Automation in financial services in Bangladesh started with internet banking services. Online banking is commonplace now. According to Bangladesh Bank data, 87% of bank branches in Bangladesh are online and 8% are partially online, meaning 95% of bank branches in Bangladesh can do virtual banking. While 95% online coverage for bank branches is an impressive number. statistics are meaningless without proper context. 

So, when we know that according to financial inclusion insights, only 35.3% of the Bangladeshi population has access to banks, then the 95% availability of online banking is certainly not enough coverage for digital financial services and financial inclusion. While mobile financial services (MFS) played a great role in boosting financial inclusion in Bangladesh in a fairly short period, for several reasons, we cannot say it is performing up to its potential. 

In this growing economy of 166 million people, we have already achieved 94% mobile internet penetration and mobile financial services accounts for the majority of digital payments (PwC, 2019). However, a large part of the digitization is still limited to peer-to-peer (P2P) fund transfer, and that too is mainly by over-the-counter (OTC) users, not by registered users. 

44.4% of the Bangladeshi population has access to mobile money, but only 16.9% has a registered account. And 64% of mobile money users are over the counter users who don't have registered accounts (Financial Inclusion Insights, 2018). This signifies that there is a clear lack of adequate adoption of MFS.

The adoption of MFS is at a very basic level in terms of service portfolio as well. For further financial inclusion, agent banking services have been initiated and almost 20 banks now have a banking operations. While it has covered a lot of the unbanked population and eased the banking process with a biometric system, current agent banking activities are primarily limited to deposit and transfer, and loan services are rarely available to the rural agent banking users. But now deposit machines are available. For this reason clients can easily deposit there money any time. 

Hence, the current situation denotes that our version of mobile digital financial services offers only agen deposit accounts, money transfer, and payment solutions. And in most cases, it has not been able to include crucial services like credit and insurance for rural and unbanked users. For existing digital banking, we have mobile apps and plastic cards, but according to Bangladesh Bank, 87% of our card transactions are ATM transactions, meaning the primary usage of cards is withdrawing money and it has not been widely accepted as an alternative to cash. 

To establish environment friendly and hassle-free financial system, a lot of challenges need to be taken care of. Other than the lack of adoption, one major issue is the lack of interoperability. While each system is somewhat digital, they are not fluid. For that reason, one user must rely on several services of several operators to avail all financial services. From the service providers' end, the lack of partnerships is also responsible for this. This lack of interoperability is also a big obstacle in the way of achieving a cashless economy. 

A truly digitized financial system requires a secured, contactless, and converged financial platform This platform should be flexible enough to include new technologies like improved apps and artificial intelligence-based customer intelligence. For the users, it means ease of usage, fluid transfer of funds, and greater flexibility in payment methods. And for the service providers and merchants, it means less redundancy, greater security, and harnessing strategic partnerships for better customer services.

                                                                                                                A Journey Towards Developing Nation

Independence is the greatest achievement of a nation. The greatest achievement we have ever had is the freedom and we have gained it through so many sacrifices. Article 11 of the constitution of Bangladesh guarantees basic human rights and freedom. There were some special motives behind the liberation war: 

1. To break the shackles of subjugation and establish a democratic independent state free from exploitation, 

2. To ensure basic human rights, 

3. To build a non-communal Bangladesh rich in free thought and consciousness, 

4. To ensure social and economic security for all citizens, 

5 To ensure freedom of speech, freedom of the media and human rights, 

6. To build a non-discriminatory society. 

We have achieved a lot though the desired goal in social and economic field has not been achieved yet. Most of the dreams with which the Bangalees took part in the liberation war have been fulfilled today and there is little left. The progress was stopped by killing the man under whose great leadership we got freedom. Repeated military coups, assassinations and bloodshed, anti-liberation conspiracy have severely hampered the post independence development. Even after all this, the achievements we have had in 49 years are by no means insignificant. According to Nobel Laureate Amartya Sen, in some cases, Bangladesh has had surprising success. The biggest achievement of the last 49 years has been the transition from a least developed country to a developing country Bangladesh has shown tremendous success in the three areas of per capita income, human reso index and economic index. Bangladesh is continuing its efforts to become a middle income country by 2021 and a developed country by 2041. Already Bangladesh has gained international recognition for its achievement of positive change in both social and economic indicators, Bangladesh has shown great success in the field of agriculture, education, health and poverty reduction with the goal of sustainable development in mind. There has been huge economic development within 49 years in this country since its independence. Our country has achieved the highest accretive GDP growth in the last few years and is now being considered as 'role model of development. Bangladesh has already achieved a revolution in the field of infrastructure. Notable infrastructures are Bangabandhu bridge, Rampal power station, Matabari port, Rooppur nuclear power plant, Bangabandhu satellite 1. Padma bridge, mega projects in Dhaka-metro rail, elevated expressway, bus rapid transit and underground railway(proposed). With the completion of metro rail and elevated expressway the intense traffic jam in Dhaka city, which takes up 3.2 million work hours every day would be over. In some cases, Bangladesh has enviable success, such as ability to deal with natural disaster, self- sufficiency in food, modernization of land management, dealing with recession, settlement of maritime disputes, payment of freedom fighter allowance. According to a report of International Monetary Fund (IMF), Bangladesh's per capita GDP in 2020 will be 1888 US dollars and that of India will be 1877 US dollars. In other words, Bangladesh is ahead of India in per capita GDP. The India Express in its analysis on 17 October 2020 said that the economic structure of Bangladesh is taking the country forward. In terms of GDP Bangladesh is now much more dependent on the sector of industries and services and a lot of employment is being created here. The analysis further states that the highest participation of women in the labour force is playing a major role in Bangladesh's progress. The main driving force behind women's participation in the labour force is the garment sector and Bangladesh has taken a good position in the world market by focusing on the garment sector. The participation of woman in the labour force in Bangladesh is 32 percent and in India it is only 20.3 percent. Bangladesh is also advancing in some other social indicators such as health, sanitation, financial inclusion, women's empowerment etc.