Future Challenges in Banking in Bangladesh

Banking in a global perspective is facing new challenges for every single day that are passing or coming in the future. If anyone asks me what are the problems that I see in the Banking sector in the upcoming days. I will say that meeting customer expectation, facing competition among the uprising fin-tech companies, increasing regulatory pressure, etc. will give some serious challenge to the banking sector globally. These problems are escalating continuously. Thus traditional banks need to evaluate and improve their operations so that they will be able to keep up with the pace of change in the banking and financial industry today and the upcoming days.

Nowadays we hear the following saying more often-

“In a digital economy you either transform or die, there’s no other option left.”

Sometimes bank clients fall victim of phishing attacks where they might unintentionally confer sensitive information such as usernames, passwords, and credit card details (and, indirectly, money) in malicious sites. Phishing is a type of social engineering attack often used to steal user data, including login credentials and credit card numbers. By disguising as a trustworthy entity in an electronic communication the attackers grab all the necessary information from the innocent people.
That might be the biggest challenge to overcome in this online banking era. Especially in Asian subcontinent as online banking is becoming increasingly popular thus the phishing attackers like this continent more for their fraud work as to some user of online banking the idea about using the internet for money transaction is quite new & challenging. Therefore, phishing, pharming, keylogging, man-in-the-middle, and man-in-the-browser attacks, etc. are posing a threat to those internet banking users. To exploit security gaps, fraudsters are using different methods, and they are evolving with new techniques constantly. They also possess a seasonal nature, targeting countries which have less sophisticated security infrastructure. So to prevent and deter fraud, banks must lead ahead of the curve through the regular upgrading of their safety infrastructure.

Implementing security measures for online banking is easier said than done and securing an online banking channel has many other aspects to it, one of them is to address the channels individually. Also, another key challenge which banks face is when they upgrade their security infrastructure because then they need to identify which technologies to adopt and which parts of their infrastructure to change or improve. Therefore besides providing a robust and secure channel for online banking, banks need to decide on such solutions that not only suits their needs but also balances security, cost, and convenience for their customers.

 

For Bangladeshi Banking industry we have been providing the most secure solutions since 2013.  

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