Thursday , June 1 2023

Bank Exam Focus Writing – Banking and usage of fin-tech during Corona│Banking and usage of fintech during corona

Role of FinTech in the post-COVID-19 world

Banking is a crucial driving force of a country and if this sector collapses/razes, there’s no option of sustaining/running a economy.
Therefore, the banking sector is being kept running at any cost during this corona pandemic.
As a result, bankers and clients have fall at corona risk.
The way of rescuing from this problem is building such a banking system so that bankers can provide banking service staying at home, on the other hand, clients can get service from the same place.
Despite the fact being difficult, receiving and providing banking service is almost possible staying at home through increasing present products and service and using fin-tech.

Escalation of the usage of debit card:
Almost every bank has debit card service now.
All current and savings account holders may get debit card service, with which clients can withdraw money from ATM or shop using Point Of Sell (POS) and E-commerce.
Presently, there’re only 90 lakh debit card holders against some 8 crore account holders.
If this number can be increased /amplified to at least four crore, about 30 to 40 percent clients, without presenting in the banks, will enjoy banking service.
We have ATMs and Point Of Sale (POS) networks in all divisional cities, district towns and local towns.
If required, we, taking permission from Bangladesh Bank and for the interest of clients and bankers, can provide obligatory debit cards to the account holders, at least who are living in towns and district towns.
Apart from this, account holders have some liabilities as well, since they can keep themselves and bankers safe through using debit card. Many banks offer discount as well if products and services are brought using these cards.
Rising the number internet banking clients:
Using internet banking, it’s possible to exchange money from a bank to another staying at home which enables to provide service to a myriad number of clearing check clients. Though a large amount of money cannot be sent through this process, but Bangladesh bank, considering the situation, can rise the limit of it.

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