REPORT ON

DIGITAL BANKING SERVICES IN BANGLADESH

COURSE TITLE: MANAGEMENT OF FINANCIAL INSTITUTIONS

COURSE CODE: MGT-404

DIGITAL BANKING SERVICES IN BANGLADESH

SUBMITTED TO
Course instructor: Chan Mia
Course title: Management of Financial Institutions
Course code: MGT-404

SUBMITTED BY
Hamida Binta Rahman Lamiyah
ID: 1806
Registration No: 45562
Exam Roll: 172257
Batch: 7th
Department of Management Studies
Jahangirnagar University

DATE OF SUBMISSION: 14 October 2021

Table of Contents
DIGITAL TECHNOLOGY IN BANGLADESH.........................................................................................................................4

DIGITAL BANKING............................................................................................................................................................6

REASONS FOR USING DIGITAL BANKING.........................................................................................................................6

Convenience................................................................................................................................................................6

Features...................................................................................................................................................................... 7

Security....................................................................................................................................................................... 7

Control........................................................................................................................................................................ 7

BENEFITS OF DIGITAL BANKING.......................................................................................................................................8

E-BANKING PRODUCTS AND SERVICES IN BANGLADESH.................................................................................................8

Automated Teller Machine (ATM)...............................................................................................................................8

Debit Card...................................................................................................................................................................9

Credit Card.................................................................................................................................................................. 9

Point of sale (POS).......................................................................................................................................................9

Check Truncation.........................................................................................................................................................9

Home Banking.............................................................................................................................................................9

Retail Automated Clearing House Service...................................................................................................................9

Wire Transfer............................................................................................................................................................10

Corporate Automated Clearing House......................................................................................................................10

Internet banking offerings in Bangladesh..................................................................................................................10

Agent Banking...........................................................................................................................................................11

Agent banking business model in Bangladesh...........................................................................................................11

MOBILE FINANCIAL SERVICES IN BANGLADESH (MFS)..................................................................................................11

bKash......................................................................................................................................................................... 13

Rocket....................................................................................................................................................................... 13

SureCash.................................................................................................................................................................... 13

Nagad........................................................................................................................................................................ 13

STRUCTURE OF ONLINE BANKING.................................................................................................................................14

CHALLENGE OF DIGITALIZATION FOR BANKING............................................................................................................15

Electronic service channels, social media..................................................................................................................16

Competition..............................................................................................................................................................17

Security and privacy..................................................................................................................................................17

ONLINE BANKING RISKS.................................................................................................................................................18

DDOS attacks.............................................................................................................................................................18

Banking apps can be reverse-engineered..................................................................................................................18

Basic smartphone safety and security practices........................................................................................................18

Identity theft and phishing threats............................................................................................................................19

Clicking on suspicious links........................................................................................................................................19

Ransomware attacks.................................................................................................................................................19

SAFE BANKING PROTOCOLS..........................................................................................................................................19

Unique usernames and passwords............................................................................................................................19

Anti-malware and antivirus software on all devices..................................................................................................19

Ensuring correct website and security......................................................................................................................20

Two-factor authentication........................................................................................................................................20

Accessing accounts from a secure network...............................................................................................................20

Bluetooth functionality off........................................................................................................................................20

Monitoring accounts.................................................................................................................................................21

Signing up for email and text alerts...........................................................................................................................21

Automatic logins from the browser disabled............................................................................................................21

Mobile device protected with a PIN or fingerprint ID...............................................................................................21

FUTURE OF DIGITAL BANKING IN BANGLADESH............................................................................................................21

SOURCES........................................................................................................................................................................ 23
DIGITAL TECHNOLOGY IN BANGLADESH
The diverse nature of the Bangladesh economy in the international economic sphere has impacted the domestic economy along with
society, cultural heritage, environment with the demography-based transformation of the youth. Multifarious schemes are being
introduced due to the digital process and economic psychoanalysis is getting importance.

Both advanced and developing countries' governments are gradually moving towards data-driven innovation. Katz and Koutroumpis
(2012) commented that digitization appears to have a multiplying factor that captures the enhancement capacity that leads to an
impact on a developed technologies eco-system.

Digital Bangladesh is happening as in 5,275 union digital centres – 10,000 entrepreneurs are involved with these centres. More than
100 simplified public services, e-procurement and small health e-cards are helping towards the 4IR path. Nearly, 8,500 post offices,
from across the nation, have e-centres for spreading IT service to the rural areas. The case of Rini and Rakib is popular in Bangladesh
who manufactured a 3D concrete printing robot and exported 11 robots to South Korea in 2018. Masud (2019) depicted that it is
time for the country to adopt strict educational policies to transform the young population into productive human capital and to
encourage technology-driven occupations in Bangladesh; otherwise the 4IR will be a curse instead of a blessing.

In January 2019, mobile phone users increased by 0.555 million to 150 million while the total Internet users stood at 90.1 million in
Bangladesh.

The government of Bangladesh is considering bringing overseas teachers to adopt the 4th Industrial Revolution in the country. In the
meantime, developed nations are facing problems through passing out of the students who completed their program by the
traditional method as a change in the course curricula has occurred through the inclusion of big data, artificial intelligence, 4IR, and
blockchain. Digitization of the education system in Bangladesh is yet fully functional.

Referring to the large population of youths in Bangladesh, only 16% of the Bangladesh population was undertaking technical and
vocational education and training and skill development programs are under the government and still waiting to receive dividend
benefits. Khan, Howlader, and Islam (2020) observed that despite an important enhance in the hospital facility in 2005-15 and a 57 %
increase in the number of doctors in the same time, the healthcare structure in Bangladesh and Dhaka Division in exacting, might not
be ready to switch the COVID-19 disaster. Actually during the pandemic situation health sector does not prove efficient through
providing telemedicine or e-health services to the patients for which patients were undergone through disaster to get proper
treatment.

The digital economy refers to the financial arrangement supported by digital computing skills. Real-time gross settlement in most of
the banks in Bangladesh has been working. Comparatively in the financial and the banking sectors, electronic banking and
digitization were introduced. However, the cost of e-banking is much higher for lower- and middle-income segments of the society.

Bangladesh will start to introduce 5G between 2020 and 2025 in three phases. Nine universities in Bangladesh have been moving to
implement advanced ICT education funded by ADB with the help of University Grants Commission (UGC) of Bangladesh.

