Final Research Paper
Research Topic: Is Online Banking a Threat to Traditional Banking?
Course: ENG105
Semester: Fall 2020
SUBMITTED TO
Dr. Shakila Nur (Snu)
Department of English and Modern Languages
SUBMITTED BY
Name: Zunaid Islam
ID: 1911727030
Sec: 39
Submission Date: 12th January, 2
Is Online Banking a Threat to Traditional Banking?
Acknowledgement
First and foremost, acclaims and much obliged to Almighty Allah, for His showers of
endowments all through my research work to complete the research effectively.
I would like to express my special thanks of appreciation to my educator and our
honorable faculty member Dr. Shakila Nur, Assistant Professor, Department of English and
Modern Languages, North South University who gave me the brilliant opportunity to do this
wonderful research on the topic "Is Online Banking a Threat to Traditional Banking?" and
giving invaluable direction all through this research. Her dynamism, vision, earnestness and
inspiration have profoundly propelled me. She has instructed me the methodology to carry out
the research and to show the research works as clearly as conceivable. It was an incredible
privilege and honor to work and ponder beneath her direction.
Finally, my heartiest appreciation to all my research survey members and participants
who were able to form up some of their valuable time and offer assistance to help me collect
all the necessary responses and data to conclude my research. Their profitable reactions were
exceptionally important for compiling my research paper.
At last, my much-obliged go to all the individuals who have bolstered me to complete
the research work directly or in a roundabout way.
i
Declaration of Originality
This can be to certify that to the finest of my knowledge, the content of this research
paper is completely my own work.
I certify that the intellectual content and every other materials of this research paper
is the item of my claim and self-work and that all the assistance received in inception and
preparation process of this following research paper and all other credible sources have been
duly acknowledged.
Zunaid Islam
Dated at: 12th January, 2021
ii
Abstract
The digital transformation has had a major effect on nearly every angle of our lives.
From the way, we associated with others to how we observe tv or work at our workstations.
This is no diverse from the way that managing a bank account has changed, the alter
has been profound and affected on every angle of banking from the way that clients are
overseen through to the ventures made.
Clients of banks have felt the positive effect of innovative solutions executed by
banks. Banks play a crucial part in creating the financial and social conditions of a nation. The
major share of the benefit of banks, by and large, comes from the spread. But the benefit of
banks is beneath colossal weight since of persistent shrinking of spread. It gets to be vital for
banks to decrease the cost per exchange for expanding spread that in turn will increment the
profitability of banks. The utilization of technology in banks decreases the cost. Banks have
realized that the cost of transaction radically diminishes by implementing online conveyance
channels like ATM, POS Terminal, Versatile Phone, Web, etc. Each of these channels has its
specific focal points in terms of improved client benefit and reduced exchange cost.
(Fintech BD, 2017)
Although, the cost benefits of shifting to online banking is lucrative and every bank
wants to get a piece of this sweet pie but the question is whether online banking is just an added
service of the banks or rather it is becoming a threat to the traditional banking model itself.
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Table of Contents
Acknowledgement ................................................................................................................................... i
Declaration of Originality ........................................................................................................................ ii
Abstract .................................................................................................................................................. iii
Table of Contents ................................................................................................................................... iv
1. Introduction ........................................................................................................................................ 1
2. Literature Review ................................................................................................................................ 2
3. Methodology ....................................................................................................................................... 4
3.1 Research Aims & Questions .......................................................................................................... 4
3.2 Research Design ............................................................................................................................ 4
3.3 Participants ................................................................................................................................... 5
3.4 Data Collection Procedure ............................................................................................................ 6
3.5 Data Analysis ................................................................................................................................. 6
4. Findings ............................................................................................................................................... 6
4.1 Quantitative Results...................................................................................................................... 6
4.1 Qualitative Results .......................................................................................................................... 16
4.2 Interview Questions ........................................................................................................................ 17
4.2.1 What are your thoughts on the current online banking system in Bangladesh? .................... 17
4.2.2 Do you think online banking will play a great role in achieving the goal of "Digital
Bangladesh?" .................................................................................................................................... 18
4.2.3 Being a user, what are the common problems and limitations you face in our traditional
banking system? ............................................................................................................................... 18
4.2.4 The current pace at which the online banking usage is growing, do you think we will soon end
up switching to online banking from traditional banking? ............................................................... 19
4.2.5 Have you ever been a victim of an online banking scam? If yes can you share your
experience? ....................................................................................................................................... 19
5. Discussion ......................................................................................................................................... 20
6. Conclusion and Recommendation .................................................................................................... 21
References ............................................................................................................................................. 23
Appendices............................................................................................................................................ 24
Appendix A: Survey Questions......................................................................................................... 24
Appendix B: Interview Questions ..................................................................................................... 25
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1. Introduction
It is of no doubt that today technology driven transactions and online banking is at the
core of banking industry- the industry that stays at the heart of a nation's economy. The
modernization of technology led to a massive improvement in the banking sector throughout
the world. And Bangladesh is no exception. We are travelling through the path that leads to the
ultimate dream of Bengalis to see the country as "Digital Bangladesh". We have experienced
a major revolution on how we used to see and practice banking. Fund transfers are now done
instantly just by tapping on the "send money" button in our bKash app. In this fast-moving era,
we want faster solutions to all our problems. This is what has given birth to online banking.
