Innovation in Financial Services: The Case of Bangladesh

Abstract

The financial services industry of Bangladesh has achieved phenomenal success and advancing day by day for the growth of technology. Bangladesh has long been considered a role model for financial inclusion, first with the emergence of proliferation and prominence of microfinance institutions, especially in rural areas. This paper examines the financial services innovation in Bangladesh by presenting the changes in the industry over the years. The paper also analyses the comparative picture of Bangladesh's financial inclusion and world financial inclusion. This study is a descriptive study where quantitative data has been collected from secondary sources. The study reflects a very positive picture of financial innovation in Bangladesh. We expect that the study can be used by concerned business people in decision making for the better implication of financial innovation.

Factors Affecting the Adoption of Fintech: A Study Based on the Financial Institutions in Bangladesh

“…In emergent countries like Bangladesh, Fintech is poised to speed up financial inclusion. Other such countries like India have already embraced many components of Fintech and its earning profits (Sadrul Huda, Kabir, Popy & Saha, 2020). Today, more than 35 million people in Bangladesh do not have a bank account, and their economic activities are not part of the country's formal economy.…”

Gravitating towards Fintech: A study on Undergraduates using extended UTAUT model

“…opined that Fintech has the potential to influence the business driving forces that facilitate the sustainable implementation of the Indonesian financial and banking sector. Bangladesh's current financial innovation scenario is good enough as the financial inclusion rate is higher than other developing countries [ 22 ]. From expanding branches to increasing profitability, innovation, competitiveness, and feasibility in the financial sector, Bangladesh faces outstanding progress with the help of different reform program applications and modern financial technology [ 23 ].…”

Comprehending the intention to use branchless banking by rural people during the corona pandemic: evidence from Bangladesh

“…People in the remote rural areas became more conscious and accepted branchless banking as a trusted means of financial services. As a result, the number of accounts in branchless banking and its volume of transactions increased (Huda et al 2020 ). Notably, the present research was conducted more generally for both loan and savings products rather than specifically for one of these products.…”