ACI has two apps – Khamari (farming) and Fosali (cropping) for the agriculture sector; through these apps need to be more user-
friendly and there should be synchronization between the agricultural production processes to marketing – each stage of these may
be more popular. However, government apps on Krishok (farmer) may help to boost up the transparency of the government buying
and selling in the agricultural sector.
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DESHIZ (“Top 8 digital wallets”, 2018) pointed out top 8 digital wallets to go cashless in Bangladesh: bKash, iPay, Rocket, NexusPay,
Upay, GPAY, Easy.com.bd, Dmoney. Further, „Digital Haat‟ was introduced in 2020, as the first digital cattle market in Dhaka city.
Food for Nation was started by the government of Bangladesh in the year 2020 as the first market for agriculture.

In the banking sector especially foreign remittance proceeds are repatriated by digitization. But other sectors are relatively in a
backward position for the use of digitization. The National Data Centre (Tier 4), which is one of the biggest, has been built at the
Kaliakoir Hi-Tech Park in Gazipur in Bangladesh. However, the country is yet to utilize the facility and adopt it to the digital economy
and e-marketplaces.

Excess dependence on technology may limit the use of human labour and turn to boost up autonomous process rather than manual
labour which is currently observed in the RMG sector of the country and return to the original situation where empowerment of
women through employment opportunities of women was earlier dominant than the male counterpart.

Hassan (2020) argued that business model of digitalization is mainly dependent on advertising, and it is somewhat recognized that
algorithmic tracking by Google, Facebook, Uber, Amazon, etc. is the way through which technology based businesses remain
“interactivity‟ available on diversified circumstances.

The use of digitization in marketing and financial activities in Bangladesh has been on the rise, however, in the production process,
its implementation is behind other sectors.

Bangladesh is committed to reducing inequality. The third-wave Technology Limited is assisting Bangladesh postal services to set up
postal banking services through „Nagad‟ for deposits, withdrawals, sending money, recharging mobile and making bill payments
(“'Nagad' set to complete”, 2020). Hasan (2020) reported that Nagad provided mobile financial services for an interim six months‟
period.

Fintech is a solution provider of quick services but receiving such services does not necessarily imply the financial inclusion of people
(Hossain, 2020). Yet micro-savings and micro-investment processes need to be included in the digital transaction.

In the year 2016, the Central Bank of Bangladesh was hacked for US $101 million which implies that cybersecurity is one of the key
challenges for digitization, especially in the financial sector.

In the year 2020 due to COVID-19 farmers in Bangladesh face problems with paddy harvesting and a shortage of agricultural
labourers due to social distancing which was solved by the use of crop-reapers and harvesting machines.

Further, educational institutions are also closed and have taken up technology-assisted delivery of classes by Zoom, meet Google and
Television channels.

(Digitization of the emerging economy: an exploratory and explanatory case study - p.28-29)

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DIGITAL BANKING
The banking sector is one of the most developed industries. In the past, customers chose their bank according to their place of
residence, but now, thanks to digitalisation, banks serve their customers around the world at ease.

The digitalization of the banking business has significantly changed the industry and provided banks with a new and affordable way
to serve customers. In addition to online banking, there are other widespread electronic banking services like video conferencing and
in particular mobile banking. Mobile banking offers again a new way of using banking services, creating a whole new dimension to
customer-bank interaction (Moser, 2015).

Digitalisation of banking or digital banking is the application of technology to ensure seamless end-to-end electronic processing of
banking operations/ transactions. Digital banking is also known as electronic banking, cyber banking, or virtual banking. Usually it
works in state through processing manner, initiated by the client, ensuring maximum utility to the client in terms of availability,
usefulness and cost.

The operating environment of banks is constantly changing and digitalisation is not the only challenge for banks. In addition to
digitalisation, banks will have to adapt their operating models to, for example, the general economic situation, interest rates and
new types of banking regulation.

In Bangladesh, banks have been building massive IT-systems to support online banking for several years, but business models have
hardly changed yet. Digitization is coming to change business models and familiar practices. Bill Gates, the founder of a Microsoft
software company, has stated that banking is necessary, but the banks themselves are not. It is therefore very possible that
traditional banking will no longer exist at all in 2025 (PwC, 2014)

REASONS FOR USING DIGITAL BANKING

Convenience
The ability to bank wherever and however you want is one of the main benefits of mobile and online banking solutions.

Our smartphones and computers are typically readily available, allowing 24/7 account access to take care of any number of banking
tasks quickly.

Mobile banking apps can check your balance, transfer funds and set up a notification to alert you if you overdraft your account—all
without the need to visit a branch. It’s a real time-saver.

Digital banking also offers longer-tail conveniences, such as the ability to go cashless. Paying with cash isn’t as convenient as an
electronic transaction. Electronic transactions are more secure, since you aren’t carrying cash, they’re better from a hygienic
standpoint and you can track what happens with your transaction electronically.

A cashless society with digital transactions is more efficient and it allows for better management of our financial resources.

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Features
Many banks’ mobile and online experiences are rich with features. They might offer personalized financial advice, savings tools, big
purchase calculators or even virtual assistants who can help them decide what splurges they can truly afford, all within the
convenience of an app.

The most valuable features are typically those that can help you accomplish basic daily banking transactions. The ability to view
statements and account balances, transfer funds and pay bills are near the top of the list. Features like peer-to-peer payments rank
lower in terms of value. Still, the ability to send money within minutes to anyone in the nation through your mobile banking app can
be handy, and many banks now offer this feature. Locating nearby ATMs, cardless ATM withdrawal and budgeting and tracking tools
are perks your mobile app may offer as well.

It is important, however, that banks offer a human touch even in their digital channels, striking the right balance between the human
element and digital automation.

Security
Threats exist everywhere, including inside the bank branch. Fortunately, many banks make it easy to take extra security precautions.
For example, bank may allow you to add multi-factor authentication to your mobile app and online bank account.

Many mobile banking apps now allow using biometric authentication to log in. Bank may also scan for certain risks automatically.
Many banks ask for additional verification, if they spot a login from an unknown device.

Digital payments and e-wallets actually offer more security in some cases than a physical card, giving some users even more reason
to use digital banking tools. Many of the risks are often in the hands of the financial institutions, not in the hands of consumers.

Control
Having control over finances with the ability to self-serve is another significant benefit of digital banking, as is real-time access to
manage and move money as you see fit.