But is it a threat to traditional baking practices?
The focus of my research will be on how online banking is playing a role in our dayto-day transactions. Is this the ultimate solution to our banking needs or is it just another
unknown hole that leads to nowhere but a dark room of scams and crimes? The research will
mostly cover the impacts online banking has over the customers and whether it will totally
replace traditional banking and become a threat to physical banks.
The essential contrast between online banking and conventional banking is that, in
traditional banking, the client has got to visit the bank's respective branch. Online banking
spares customers’ time. Banks too appreciate lower overheads, establishment, premises, and
maintenance costs, which comes about in reduction of exchange cost. Low exchange cost is
one of the main reasons why online banking is getting notoriety. Around the world transaction
cost of banks is diminishing as the number of online (branchless) exchanges is expanding very
quickly.
1
Average Transaction Cost (in USD)
Source: Javelin Strategy and Research
2. Literature Review
Since the inception of monetary transactions, banks have played a tremendous role in
terms of nit only transactions but holding, lending and saving money as well. Banks have made
the whole complex monetary structure a lot easier and accessible to the end users. With time,
banking processes became more and more simpler. It came to a point that now we do not even
have to visit banks to transfer money- it's all within the palm of our hands. Ameme B, & Wireko
J. (2016) states that in today's world, technology plays an important role and holds a
relationship between the bank and customer satisfaction in banking sector. Advancement in
technology has given birth to FinTech (Financial Technology) that has changed the way we
saw and imagined banking system. Online banking is widely used these days. bKash is the
largest online mobile banking platform in Bangladesh. Within just a short span of time, bKash
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has grown to become the ultimate solution to most of our banking transaction needs. Now we
do not send money, we bKash money. We as consumers are restless and want an instant
solution to all our problems and that is a status quo.
Online banking is slowly replacing the need of traditional banking as it is quick, easier
and has way less limitations. Imaging waiting to be 18 years old then visiting a bank, filling up
a 16 pages long account opening form and all the other documentations just to send money to
a friend. Now you can just take your phone and open a bKash, Rocket or Nagad account within
seconds and instantly send money. My report will cover up all these topics in depth with both
qualitative and quantitative data. I will also speak in details on how online banking has changed
consumer behaviors and whether it is a threat to traditional banking or rather the whole banking
simpler and accessible. The report will also portray the risks and limitations of online banking.
Online banking and FinTech is so popular in not only Bangladesh but the entire world.
There are numerous researches and articles on this topic. Two of them are:
o Digital Only Banks: A threat to traditional Banks- An article posted at FinTec Buz on
February 11, 2020.
o The Digital Banking Revolution in Bangladesh- An article posted at FinTech BD on
February 12, 2017
Currently, almost 46% of consumers prefer digital interactions with banks, almost
double what reports claimed in the year 2012. The rise of FinTech startups and digital-only
banking options have put pressure on traditional financial organizations to modernize and
rethink the needs of their customers. (FinTec Buzz, 2020)
3
3. Methodology
3.1 Research Aims & Questions
As the title of my research says "Is online banking a threat to traditional banking?"
