Bangla Bank’s role as a pivotal digital payment player.
BRAC Bank’s Astha app lets customers savor quicker loan approvals than a cup of tea, a testament to genuine financial inclusion. The numbers don’t just tell a story of growth; they underscore a shift to viewing digital banking as an essential service.
Unpacking the Benefits and Savings
On the financial spectrum, banks like City Bank enjoy noteworthy savings. Each day, 1.10 lakh users access Citytouch, translating to a potential saving of 3,000 employees’ worth of manpower. BRAC Bank ducks a similarly rewarding curve with its Astha app.
The digital leap goes beyond saving – it’s about empowerment and control, making financial planning an integral part of users’ lifestyles. As opined by Mokerrobin Mannan of BRAC Bank, the apps are more than tools; they are a beacon of empowerment.
Youngsters Lead the Change
Statistically, it’s no surprise that the shift resonates most with the youth. Over 53% of Astha’s and 50% of Citytouch’s users fall within the vibrant 21 to 35 age bracket. This demographic sees immense value in efficiency, time management, and control, ushering in a new era of app-driven relationships with banks.
Addressing the Limitations
Yet, not all is seamless. Mohammad Kayes, a freelancer, voices challenges with international transfers. Additional requirements on app-based loans and transaction limits are barriers to some. Bangladesh Bank remains open to discussions for enhancing digital experiences, bridging gaps, and fine-tuning regulations.
As apps continue to redefine banking boundaries and dynamics, the sector moves closer to capturing the essence of modern economy transitions. Whether users find empathy in the option for everyday convenience or strategic value, digital banking in Bangladesh is here to stay, continuously evolving in response to user demand and regulatory support.
