‘Customer mindset barrier to digital transformation’

Experts at a summit on Saturday observed that the biggest challenge in terms of the digital transformation is the legacy of the system and the customer mindset internally as the customers do not change mind to new technology as much as our resources are holding us back. 

The remarks were made in the 2ndFintech Summit 2020 held in Dhaka. 

To unlock the true potential of finance for people, community and society and help Bangladesh to achieve its potential the second edition of Bangladesh Fintech Summit powered by Guardian Life Insurance Limited took place  on Saturday.

They opined that the financial institutions now have to become much more effective by reducing their overall cost-to-income ratio, finding cheaper ways to reach customers across the country and enhance the customer experience. Banks are now coming forward to make a contactless payment and that made an excellent strive forward.

The event is organized by Bangladesh Brand Forum and attended by financial professionals from home and abroad.

The theme for this year’s summit was “Shaping Future of Finance for People” with the objective to provide collaborative space to fintech companies to share learning, success and failure with present and aspiring fintech Companies. 

The initiative also emerged to initiate policy dialogue among entrepreneurs for a right policy framework for future fintech companies to thrive sustainably and to nurture the fintech ecosystem so that Bangladesh receives the full benefit and value of Global Fintech drive and movement. 

The summit consisting with Keynote Sessions, Insight Sessions and Panel Discussions with eminent international and local industry leaders.

The Summit consisting of 5 Keynote Sessions, 4 Insight Sessions, 3 Panel Discussions and 2 Case Studies with the international and local industry leaders. The summit started with the opening speech of Professor ShibliRubayat-Ul-Islam, Chairman, Bangladesh Securities and Exchange Commission (BSEC). Shariful Islam, Founder & Managing Director of Bangladesh Brand Forum delivered the welcome speech at the auspicious event.

In the opening statement Professor ShibliRubayat-Ul-Islam, Chairman, Bangladesh Securities and Exchange Commission (BSEC) stated that, “Financial sector is the major part of an economy and Bangladesh is doing quite well in its development process. Bangladesh is gradually developing and we are experiencing a remarkable growth.”

Shariful Islam, Founder, Bangladesh Fintech Forum, emphasized on post pandemic economic recovery and how fintech may play a very vital role in shaping it. For the last couple of years fintech is gaining momentum in Bangladesh. 

Speakers at the panel session spoke about the background of financial services in Bangladesh during and after the epidemic - It is not easy to unwind everything and move forward. 

The 5 keynote speakers of the summit are Tobias Puehse, Vice President, Product Management, Innovation & Customer Solutions, Asia Pacific, Mastercard; CarstenHjelde, Impact Investor, Business Builder, Chairman, Acini Capital, Norway, Founder, 2X Education, Chairman, Coderstrust Global; Vijay Mani, Partner, Deloitte India; Rajeev Tummala, Director, Digital & Data Team, Markets & Securities Services Business, HSBC Singapore &Ananya Wahid Kader, Senior Operations Officer, Financial Institutions Group, IFC Asia and Pacific.

Some of the eminent panel members of the summit are: Mamun Rashid, Managing Partner, PwC Bangladesh;  Md. Arfan Ali, President & Managing Director, Bank Asia Limited; Selim R.F Hussain, Managing Director & CEO, BRAC Bank Limited; Rahel Ahmed, Managing Director & CEO, Prime Bank Limited; MashrurArefin, Managing Director & CEO, The City Bank Limited; Ifty Islam, Group Chairman, Asian Tiger Capital Partners; Sonia Bashir Kabir, Founder, SBK Tech Ventures; Syed Mohammad Kamal, Country Manager, Mastercard; Tanvir A. Mishuk, Managing Director, Nagad; Mohammad Rashed, Convener, Digital Finance Forum Bangladesh (DFFB).