Bangladesh’s banks must be tech-driven for survival

The banking sector of Bangladesh needs to pay its total focus on adoption of emerging technologies for survival in the context of rapidly-digitising global financial landscape, a globally renowned futurist said.

"Bangladesh's banks must stop trying to be better ones, instead they should opt for becoming technology-companies" for survival," said Brett King, who is also a bestselling author.

He was speaking at 'Bankers' Meet 2025', organised by UAE-based fintech firm Filps Limited in association with City Bank, Prime Bank and AB Bank in the city on Thursday night.

Mr. King predicted that by the year 2040 all the major financial infrastructures in the world would be powered by technology.

And traditional banks would survive only if they are fully transformed, he added.

Those who fail to digitise will face consolidation or closure-a trend already visible in the United States, where the number of financial institutions has halved from 16,000 to 8,000 in recent years, he warned.

In Bangladesh, mergers of struggling banks are under discussion, Mr. King said, adding that fintech partnerships and even acquisitions of banks by technology firms are reshaping the global industry.

"By 2050s, what we call a bank will bear no resemblance to the banks of the 1990s or 2000s," he remarked.

Outlining the challenges of modernising legacy systems while competing with agile digital entrants, Mr. King suggested two possible options--transforming the entire bank into a technology-driven institution or creating a separate spinoff digital bank.

Citing the success story of Singapore's DBS, he stressed that such change demands "total commitment from the board, the chairman, the CEO, and the executive team" and a willingness to retrain staff for new technology roles.

He also suggested that Bangladesh should prioritise digital inclusion to lessen its heavy dependence on cash and bring services to the unbanked.

"You're never going to bank the unbanked with cash," he said, pointing to India's UPI and Aadhaar systems and Kenya's M-Pesa platform as transformative examples.

In China, he noted, cash now accounts for less than

1.0 per cent of retail transactions-down from 98 per cent just 13 years ago.

Highlighting the security risks, Mr. King said outdated authentication systems such as passwords, PINs, and signatures remain the "weakest links" in banking. He also called for stronger digital identity infrastructure, including biometric authentication as adopted in the UAE.

According to Mr. Brett King Bangladesh has an amazing opportunity right now to adopt AI in banking. "Banking is not just banking today; it is now a technology-driven industry," he added. In the event, Filps showcased some of its latest technologies, including digital lending tech and digital customer onboarding solutions, demonstrating possibilities of customer-centred transformation in the industry.

Tushar Hasan, Country Manager (Bangladesh) for Filps, said, "Our focus is to build deep relationships with financial institutions, aligning our solutions with their strategic ambitions."

The Filps also announced its partnerships with City Bank and AB Bank during the event, paving the way for an expanded scope of digital banking collaborations with the financial institutions in Bangladesh.

For City Bank, the collaboration aims to power a complete revamp of its flagship City Touch digital banking platform, delivering more seamless and intelligent customer experiences. On the other hand, AB Bank's partnership with Filps will focus on introducing digital nano loans.

Mashrur Arefin, Chairman of the Association of Bankers Bangladesh Limited (ABB), lauded the significance of such gatherings.

He stressed the importance of collective advancement of the country's banking sector. "If all of us together are digitally advanced, that is better for the industry as a whole," he said.

Citing progress of City Bank, he noted that its CityTouch app handled Tk 1.2 trillion worth of transactions last year-- 79 per cent of its total transactions-while the Citi-bKash Digital Nano Loan scheme has disbursed Tk 31 billion as loan to 6.7 million customers with an NPL rate of just 1.5 per cent.

The Filps CEO Biswas Dhakal said the firm was committed to long-term collaboration with Bangladesh's banking sector, combining proven technology and deep operational expertise to accelerate digital transformation and deliver customer-first innovation at scale.

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