Unlike banking in person, mobile banking apps and websites generally have no restrictions on when you perform banking tasks, like
moving money from one account to another.

And it’s getting easier to navigate daily transactions. The world of technology is offering the opportunity to be able to receive money
and to spend money in ways that are much easier than they were in past times.

Banks are continuing to advance the features offered on their digital banking platforms. Automated savings tools and push
notification alerts for things like low balances or overdrafts are commonplace. In some cases, you can even activate a new debit or
credit card from your app.

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BENEFITS OF DIGITAL BANKING
Bangladesh has long been considered a role model for financial inclusion, first with the emergence of Grameen Bank in the late
1970s, and after that with the subsequent proliferation and prominence of microfinance institutions such as BRAC, mainly in rural
areas. (Innovation in financial services: the case of Bangladesh p.37) Digitalisation offers completely new opportunities for the
banking sector and customers, as banking is no longer a matter of time and location-dependent. Serving one million customers
instead of one does not bring significant additional costs (Chou & Chou, 2000).

Digitalisation is once again making banks rethink their future. Increased use of online banking, mobile services enabled by
smartphones, the reduced need for bank branches and the collapse of the importance of cash are examples of challenges and
benefits as well for the banks. In the banking sector, the impact of digitalisation is great because all products, i.e. money, loans and
investments, are already electronic. For bank, this reduces operating costs, minimises errors and enhances services. It provides a
better user experience as a whole.

Digital banking offers a host of important benefits for consumers that can make their lives easier and make them better stewards of
their money. But on a much larger scale, we can use this new connectivity that we have in our society to create financial, social and
economic change. Online banking allows for a broader base of communication that can be used for things like teaching financial
literacy. Digital banking is also becoming a way to find communities and options tailored to needs of various banking customers.

E-BANKING PRODUCTS AND SERVICES IN BANGLADESH

E-Banking products and services can include wholesale products for corporate customers as well as retail and fiduciary products for
individual customers. Ultimately, the products and services obtained through internet banking may mirror products and services
offered through other bank delivery channels. A brief description of retail and wholesale products and services is given below:

Automated Teller Machine (ATM)

An automated teller machine or automatic teller machine (ATM), also known as an automated banking machine (ABM), cash
machine is a computerized telecommunications device that provides the clients of a financial institution with access to financial
transactions in a public space without the need for a cashier, human clerk or bank teller. ATMs are known by various other names
including ATM machine, automated banking machine, and various regional variants derived from trademarks on ATM systems held
by particular banks.

On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with
a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication
is provided by the customer entering a personal identification number (PIN).

Using an ATM, customers can access their bank accounts in order to make cash withdrawals, debit card cash advances, and check
their account balances as well as purchase prepaid cell phone credit. If the currency being withdrawn from the ATM is different from
that which the bank account is denominated in the money will be converted at an official wholesale exchange rate. Thus, ATMs often
provide one of the best possible official exchange rates for foreign travellers, and are also widely used for this purpose
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Debit Card
A debit card is a plastic card which provides an alternative payment method to cash while making purchases. The amount of a
transaction is typically displayed on a card reader, after which the customer swipes the card then enters their PIN number (an
attendant must swipe gift cards at gas stations). There is usually a short delay while the EFTPOS (Electronic Funds Transfer at Point of
Sale) terminal contacts with the computer network (over a phone line or mobile connection) to verify’ and authorize the transaction.

Credit Card
A credit card is a system of payment named after the small plastic card issued to users of the system .A card issued by a financial
company giving the holder an option to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for
short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the
individual’s credit rating. http://www.investopedia.com. A credit card is different from a debit card in that it does not remove money
from the user’s account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user). It is
also different from a charge card (though this name is sometimes used by the public to describe credit cards), which requires the
balance to be paid in full each month. In contrast, a credit card allows the consumer to ‘revolve’ their balance, at the cost of having
interest charged.

Point of sale (POS)

POS is an abbreviation for point of sale (or point-of-sale, or point of service). This can mean a retail shop, a checkout counter in a
shop, or a variable location where a transaction occurs in this type of environment. Additionally, point of sale sometimes refers to
the electronic cash register system being used in an establishment. Point of sale systems are used in restaurants, hotels, stadiums,
casinos, as well as retail environments in short, if something can be sold, it can be sold where a point of sale system is in use.

Check Truncation
Check truncation is such a service in which a financial institution does not return the rejected checks with the monthly statement to
their customers, rather they provide statement of rejected checks with the monthly statement. The banks store the rejected checks
for a certain period (usually 90 days). During this time period, a customer can adjust/rectify his account if any imbalance is found
between his own records and the bank statement provided by bank. After the expiration of this stipulated period, the rejected
checks are spoiled and the bank maintains a micro film copy for a period.

Home Banking
At first, banks introduced Telephone Bill Payment (TBP) system so that customers could be able to do their banking activities from
their home. The next version of home banking was Video Home Banking (VHB). The internet is expected to be a major factor in home
banking.

Retail Automated Clearing House Service

The Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of both credit
and debit transactions which are originated in batches. ACH credit transfers include direct-deposit payroll payments and payments
to contractors and vendors. ACH debit transfers include consumer payments on insurance premiums, mortgage loans, and other
kinds of bills. Businesses are also increasingly using ACH to collect from customers’ online, rather than accepting credit or debit
cards.

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Wire Transfer
Wire transfer is a process which ensures fast and appropriate timing of fund transfer from the sender to the recipient. This kind of
transfer of money could be either within the country or abroad. Funds are transferred under the following network:

i. Fed wire (The Federal Reserve Communication System)

ii. Bank wire

iii. CHIPS (The Clearing House Inter-bank Payment Service)

iv. SWIFT (The Society for World Wide Inter-bank Financial Telecommunication)

Corporate Automated Clearing House

The Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of both credit
and debit transactions which are originated in batches. Other retail and fiduciary products and services may include Balance inquiry,
Funds transfer, Downloading transaction information, Bill presentment and payment, Loan application, Investment activity and other
value-added services. (www.assignmentpoint.com)

Internet banking offerings in Bangladesh

■ CitiDirect: The motto of CitiDirect is “Money isn’t everything but it can be everywhere”. The facilities of CitiDirect are Information
Reporting, Easy-to-use application, deliver services with highest security, World Link through CitiDirect, Online Direct Debit
Transaction Process, comprehensive payment transaction solution globally and locally, Real-time information reporting, Payments
through CitiDirect, Flexible and streamlined functionality, E-mail and Wireless Banking Alerts by CitiDirect.

