Businesses should embrace digital transformation: BB Governor

Published : 27 May 2022 08:26 PM

Bangladesh Bank Governor, Fazle Kabir said the fourth industrial revolution is about a technological revolution that is fundamentally changing the way we live, work and relate to one another. 

“In many industries and especially in the banking sector, companies need to embrace all things digital. Industry leaders are taking the next natural step in the progression to become digital entities, seeking additional opportunities for greater efficiencies and increased returns on investments”, the Governor added.

Fazle Kabir, also the Chairman, BIBM Governing Board, was addressing the 4th Graduation Ceremony for Certified Expert Bankers at BIBM on Thursday. 

Director General of BIBM, Dr. Md. Akhtaruzzaman presided over the ceremony while Dr. Muzaffer Ahmad Chair Professor of BIBM, Dr. Barkat-e-Khuda, Syed Mahbubur Rahman, Managing Director and CEO of Mutual Trust Bank Ltd, senior bankers; present and past Managing Director and CEOs of different Commercial Banks and NBFIs; Faculty Members of BIBM; Certified Expert Bankers of the 4th Graduation Ceremony; Representatives from print and electronic media; ladies and gentlemen – a warm evening to all of you. “As the Chairman of BIBM Governing Board, I had the opportunity to closely observe the decorated and regimented activities of BIBM which I really appreciate from the very core of my heart.  BIBM is not only expanding its events every year but also it is coming up with innovative ideas and ensuring the quality of their programs”, Governor said further.  

About 300 professional bankers from eight certification programs have been graduated this year.

Governor advised the certified expert bankers, mentioning that “you had already proven your expertise and sincerity under the leadership of your senior management by facing and properly managing the unpredicted challenges of COVID pandemic. But, this is not the time to become satisfied since more challenges are waiting in the near future. Yes, I am talking about 4th Industrial Revolution”.

He cited that simultaneously, there has been a tremendous consumer shift to digital services to meet their daily and weekly needs. Consumers have become more comfortable relying on technology for everyday needs, including grocery shopping, banking, entertainment, video calls with healthcare providers and much more.

While addressing, the Director General of BIBM, Dr. Md. Akhtaruzzaman said digitalization in banking does not only mean online banking, internet banking, mobile banking or paperless banking rather it is the application of new technologies to transform the existing banking business model into a new banking business model. 

A model which will itself produce new customer base, unveil new financial services, ensure faster and seamless services to clients with reduced operational cost, zero error, ease of use and apparently, maximum security. 

Therefore, it’s not only a new channel; rather it’s a whole new way of transforming existing transaction-based banking into the experience- based banking. So that, banking can be accessed by customers anytime and from anywhere, Director General added.