Breaking Down the Barriers: How Bangladeshi Banks Can Overcome Obstacles to Automation

Abstract

The banking sector in Bangladesh has been confronted with numerous challenges, prompting a shift towards automation. Increased competition, rising consumer demands, rising expenses, falling profitability, antiquated legacy systems, and cybersecurity risks are just a few of the difficulties the banking industry is currently facing. Numerous solutions have been put up to solve these issues, including automation frameworks, the transformation of digital banking, mobile banking, and impact analyses of technology advancements. However, some banks may find it unworkable due to probable job losses, decreased client interaction, and the significant investments and training needed for technological adoption. Therefore, before implementing any offered remedies, it is crucial to carefully consider them and their potential consequences.