■ Eastern Bank Limited: The internet banking application of Eastern Bank Limited allows customers to meet the banking
requirements through the internet. The services include Fund Transfers and Payments, Loans, Deposits, Utility Bill Payments,
Account operations and Inquiries, Session Summary etc.

■ Bank Asia: Bank Asia offered innovative services through centralized databases. To gain competitive advantages, Bank Asia is
practicing its internet banking services by modern IT infrastructure and Online Banking Software. It is the pioneer in traducing
innovative services like shared ATM Network and SMS banking. Bank Asia has 21 ATMs as a member of ETN along with eleven other
banks.

■ BRAC Bank: BRAC Bank assured the highest security system through SSL (Secure Socket Layer) encryption technology. SSL secured
the exchange of information between bracbank.com and customer’s computer, and for the third party, it is not possible to access.
SSL is universally accepted on the WWW (World Wide Web) for encrypted and authenticated communication between the servers
and customers’ computers.

■ HSBC: HSBC enables a customer to receive a credit of all cheque and cash deposits along with inward remittance. Customers can
deposit up to BDT50000 cash per transaction and any BDT amount in cheque 24/ 7 basis through the conveniently located Service
Centers, ATM Machines and EasyPay Machines. With EasyPay Machines all the customers of HSBC and Non-HSBC can make deposits
and pay their credit card payments, utility bills etc. Easypay Machines also permit customers to make transactions, pay credit card
payments, utility bills, etc.

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(Innovation in financial services: the case of Bangladesh, p.41-42)

Agent Banking
Agent banking According to Ahmed and Ahmed (2018) agent banking refers delivering the limited scale of financial services to the
underprivileged population through non-bank retail agents under an agency agreement by relying on some devices such as POS
terminal, card readers or mobile phones. Banks need prior and valid approval from the central bank for offering agent banking. An
agent is the owner of an outlet who provides financial services on behalf of any specific bank (InterResearch, 2017). Agents are
utilized as potential distribution channels for financial inclusion. The agent banking is promoting by Bangladesh Bank to reach the
unobserved segment as well as the current customers living in geographically dispersed locations. A proper guideline is formed by
Bangladesh Bank for agent banking to ensure security and soundness of the delivery process.

The services that are provided by agent banking are receiving of clearing cheque, balance inquiry, inward foreign remittance
disbursement, utility bill payment, cash payment, small value loan disbursement; instalments of loans, fund transfer, collection of
small value cash deposits and cash withdrawals, processing of documents for account opening, credit or debit card application, and
loan application. The services that are not provided by agent banking are Cheques encashment; Dealing with financial appraisal or
loan; Dealing with Foreign currency transaction; issuance of cheques and bank cards; Giving final approval of bank accounts opening.

(Innovation in financial services: the case of Bangladesh, p.40-41)

Agent banking business model in Bangladesh

According to the guideline of Bangladesh Bank, 2013, an agent act on behalf of a bank and can take a license from one or more banks
at a time. The customers can enjoy real-time banking services from the agent banking house because agent banking branch can be
called a mini branch of a bank that has all modern facilities that a full branch of a bank has. In Bangladesh there present some known
risks in agent banking, such as committing fraud by retail agent or customers; getting stolen of equipment or other properties from
agent premises; facing financial loss by the agents or banks from hacker attacks, data leaks, inadequate electronic or physical
security; lack of skilled technical support providers; weak Internet connections; inadequate backup systems (Lyman, Ivatury &
Staschen, 2006). Except for these known risks, agent banking also has a significant risk of hijacking and robbery in the time of cash
re-balancing and handling to and from bank branches. To manage the above mentioned risks, agents are instructed to do the
following:

■ Selecting agents with the experiences of regular cash handling.

■ Keeping an ample amount of cash on hand and credit in the account.

■ Maintaining a good relationship with law enforcers

(Innovation in financial services: the case of Bangladesh, p.43)

MOBILE FINANCIAL SERVICES IN BANGLADESH (MFS)

Mobile Financial Services (MFS) is a method of providing financial services that integrates banking with mobile wireless networks and
allows users to perform banking and other financial activities through their mobile devices. In Bangladesh, MFS got popularity in the

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name of Mobile Banking. Generally, the agents of respective banks enable these services after registering the mobile account. Under
this platform, a mobile account owner can withdraw cash, and send/receive money via the independent agent locations without
visiting any bank. By virtue of MFS, people living in the remote locations of the country can save money to their mobile accounts at
nominal amounts without going through the hassle of moving to banks physically.

Simply put, it enables users to transact money or funds via mobile accounts. Users can manage their mobile accounts by using:

USSD (Unstructured Supplementary Service Data. Number *121# on your phone gives access to mobile transactions without an
application and internet. The service lets the caller choose from interactive voice menus the desired option on the mobile screen.),
SMS (Short Message Service), or certain apps on the phone.

At present following Mobile Finance Services are allowed by Bangladesh Bank:

■ ‘Cash-in’ & ‘Cash-out’: ‘Cash-in’ to and ‘Cash-out’ from MFS accounts take place through bank branches, agent locations, linked
bank account, ATM and other methods determined by Bangladesh Bank.

■ Person to Business (P2B) payments: P2B payments include mobile top -up, utility bill payments, and deposits into schemes/savings
accounts with banks, merchant payments, loan repayments to banks or non -governmental organizations or non-bank financial
institutions.

■ Business to Person (B2P) payments: includes dividend payments, salary disbursements, discount payments.

■ Person to Person (P2P) payments: means transfer of cash from one personal MFS account to another personal MFS account.

■ Business to Business (B2B) payments: it includes SCM payments, vendor payments.

■ Online and e-commerce payment: from any MFS account to another seller’s MFS account.

■ Government to Person (G2P) payments: such as freedom fighter allowances, old age allowances, subsidy payments, pension
payments etc.

■ Person to Government (P2G) payment: such as fee, tax, fine, toll charge, levy payments, and so forth.

■ Loan disbursements to borrowers.

■ Disbursement of inward foreign remittances.

■ Other payments considered by Bangladesh Bank.

