E-Banking in Bangladesh: the Future of Banking
E-Banking in Bangladesh: The Future of Banking
Kamrul Hasan*
E-banking is the waves of the future. It provides enormous benefits to consumers in terms of case and cost of transactions, either through internet, telephone or other electronic delivery channels. For many consumers, electronic banking means 24-hours access to cash through an Automated Teller Machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking now involves many different types of transactions. E-banking is a form of banking where funds are transferred through an exchange of electronic signals between financial institution, rather than exchange of cash, cheeks or other negotiable instruments. With the expansion of global Information and Communication Technology (ICT) infrastructure and the internet, e-banking is set to play a pivotal role in the national economy, proper software, infrastructure, cyber low and skilled manpower are important for the implementation of e-banking in the country. This paper overview the issues associated with e-banking and try to explore the future challenges and prospect in Bangladesh.
Key Words: ATM, SMS banking, EFT, SWIFT channel, POS, Call center, DES, RSA, MAC.
Introduction: In a constantly changing world of today, where past is replaced by dynamic present and the dynamic present is being replaced by more challenging future, the old ways of doing things is no longer valid. Change is permanent and a reality. Those who are not able to keep pace with the changes are destined to loose the race. Science and technology is changing the way financial institutions perform their transactions. Today’s banks are shaking by these technological changes. Life has never been so easy, comfortable, and luxurious. Science and technology have brought our life to this stage. But a new technology brings with it not only the potential for success but also a never-ending series of questions regarding its design, its value to its users,
Kamrul Hasan*
E-banking is the waves of the future. It provides enormous benefits to consumers in terms of case and cost of transactions, either through internet, telephone or other electronic delivery channels. For many consumers, electronic banking means 24-hours access to cash through an Automated Teller Machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking now involves many different types of transactions. E-banking is a form of banking where funds are transferred through an exchange of electronic signals between financial institution, rather than exchange of cash, cheeks or other negotiable instruments. With the expansion of global Information and Communication Technology (ICT) infrastructure and the internet, e-banking is set to play a pivotal role in the national economy, proper software, infrastructure, cyber low and skilled manpower are important for the implementation of e-banking in the country. This paper overview the issues associated with e-banking and try to explore the future challenges and prospect in Bangladesh.
Key Words: ATM, SMS banking, EFT, SWIFT channel, POS, Call center, DES, RSA, MAC.
Introduction: In a constantly changing world of today, where past is replaced by dynamic present and the dynamic present is being replaced by more challenging future, the old ways of doing things is no longer valid. Change is permanent and a reality. Those who are not able to keep pace with the changes are destined to loose the race. Science and technology is changing the way financial institutions perform their transactions. Today’s banks are shaking by these technological changes. Life has never been so easy, comfortable, and luxurious. Science and technology have brought our life to this stage. But a new technology brings with it not only the potential for success but also a never-ending series of questions regarding its design, its value to its users,
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