Thus, the main aim is to assess and analyze the usefulness and people's perspective on the use
of online banking and whether this technological advancement has had any positive impact on
human lives, if so, then to what extent has this improved our easiness to banking.
The questions have been designed to get as much information possible in order to
draw out a conclusion of my research topic. I have made the questionnaire mostly focusing on
the following 4 questions:
1. Does online banking seem to be a threat to traditional banking?
2. Which form of banking are you most convenient using?
3. Do you think traditional offline banking is still the safest form of banking?
4. Do you think online banking is cheaper than traditional banking?
The first portion of the survey questionnaire is straight up relevant and direct to the
topic and the rest 16 questions will help me evaluate and analyze the topic in detail with proper
data and information.
3.2 Research Design
The design of the analysis was quantitative, with a qualitative blend. A pre-tested
questionnaire was created to analyze community actions in relation to key research issues.
Participants were requested to answer the structured questionnaire online due to the pandemic
situation and responses were collected subsequently after completion. Then a semi structured
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interview was conducted to closely analyze the user’s perspective on the online and traditional
banking.
3.3 Participants
The population of interest in this study was 82 participants.
1. Age Group
Sl. No.
Age Group
Respondent (no.)
Respondent (%)
1
18-28
56
68.3%
2
29-39
18
22%
3
40 and above
8
9.7%
82
100%
Totals
2. Gender
Sl. No.
Gender
Respondent (no.)
Respondent (%)
1
Male
56
68.3%
2
Female
26
31.7%
3
Prefer not to say
0
0
Totals
82
100%
3. City
Sl. No.
City
Respondent (no.)
Respondent (%)
1
Dhaka
52
63.4%
2
Chittagong
20
24.4%
3
Faridpur
8
9.8%
4
Gazipur
2
2.4%
82
100%
Totals
4. Profession
Sl. No.
Profession
Respondent (no.)
Respondent (%)
1
Student
52
63.4%
2
Teacher
12
14.6%
3
Service Holder
15
18.3%
5
4
Businessman
Totals
3
3.7%
82
100%
5. Interview Participants
Ref. Code
Profession
Age
P1
Student
21
P2
Teacher
36
P3
Service Holder
28
P4
Businessman
41
3.4 Data Collection Procedure
In the process of data collection, a structured quantitative survey questionnaire was
developed based on 17 questions and 6 demographic information and after a preliminary semistructured interview, qualitative data was conducted.
3.5 Data Analysis
After collecting data through questionnaire and interview, quantitative data was
analyzed using statistical method and thematic analysis was performed to determine the
findings of the qualitative data.
4. Findings
4.1 Quantitative Results
On the 20th December, 2020, I took an online survey to collect responses of people
between 18 to 40 and above y/o. The purpose of the survey was to collect information and data
to conclude my research topic "Is Online Banking a Threat to Traditional Banking?". The
survey was promoted through online sources using Google Form as during the current situation
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it was not feasible to conduct a physical survey. A total of 82 respondents participated in my
survey questionnaire.
After a successful fieldwork, I have collected relevant information and data that will
help me draw out the conclusion and detailed analysis for my final report. All the questions
and their recorded responses are given below and have been segmented according to the 4
primary question categories and each question having a number of sub-questions. The recorded
responses of these questions are as below:
Primary Question 1: Does online banking seem to be a threat to traditional
banking?
Sub-Question 1: We can say that mobile banking will soon replace traditional banking
methods.
This gives us a clear answer that majority people agree that mobile banking has a great chance
of replacing the traditional banking methods. Here 51.2% mildly agrees and 24.4% strongly
agrees with the statement.
Sub-Question 2: Online mobile banking has made our daily lives so much easier and
also made banking much more accessible to everyone.
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95.1% of my audience agrees with this statement and believe online banking has made the way
they transact money easier and more accessible. Out of which, 78% strongly agrees and 17.1%
mildly agrees.
Sub-Question 3: The regular offers given by bKash are very lucrative
The majority finds the offers given by bKash are very lucrative. Out of which, 51.2% mildly
agrees, 19.5% strongly agrees. However, 73% mildly disagrees with the statement and whereas
22% finds it neutral. Thus, to conclude more than half of the audience enjoys and claims the
offers regularly.