(Innovation in financial services: the case of Bangladesh, p.46)

Currently, there are 59 banks in Bangladesh operating with 10,467 branches (as of 2019). But in many cases, this number is not
enough to bring the huge population of the country under banking services. Also, banking services were not as accessible to rural
and marginalized people as in urban areas. The central bank of Bangladesh is determined to bring the unbanked population of the
country under banking services. Following this in 2011, mobile financial services were launched by three private banks – Dutch
Bangla Bank Limited (DBBL), BRAC Bank Limited, and Trust Bank Limited. Among them, BRAC Bank’s “bKash” and DBBL Mobile
Banking (now “Rocket”) have become very popular MFS in a very short time. Since the launch of these services, financial inclusion in

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Bangladesh has been increasing significantly, especially after 2013. Although still in most cases the use of the MFS is limited to just
Cash in/out transactions, P2P transactions, airtime purchases, and certain bill payments. (www.businesshaut.com)

Bangladesh Bank has allowed 16 leading banks to offer MFS in Bangladesh. Top MFS providers in Bangladesh are:

bKash
The spectacularly successful bKash is the major player in the field of MFS in Bangladesh. Backed up by Brac Bank, bKash started their
MFS program in 2011. By 2019 it had 3.1 crore active users. With some 180,000 agents countrywide effectively acting as bank
branches to facilitate their user base, bKash is holding above 80 percent share of the total MFS market in Bangladesh. Up to July
2019, more than TK 37,477.35 crore has been transacted through bKash MFS.

They offer MFS include cash-in, cash out, bill payments, mobile recharge, remittance, donation, purchasing movie ticket, saving, etc.
These can be availed through the prominent telecommunication networks in Bangladesh.

Rocket
Dutch Bangla Bank Limited (DBBL) was the first bank who launched banking services and financial facilities using the mobile
communication network in 2012. DBBL provided bank-led mobile banking services were re-branded as ‘Rocket’. DBBL’s Rocket is
currently the second largest player holding around 17 percent market share in the domain of mobile banking sector of Bangladesh.

Rocket services include cash deposit, cash withdrawal, ATM money withdrawal, mobile top-up, person to person (P2P) Transfer,
bank account to Rocket account transfer, merchant payment, international remittance, utility bill payment, salary disbursement,
government allowance disbursement, etc. Customers can easily avail the DBBL provided mobile banking services via ‘Rocket’ app.

SureCash
SureCash is another potential MFS platform launched by Progoti Systems Ltd in 2015. SureCash represents an open network of
payment in corporation with several local banks, with above 1,000 payment partners. SureCash developed their exclusive
mechanism focusing on government education programs, schools, colleges, utilities, etc.

SureCash MFS offer money transfers via cash-in and/or cash-out, person-to-person (P2P) money transactions, inward foreign
remittances, utility bill payments, government charges/payments, educational institute fee payments, purchasing goods and
services, etc. Clients can enjoy SureCash MFS platform downloading the SureCash app from the Play Store.

Nagad
Bangladesh Post Office (BPO) launched ‘Nagad’ a Digital Financial Service (DFS) in November 2018. Nagad is re-branded version
combining the Electronic Money Transfer System (EMTS) and Postal Cash Card service previously announced by BPO.

Nagad MFS platform covers money transactions via Cash-In, Cash-Out, and Send Money. These MFS also include popular services
like, mobile recharge. The upcoming services include utility bills payment, and e-commerce payment gateway. Nagad MFS can be
availed by ‘Nagad’ mobile Apps. (businesshaut.com)

There is a sharp rise in the growth of internet technology and internet users in Bangladesh. At the same time, there are also present
some impediments on the way to ultimate growth. The reasons are Lack of efficiency in using of IT-network, Underdeveloped IT-
industry, Low-level of computer literacy, Limited skilled human resources, Widespread poverty, Poor telecommunication
infrastructure, Lack of software in the Bengali language. Though there are some constraints on the growth of the internet, some
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opportunities also exist. Most important one include young generation is playing a vibrant role in the emerging IT-industry in
Bangladesh. Young people generate 38 % of all bank accounts. Among them, 17% of young people have two accounts. We know that
the young generation is mostly interested in internet banking. So there is a vast opportunity for internet banking. Moreover,
Bangladesh railway established a nationwide fiber-optic network which was used on 8% from its existence. This facility can provide a
backbone for national data and voice communication (Innovation in financial services: the case of Bangladesh, p.41)

STRUCTURE OF ONLINE BANKING

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Online Banking: What Is It? (thebalance.com)

CHALLENGE OF DIGITALIZATION FOR BANKING

Bank's service network consists of many different channels. With declining branch office space, customers expect faster and easier
access to banking services. However, technical solutions need to be reliable and efficient because maintaining customer confidence
is paramount (Fungáčová,Toivanen & Tölö, 2015).

Bank branches are the most traditional of the service channels. Offices are located often in the centres of cities and other
settlements. Before online banking and ATMs, customers shopped at them almost weekly.

Even with the advent and proliferation of digital technology, a number of clients still prefer an actual bank. Players in the banking
industry must see this as one of the persistent digital banking challenges and opportunities for the banking sector: Some customers
like to check balances on their phones, but prefer sending payments from a desktop. Others prefer the convenience of applying for a
loan using a quick online questionnaire. Still, most consumers still consider it important to have a local branch nearby.

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Many people prefer face-to-face interactions, when it comes to discussing important financial matters, like personal loans and
mortgages. Digital tech isn’t meant to serve as a complete replacement for these traditional interactions – it’s meant to complement
them.

Overall, digital transformation in the banking sector is a necessity, if banks don’t want to be left behind by the evolution of digital
technology. But where most people see challenges, banks should see opportunities to provide better services and establish a great
relationship with their customers. Because at the end of the day, that is what’s important – the customer satisfaction and trust.

The advent of debit cards and vending machines removed the need for the customer to visit the bank to withdraw money. Banks
also introduced automatic payment machines and initially drove customers to wind cabinets to pay their bills and later to their
homes after online banking became more common (Ilmarinen & Koskela, 2015).

Financial sector has adapted to the advances in technology change by also replacing both branches and IT solutions with IT solutions
staff (Pohjola, 2015). Over the last couple of decades, the number of permanent offices has fallen radically and it is not in sight that
the downward trend would stop. The services of the remaining branches will focus more and more on financial advice and guidance
(Gaertner, 2015; Klaus & Nguyen, 2013).

