Mobile Banking in Bangladesh

Abstract

Mobile Banking is one of the latest tools for easy and convenient banking in the current world. Day by day mobile payment has become popular and it's fulfilling consumer's demand. The large numbers of Bangladeshi people are facing many harassments duo to the lack of modern banking modern banking facilities. The government banks don't have the internet banking and ATM services; only few of private banks have some ATM booths. There are only about 650 ATM booths for the huge population and branches of bank are not available in the rural area. For paying utilities bill, money transfer and doing banking activities people need to go to the bank by physically and waiting in big queue. This is due to the fact that Bangladesh has more than 40 banks but still now banks couldn't introduced fully internet and mobile banking services. Another problem is that 46{%} of the population lives below the poverty line and wretched transportation system overall the country. Most of the people don't have enough money to buy computer with internet connection but mobile phone is popular all over the country because of the low price, easily accessible and large network coverage across the whole country. For these case mobile banking can play a big role for the society which are affordably save time, transport cost as well as reduce digital divide in Bangladesh. Many developing countries already implemented the mobile banking in mean that time peoples are being benefited. The purpose of this report is to explore the following specified problems (1) Finding the existing mobile banking services in India (2) Which are Mobile Banking solutions can be the potential benefit to Bangladesh? This thesis work is based on literature studies, Observation, field study in India and Bangladesh, interviews of some selected banks and mobile phone operators over telephone and physically. This thesis has presents and analyzed some successful mobile banking system in India after that suggests suitable solutions for Bangladeshi perspective. The study examines there are some banks offering m-banking services and mobile phone subscribers are being valued. The USSD (Unstructured Supplementary Service Data) and SMS based m-banking platform will be more expedient for Bangladesh that will be executable by the available technical resources. [ABSTRACT FROM AUTHOR]