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Write an essay on: Fintech services in Bangladesh: benefits and challenges.

Created: 1 year ago | Updated: 10 months ago

                                                                                                          Fintech services in Bangladesh: benefits and challenges

Financial technology (Fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services. At its core, financial technology is utilized to help companies, business owners and consumers better manage their financial operations, processes and lives by utilizing specialized software and algorithms that are used on computers and increasingly, smartphones. Financial technology now describes a variety of financial activities, such as money transfers, depositing a check with your smartphone, bypassing a bank branch to apply for credit, raising money for a business startup, or managing investments, generally without the assistance of a person. 

Financial Technology has become the heart of the finacial sector in Bangladesh now-a-days. The banking industry is the heart of every robust economy. Financial Technology is helping the banking sector improve its efficiency and effectiveness of services offered to customers, and enhance business processes, managerial decision making, and workgroup collaborations which strengthen their competitive positions in rapidly changing and emerging economies. 

All banks in Bangladesh have made substantial investments in technology platforms and systems, built multiple distribution channels, including an electronically linked branch network, automated telephone banking, internet banking and banking through mobile phones to offer its customers convenient access to various products. By and large, the banks have been successful in developing innovative product features, reducing operating costs, enhancing customer service delivery and minimising inherent risks. IT facilitates all our core business processes and components, and serves to support, sustain and grow transformation and realisation of our strategic objectives at group and business unit levels. 

In Bangladesh, banks have established their large ATM and POST networks for providing ATM access for 24 hours for their customers. Besides offering access to ATM network across the country. they are also providing the same access to their customers worldwide through the network of VISA/MasterCard. They are also establishing and expanding their own ATM/POST network. Many banks have installed POS terminals in major shops, hotels, sales centers etc. all over the country. Some of the technology-driven banks are providing internet banking channel with the inclusion of a number of customer-friendly features. The systems software is providing the customers access to their accounts from mobile devices like smart phones and tablets. The customers are now able to do banking from any place of Bangladesh at any time. Mobile banking refers to access to accounts, transfer of funds, summary sheets and other banking services through dialing a telephone number. 

In case of mobile banking, banking services are provided to the customers having credit card accounts. Services are provided by the association of banks and cellular service providers through SMS or WAP enabled mobile instruments. And there are many helpful sides of financial technology and these are Contact/Call Centre, Automated Clearing House System (ACHS), Electronic Fund Transfer (EFT). Online CIB, the Core Banking Solution (CBS), Corporate Intranet System and so on. 

Trickery and imposer uses bring hazardous problems in the banking. Sometimes hackers change password and enter into one's account which latter may cause of one's capital theft. In ATM booth. these are a common problem today and that is inadequate of money. Without electricity. E-banking is ineffective. Besides, it directly creates an unemployment problem. Virtual banking may bankrupt one's account sometimes which is not unprecedented in our country. 

In Bangladesh banks are yet to fully embrace the electronic fund transfer services even four years after its launch due to lack of awareness and incentives among bankers about the cost effective, quicker and securer system.

10 months ago

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8 months ago

Cluster Villages

 

A majority of the Bangladesh population are farmers who are settled in villages. They toil to make both ends meet and produce crops for the entire nation. Bangladesh has about 68,000 villages, which are scattered throughout the country.  A village is called the rural part of the country. It is called rural because it does not have modern facilities like cities. The main occupation of the villagers is farming. They are the primary source of the nation's agricultural production.

 

Description of Villages

Villages have either tiny hamlets of thatched huts or large settlements of tiled roofs, stones, and brick homes. An impression has been created by artists and filmmakers that an Indian village is a simple cluster of mud-plastered walls, shaded by trees, overlooking the large expanses of green fields with a few people moving slowly and of course, bullock carts. They portray a village woman with a pot on her head and walking gracefully, her skirt swaying gently. The reality is that a village is the hub of nonstop activity, with their stronger work ethics. Agriculture is tough and requires hard work. The villagers work very hard and are always trying to find innovative methods of growing wheat, rice, and lentils. 

 

Importance of Village

The village is important because it is the primary sector of agricultural production for our country. The village is the backbone of Bangladesh economy. It also plays a major role in maintaining the ecological balance of the environment. Villages are mostly covered with trees and plants. They are covered with green grasslands. One can see acres of green fields as far as the eyes could see. They provide shelter to many animals. 

Life in Village

The village life is full of contentment and happiness, as people are not in a hurry like in city life. Village people live a very simple life. Villages are mostly situated far from the hustle and bustle of urban civilization. The beauty of nature can be experienced in a village as it is surrounded by trees, flowers, mountains, streams, and farmlands. There is no pollution in the village and one can feel the freshness in the breeze. The demands of the villagers are not too high but they are still deprived of basic facilities. Clean drinking water, electricity, health center, schools, proper sanitation are a few facilities that are lacking in the villages. Their poverty is always visible in the atmosphere. 

Conclusion

My village is a small abode for happy people.  Here they live in harmony and peace. The village people are very hardworking and thus they must have a good source of upliftment. Like the village’s schools and clinics should be maintained and increased in number. The farmers should be facilitated by helping them to leverage their sales, make them notified about the modern techniques used in farming, and give them compensation and knowledge of the true market price of their crops. Thus, I would request governmental authorities to come forward and uplift the medical, educational, and farming facilities in the village.

8 months ago

Problems of urban living in Bangladesh

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Bangladesh needs to build an urban space that is capable of innovating, is better connected and more livable in order to make cities competitive. Bangladesh’s urban space is falling behind in all three of these drivers of competitiveness. The Dhaka metro area needs to evolve into a diversified economy with skilled human resources and an innovation capacity fueled by the cross-fertilization of ideas typical of large metropolitan areas. Dhaka metro area also needs to be better connected internally and with its peri-urban areas, and both Dhaka and Chittagong have to strengthen their connection to the global economy. Improved connectivity within Bangladesh’s system of cities is also important for productivity and export competitiveness. The development of an economically dynamic urban space, in particular in the Dhaka metro region, has occurred at the expense of livability. The livability of the urban space will become an even more binding constraint to sustained growth as Bangladesh transitions to a new business model based on higher-value industries and services, which need a highly skilled and internationally mobile workforce. This  is a tall order for Bangladesh, but planning needs to start today for Bangladesh’s cities to become more competitive in future.

 

Urbanization have crucial role to play in the economic development of Bangladesh. The circumstances under which population in Dhaka and Chittagong are growing without proportionate infrastructural development will begin to wipe out most of the gains associated with urbanization. That is, relative high levels of urbanization may not be sufficient to ensure higher levels of economic welfare in Bangladesh. This has happened in Latin America with levels of urbanization, above 80%, yet with real per capita incomes about a third that of developed nations. It could happen in Bangladesh as well unless the urban managers rise from their prolonged slumber.

8 months ago

My school days

School is said to be a temple of knowledge, the very first place that introduced you to the world and more so your own self. My school life is all about the memories I deeply cherish. The memories of not only the fun, friendship and all the sport and extracurricular but also the way it helped me find my interests. I owe it all to my school life. It has made me who I am today.

My school life has been full of different experiences over the years. It gave various opportunities to develop not only my scholastic abilities but also the art and sport side. It supported me in my sports as well as exposed me to numerous types of people. All of this accounted to make me understand how to behave socially and in building a personality which I have today.

There are numerous things that make school life the best phase in one’s life. All of this eventually is because we are young to do mistakes again and again till we realize, dumb enough to not think about people and do what we feel like doing, curious to know everything we can and most importantly still not exposed and contaminated with the evil feelings of this world. And all of this makes us build a personality of our own.

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