Cost efficiency will become an even more important issue in the future and may drive banks also consider their organizational
structures. It may be reflected in the branches and increase the interest in mergers and cooperation (Fungáčová, Toivanen & Tölö,
2015).

Bank employees also need to adapt to these changes and new challenges (Klaus & Nguyen, 2013). Digitalisation is creating new skills
and needs. This is reflected in the banks’ efforts to reorganize their staff. Redundancies and the recruitment of new staff are justified,
for example, by the fact that old staff do not have the digitalisation expertise. Competent emphasis is also placed on technological
capabilities and not on the ranks of bankers. Banks are also forced to adopt digital self-service channels (Tinnilä, 2012).

Typically, branch customers represent the older folks. Banks’ efforts to cut traditional branch services and transfer transactions to
Internet-based service channels may result conflicts and dissatisfaction in the older age group (Tinnilä, 2012).

Electronic service channels, social media

When we look at the last few years, we find that e-banking amount of transactions has grown steadily (Tinnilä, 2012). Mobile
banking and bill payments are the latest forms of e-banking. Mobile devices will play a key role in multi-channel strategies for the
future (Klaus & Nguyen, 2013). Partly because of that, mobile banking also brings banking services to where banks do not otherwise
operate due to infrastructure constraints. (Mitha, & Venter, 2015). Moser (2015)

Online banking and mobile banking provide services around the clock. In Bangladesh, for example, there are expert services and
advice services that are very difficult to get outside the so-called office hours. Daily schedules of customers pose a need for banking
in the evenings and on weekends, i.e. when banks are traditionally not open. The presence of service staff also on electronic
channels can be improved, for example, through chat services, video conferencing and digital discussion forums (Klaus & Nguyen,
2013).

The customer no longer comes to the bank, but the bank has to go to the customer. It is important for the bank to be present where
their customers are (Gaertner, 2015; Tinnilä, 2012). Social media has provided a new kind of service channel, where customer
questions can be answered and shared. Deutsche Bank, for example, has been present in the social media since 2008. They offer

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their customers a variety of social media channels and provide information such as news, product descriptions and surveys
(Gaertner, 2015). In particular, marketing and advertising are moving increasingly to digital channels (Ilmarinen & Koskela, 2015).
Feedback on social media is of great importance to the bank image and practices (Fungáčová, Toivanen & Tölö, 2015). Customers are
connected to each other via Internet and banks are unable to control how people write, whether they are favourable or
unfavourable to the bank.

According to a study carried out by the ABA, almost half of bankers agree that customers will rely on social media as their primary
method of communication with banks within the next five years. For banks, this can be their way to introduce their social media
strategy by highlighting how it streamlines and simplifies communication with their customers. Considering the vast reach of social
platforms like Facebook and Twitter, investments in these channels will only continue to grow.

However, utilizing social media to accelerate client communications presents a couple of the biggest digital banking challenges ever -
security and compliance. It’s also alarmingly easy for someone to post something that’s misguided at best, or a regulatory violation
at worst. Moreover, you can’t afford to leave your social channels open to malicious intrusions or staff negligence.

Securing social media channels should be a priority. All communications should go through a centralized monitoring system that
automatically detects violations of corporate policy and mitigates them before they enter the wild. In an industry where trust is
everything, the importance of implementing effective yet user-friendly controls over social communications cannot be overstated.

Competition
With digitalization, the customer has plenty to choose from in the digital world alternatives (Ilmarinen & Koskela, 2015).
Technological developments, their change and digitalisation have provided the basis for new players in addition to intra-industry
competition. Banks are facing a new kind of competition (Fungáčová, Toivanen & Tölö, 2015).

In addition to new competitors, blurring of industries is typical. It manifests itself, for example, in the way that retail groups have
begun to offer banking services and financial groups health services.

Challengers of traditional operators are generally still relatively insignificant, but intensify competition in individual banking business
areas (Fungáčová, Toivanen & Tölö, 2015). New and agile small players bring traditional banking services to customers with better
technical solutions. For the consumer, however, this is a positive thing, due to increased competition and increased choices. Large
players are typically slower to adopt new technologies. They have higher operating costs and are more bureaucratic. (Chou & Chou,
2000). Because of this, small and agile players are able to break into the industry. Customers may take advantage of these new
opportunities, with lower prices or because of a new service concept (Fungáčová, Toivanen & Tölö, 2015).

Payments have traditionally been the core business of banking sector. Now, however, new players have emerged in the field of
payments, such as international PayPal. According to the consulting firm PwC (2014), perhaps the biggest challenge for banks is that
they are losing the opportunity to be part of the money supply chain. In that case, the banks would also lose understanding of how
customers behave, which in turn weakens their power (PwC, 2014).

Security and privacy

For many, a bank vault may appear to be a legacy of security. Funds were taken to the bank because they were safe there.

With the digitization of money, instead of the security of bank vaults, there has been an increasing debate about the security of
online banking.

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Hacking into a bank's systems can damage a bank's reputation and thereby lead to a loss of customer confidence (Mitha & Venter,
2015). Trust is a vital condition in the banking business. This is why new cybercrimes pose real challenges for future banking.

Already at the beginning of the millennium, Chou and Chou (2000) stated that information security is the greatest concern in digital
commerce. Online shopping and virtual banking services are generally perceived to be more risky than traditional banking services
(Shaikh & Karjaluoto, 2016).

Let’s look at the challenge for banks through an example. Banks at branches and ATMs monitor the execution of the banking
transaction with cameras and the material they record can be utilized retrospectively for investigative purposes. However, the same
control is not possible to implement online. (Mitha & Venter, 2015.) And the perpetrator can be impossible to trace. Online misuse,
password phishing and payment card duplication have become new and very difficult challenges to solve. Nor is the problem
alleviated from the banks' point of view by the fact that in many cases the bank has to compensate for the loss of the customer.

In addition to ensuring the security of banking operations, such as paying bills and making purchases, a key factor is to take care of
customers' privacy. Gaertner (2015) states that banks must comply with data protection laws and be able to effectively manage data
ownership. This certainly poses challenges for banks in terms of services or data warehousing outsourcing and the deployment of
cloud services.

Tinnilä (2012) states that, from the customer's point of view, banking services are support services that must be operational at all
times. Consumers do shopping, paying bills and ordering services on all days of the week and 24 hours a day. Because of this,
recent denial-of-service attacks are also a big challenge for banks.