Sub-Question 4: If there were no daily limits to transactions, you would make payments
over BDT 100,000 through bKash, Rocket, Nagad
8
Although, the previous responses show how people are becoming more attracted towards
mobile banking but we can still see a good number of audiences are concerned about the safety
and commitment of the online platform. My motive for this question was to analyze if people
are confident enough to transfer large amounts through online means. The answer is No. Here
the majority (36.6%) disagrees to get large funds transferred through mobile.
Sub-Question 5: During COVID 19 pandemic, the introduction of contactless payment
using mobile banking apps is very helpful and safe (in terms of hygiene)
This gives us the most straight-forward response of the audience towards the innovative
introduction of contactless payment. A whopping 82.9% audience strongly agrees how mobile
banking apps helped and delivered a safe transaction during the pandemic.
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Primary Question 2: Which form of banking are you most convenient using?
Sub-Question 1: The overall traditional banking system is more convenient for most of us
This however shows a completely different scenario where the portion of people finding
traditional banking more convenient than mobile banking. Here 24.4% strongly agrees with the
statement and also 24.4% mildly agrees with the statement. However, a good number of
audiences also disagrees that accounts to 26.8%
Sub-Question 2: It is more convenient to pay using bKash, Rocket, Nagad than credit
cards or debit cards.
We can see majority people finds paying with mobile banking apps easier and more convenient
than paying with a credit or debit cards. This is obvious as the process of getting banking cards
are very complex and time consuming.
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Sub-Question 3: Cashing out money from a mobile banking agent is easier than a
bank's ATM Booth
This comes down to the debate of self-service v/s someone doing the task for you. ATM booth
offers self-service while mobile banking agents are doing the task for you. Here people choose
ATM booth over agent maybe because ATM booths is a faster way to get the job done whereas
the time taken to cashing out depends on the agent and not us.
Sub-Question 4: Mobile banking apps are too complex to use and less user friendly
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This shows that the mobile banking is going towards the right direction as the purpose of people
switching towards it is convenience and user friendliness and these apps seem to be doing it
right as majority disagrees with the statement of these apps being complex.
Sub-Question 5: It would be more helpful if we received the monthly salaries in our
mobile bank accounts than our regular bank accounts
A majority of my audience seems to disagree to receive their monthly pay through the online
banking methods. This is because a great number of services still require offline payments in
our country. For example, a local vegetable seller would ask to pay in cash than through bKash.
Same goes for transportation like rickshaw, CNG autos.
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Sub-Question 6: We often pay our utility bills (Electricity, gas, internet, etc.) using
bKash, Rocket, Nagad
This shows the impact of online banking in our daily lives. Majority of my audience seem to
be using online means to pay their utility bills which proves that we are being more dependent
on the online means of payment for our day-to-day transactions.
Sub-Question 7: We end up overspending due to the convenience of instantly making
payments through online banking apps
This seems like an interesting question at first. But if we think economically, it is a very
powerful question. Why? Because this shows how the convenience of online banking changes
consumer's spending patterns and behavior. Customers are rational and if the banking model
makes them spend more than it already has made a huge impact on our transaction habits.
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Sub-Question 8: We keep more money in our bKash, Rocket, Nagad account than our
bank accounts.
A majority of my audience disagrees to keep their most funds in online accounts maybe because
these platforms do not offer interest on savings like the physical banks do. Here 39% mildly
disagrees and 36.6% strongly disagrees.
Primary Question 3: Do you think traditional offline banking is still the
safest form of banking?
Sub-Question 1: Traditional banking method (i.e., bank money transfers) is safer than
sending money through mobile banking apps
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Here, majority of my audience claims that traditional banking is safer than online banking.
59.5% strongly finds it safer and 23.8% mildly finds it safer.
Sub-Question 2: There are high chances to fall in the traps of mobile banking scams
This proves that people question about the safety of online banking in our country. In my
previous question we saw people disagreeing to transfer large funds through online and here a
great portion of my audience agree that the risks associated with online banking like scams is
very high. Hence, 66.7% strongly agrees and 23.8% mildly agrees.
Primary Question 4: Do you think online banking is cheaper than traditional
banking?
Sub-Question 1: Transaction fee charged by bKash, Rocket, Nagad is affordable
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Although, the sole portion of people "mildly agreeing" that online banking transaction fees are
is the most. But if we give a closer look, the combined result of mildly and strongly agreeing
or disagreeing is different.