ONLINE BANKING RISKS

DDOS attacks
A DDOS (Distributed Denial of Service) attack is where servers are bombarded with junk traffic in an attempt to clog them up and
prevent users from accessing them. DDOS attacks are common and target not just banks but other websites as well. Because they
are relatively easy to execute and are often done by amateur hackers, they're also easy to safeguard against.

Many bank website platforms have server monitoring protocols in place to help track, bolster, and re-route traffic to their pages in
the event of a DDOS attack. They also routinely conduct risk assessment reviews to help anticipate and solve such issues.

Banking apps can be reverse-engineered

Security professionals have demonstrated that it's possible to reverse engineer mobile apps. This process involves stripping down
the app to its bare source code, then changing that code and re-uploading the app back to the distribution server.

This means that although downloading the legitimate app for the bank, there's no telling if it has been tampered with.

Basic smartphone safety and security practices

Only download official banking apps from the official app store of the mobile phone manufacturer. It also means not logging into
mobile banking account from "jailbroken" phones. A jailbroken phone is a phone that has had some of its security protocols
deactivated so that the user can download apps that wouldn't ordinarily be available.
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While this is normally done under the guise of giving users the freedom to use any provider for their mobile phone, it can also
remove many precautions that keep login credentials and other personal information protected.

Identity theft and phishing threats

Identity theft isn't exclusive to online banking. Anyone can become a victim of identity theft at any time—even if steps were taken to
safeguard personal information.

Clicking on suspicious links

One of the more common tactics of hackers and scammers is to send a legitimate-looking email that claims to be from the bank and
needs identity verification or account information.

These people are known as phishers, dubbed that because they often cast a wide net across many different email addresses in an
attempt to get someone to reply. Bank will never ask for credentials via email. This same tactic is also used over the phone under the
guise of a security breach or supposed identity theft.

Ransomware attacks
Ransomware is a particularly devious type of computer malware that holds files and other data hostage. It works by encrypting
information using a cipher key that only the hacker has access to. This means all files, logins, and other crucial details can become
totally inaccessible unless the "ransom" is paid—usually in the form of some kind of untraceable cryptocurrency like Bitcoin.

Ransomware, like other computer viruses, often comes under the guise of legitimate-looking operating system dialogue screens. It
may even hijack computer with a warning that machine has been locked by a purported "law enforcement agency" because of
unauthorized files or usage.

SAFE BANKING PROTOCOLS

Unique usernames and passwords
Usernames and passwords should be easy to remember, but hard for others to guess. Names, birthdays or pet names should be
avoided. These can all be easily found with a little search sleuthing—particularly with the rise of social networks.

Additional characters, like @amp;# and mix upper and lowercase letters and numbers should be used that a hacker can't just
randomly guess or brute force their way in. A password manager or a reputable random password generator should be used.

Anti-malware and antivirus software on all devices

Often times, we don't realize that the mobile phones we have in our pockets can be hacked or infected the way that regular
computers can, but the very same threats that exist for the PC also exist for mobile devices.

Banking trojans, a particularly nasty form of virus that sits patiently on the computer or device and then springs to life at a preset
time (much like the Trojan Horse of Greek mythology fame) are becoming increasingly smart.

Some have managed to duplicate the speed and frequency with which users type or move their mouse cursor. These advances are
done to help the Trojan bypass behavioural biometrics that banks put in place to help thwart would-be hackers.
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Others redirect the user to web pages that look like their bank website or create pop-ups which look like legitimate Windows or
security update screens.

Antivirus software and anti-malware programs are always being updated to detect these threats head-on, but one of the best steps
to be taken is to not click on any prompts or pop-up windows that were not initiated.

Device operating systems, also on the phones, should be up-to-date, as new patches and fixes are often released to help secure
newly-discovered vulnerabilities that ransomware can take advantage of.

Antivirus programs often contain basic malware removal also.

McAfee AntiVirus Plus Review

Symantec Norton AntiVirus Basic Review

Kaspersky Internet Security (for Mac)

McAfee LiveSafe Review (malware)

Kaspersky Internet Security Review (malware)

Avast Mobile Security (for Android)

Ensuring correct website and security

One of the more nefarious tactics hackers use to pilfer account details is to redirect to a website that—on the surface—looks exactly
like the website from a banking institution.

Often times, the hackers will even use the name of the bank in the address bar—something like "yourlocalbankname.bank" rather
than "yourlocalbankname.com."

The -s at the end of the http:// for the banking website address (https://) tells the browser that this is a secure website.

It's not surprising that hackers often make fake bank sites secure as well, both the name and the security -s should be in place in the
address before log in.

Two-factor authentication
Two-factor authentication, also known as 2FA or TFA is a type of login that requires not only a username and password, but another
login credential that only the user has on them. The log-in credential can be in the form of a randomly-generated string of numbers
or other code, usually available in the form of an electronic key fob or another piece of hardware. Two-factor authentication is also
often used on mobile phones.

Accessing accounts from a secure network

Accessing anything personal or financial on a public network is not recommended.

Bluetooth functionality off

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Bluetooth functionality is designed to make it easier for devices to communicate with each other. But with this ease of connectivity
comes the potential for hacking and phishing as well. Before banking online, Bluetooth functionality should be turned off from the
settings menu.

Bluetooth connection can be monitored and information stolen without user ever knowing about it. This process is known as
"bluesnarfing" and the only way to prevent it is to turn off Bluetooth functionality on the device while working on banking
institution's website.

Monitoring accounts
In an attempt to help prevent malicious attacks, banks are continuously stepping up security on their side, as well as making it easier
and safer for customers to access and monitor their bank accounts online.

Account should be checked from a secured location periodically, and if any suspicious activity is noticed, bank should know
immediately. There is ample time to dispute any anomalous charges with the bank. The bank may also do a risk assessment to
determine what actions to take if an account is compromised. From that point on, they will likely launch an internal investigation to
determine the source and nature of the suspicious activity.

Signing up for email and text alerts

Many banks offer the ability to get notified by text and/or e-mail if there's activity the account. Scammers often try to send emails
that look like they're legitimately from the bank, so rather than clicking those links, a new window should be opened for a new log in
to the bank.

Automatic logins from the browser disabled

Today's internet browsers offer a wealth of conveniences—one of which is the automatic login. Never having to remember
passwords for different sites sounds like a great idea in theory—but this feature should be off for online banking websites. Often
times, these saved passwords are stored in an unsecured, unencrypted file that can be easily accessed and read by a hacker. Some
browser passwords are stored in a simple text file. Storing sensitive log-in details like these in the browser is like giving a thief the
keys to the home.

Mobile device protected with a PIN or fingerprint ID

In addition to installing antivirus and anti-malware software on the smartphone or tablet, an extra layer of security can be added
through the use of a PIN or a fingerprint ID. This not only protects the data in the event that the device is lost or stolen but puts up
another barrier that's difficult for would-be hackers to crack.(www.techfunnel.com)

FUTURE OF DIGITAL BANKING IN BANGLADESH

Usage of technology in every sphere of life is in the core of 4th Industrial Revolution (4IR). The financial sector is at the forefront of
4IR globally and Bangladesh is not an exception. Technological Innovations in financial services popularly known as Fintech brings
disruptions to the conventional banking system.

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However, the wide acceptance of technology by this millennium generation forced financial market to revisit and adjust the way of
doing business by adopting technology. Two aspects of such digital revolution in banking business are: (i) Digitisation and (ii)
Digitalisation.

Banking digitising means converting currently manual or paper-based documentation into digital format and changing the business
rules/procedures to accommodate those. Whereas digitalising of banking is a whole new way of doing business.

Financial technologies e.g. Internet of Things, Blockchain Technology, Augmented reality (AR), virtual reality (VR), Open APIs, Big
Data , Machine Learning, Robo advice, Smart contracts and Cloud computing, etc. could be used separately or all together to bring
numerous benefits to the financial system as well as to consumers.

This new business model of digital banking is getting very popular throughout the world especially at the retail level. Traditional
banks understand the growing customer demand for digital access and convenience and aware of the emergence of new
competition within and outside the banking industry. Banks also recognise adoption of various existing and emerging technologies
will optimise their workflow and lower operational costs.

On the other hand, the Fintech companies successfully address the gaps left by traditional financial institutions along with new
product development and innovating existing products and services. The agility to adopt the latest technologies, combined with best
practices from other industries has enabled Fintechs to develop these competitive advantages.

From the experience of other countries it has been found that, collaboration between traditional banks and Fintech firms often
resulted in the best form of digital bank. Countries like Australia, Brazil, Singapore, Hong Kong, Malaysia, UAE, KSA have already
successfully implemented digital banking to meet the ever growing client demand.

The prospect of such banking services in Bangladesh has already been partially demonstrated by the Mobile Financial Services (MFS)
providers in the country like Rocket, bKash and others.

But it is important to remember that every benefit has some inherent risk. High proliferation of digital banking also fight with certain
associated risk e.g. Security Risks, Breach of Privacy, Disparity in Services, Cybercrime, Systemic risks, etc.

So, for the particular targeted client segment of digital banking who wants to experience the benefits of improved consumer
experience, benefits of reduced costs, and to have greater transparency in all services also need to develop a richer insight into own
financial well-being along with actionable advice on steps.

Regulators also need to take appropriate stance to strike the balance between innovations customer protection and monetary policy
transmission. Banks in Bangladesh have already realised the importance and opportunities of digital banking in the country and are
experimenting different models like creating partnership with MFS to offer banking services or creating subsidiaries with Fintech
firms for offering digital banking services.

However, necessary policy to unleash the opportunity created by Digital Banking is to be adopted by the regulators to materialise
the concept of Digital Banking. Therefore, digitalisation of banking industry is no longer an option, it's a simple bare necessity - the
collaboration of banking and Fintech will be the key to flourish.

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A full-fledged replacement of physical branch banking with digital banking right now seems like a far-fetched dream. Digital banking
comes in handy for recurring banking essential functions. However, customers prefer human interaction for more important and
irregular decisions, such as while taking a loan or negotiating the terms of the loan.

The country's 48 public-private banks have launched online services in addition to the conventional system. All banks are using
electronic payment switches. Anyone can withdraw money from another bank using his ATM card.

E-commerce has spread widely in cities and villages. Already more than 5 lakh customers have availed e-commerce services through
‘Ek-Shop’. ‘Ek-Shop’ has included more than one million products on the platform with the aim of delivering the products of local
artisans across the country.

(Digitization of the emerging economy: an exploratory and explanatory case study, p. 28-29)

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the case of Bangladesh.

Electronic Banking in Bangladesh - Assignment Point

Fungáčová, Z., Toivanen, M., Tölö, E. (2015). Changes in Banking. Analysis in Euro & talous . Bank of Finland.
(https://helda.helsinki.fi/bof/handle/123456789/13928)

Gaertner, W. (2015). Interview with Wolfgang Gaertner on ‘‘Digitalization in Retail Banking: Differentiation and Standardization
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1

Ilmarinen, V., Koskela, K. (2015). Digitalization – Handbook for the management. (2.edition). Helsinki: Talentum.

Journal of Governance and Regulation / Volume 9, Issue 4, 2020 - Digitization of the emerging economy: an exploratory and
explanatory case study - Muhammad Mahboob Ali

Karjaluoto, H. (2002). Electronic banking in Finland: Consumer beliefs, attitudes, intentions and behaviours. Thesis in Economical
Sciences. Jyväskylä university

Klaus, P. & Nguyen, B. (2013). Exploring the role of the online customer experience in firms' multi-channel strategy: An empirical
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Mitha, Y. & Venter, H. (2015). Digital forensic readiness for branchless banking. IST-Africa Conference, 2015, (1-8). IEEE.

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the practical and academic mobile banking literature. International Journal of Bank Marketing, 33(2), 162-177

Online Banking: What Is It? (thebalance.com)

Pohjola, M. (2015). Digitalization and productivity in finance sector. Finance sectore central union report. Aalto university.

PricewaterhouseCoopers. (2014). The future shape of banking – Time for reformation of banking and banks. From
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Shaikh, A. A. & Karjaluoto, H. (2016). Mobile banking services continuous usage--case study of Finland. 2016 49th Hawaii
International Conference on System Sciences (HICSS), (1497-1506). IEEE.

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https://www.assignmentpoint.com/business/banking/e-banking-products-services-bangladesh.html

https://www.businesshaunt.com/mobile-financial-services-mfs-in-bangladesh/

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