-
Combined 40.5% people find online banking affordable
-
Combined 42.9% people find online banking less affordable or in other words, more
expensive.
Sub-Question 2: Transaction fee charged by banks is affordable
Here we can clearly see the winner as a huge portion of the audience finds traditional banking
transaction fees affordable. Here, 40.5% strongly finds it affordable and 28.6% mildly. Only
9.5% of people have a different response saying they do not find it affordable.
4.1 Qualitative Results
In order to get more precise and a detailed result I went and prepared a set of questions
to interview 5 participants to collect their view and perspective and an in-depth real-life opinion
on the banking model.
The researcher conducted a one-on-one semi structured interview session where 5
participants were asked similar questions and one response led to another question.
The interview session has allowed the researcher to:
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1. Collect generate multiple sources data rather than relying on a single source of
information.
2. Record the real time in-depth responses that is more realistic for drawing out
conclusions.
3. Understand the topic better as the body language and verbal communication is more
than just numbers and predetermined options.
4.2 Interview Questions
The recorded responses of the participants to the following questions are discussed below:
4.2.1 What are your thoughts on the current online banking system in Bangladesh?
When the following question was asked to each of the 5 participants, P3 and P5 had same
responses stating that online banking has made their daily transactions very quick and easy. P1
answered saying he feels very astonished how technology has evolved within such a short
period of time and made banking more accessible to everyone. P2 and P4 had similar responses
saying they are happy to see the upgrades in the banking sector but however they were
concerned regarding the security of online banking as many scams have been reported in the
recent years out of which online banking accounts to a great percentage. The response of P1 is
as follows:
I have been using bKash for the past 2 years now and I can't recall a single day I haven't
opened the app since then. It has made my daily transactions so much easier and I am
astonished to see how far we have come in terms of technology as a nation. The best part is
that my profession requires me to make payments to certain people even on weekends.
Previously, it wasn't possible due to bank holidays but now it is happening as online banking
doesn't require particular days to make transactions.
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4.2.2 Do you think online banking will play a great role in achieving the goal of "Digital
Bangladesh?"
All 5 of the participants agreed to this and they all truly believe that online banking plays a
vital role in the making of Digital Bangladesh as they find banking sector plays a very crucial
role in shaping up a country's economy. One of the interviewee's responses were:
With all my heart, I truly believe that online banking will by playing a major role in the
formation of Digital Bangladesh because be it any profession, everyone is involved in monetary
transaction process; either directly or indirectly. Digitization will soon be taking over all the
conventional practices of the nation and we already seem to have a great leap in FinTech as
we have been able to get a strong ground in terms of online banking.
4.2.3 Being a user, what are the common problems and limitations you face in our
traditional banking system?
Upon asking the following questions one common response from every respondent was they
find it too much work for doing a simple task. The participants do not like visiting the bank
branch for every little transaction and fill out a number of documentations. One of the responses
are extracted as follows:
There is a saying- Modern problems require modern solutions. Similarly, in this modern era,
why go for critical solutions? The traditional banking system is too hassling for me and being
busy in my daily work schedule, it's tough to bring out time to visit the bank and thus, the work
remains undone. I am strictly against filling out papers for every task as it is time consuming
and a lengthy process and most importantly I do not like standing in the queue for depositing
or withdrawing money.
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4.2.4 The current pace at which the online banking usage is growing, do you think we
will soon end up switching to online banking from traditional banking?
4 out of the 5 respondents had a common response saying yes, they believe that we as
consumers will very soon switch to online banking from traditional banking methods.
However, the response of P3 was quite unique and I as a researcher find it very relevant
considering the country and environment, we live in. Her reply is extracted below:
Yes, I somewhat agree to this because online banking usage is booming and we are getting
more and more used to it and shifting our usage from conventional to digital banking methods.
But there is something I want to mention. While growing up I have seen that we Bengali people
tend to find something valuable and of high worth by touching it. If it is not tangible, we seem
to question the originality and authenticity of it. So, considering the fact online banking is fully
intangible, some of us might still prefer on using traditional banking over digital.
4.2.5 Have you ever been a victim of an online banking scam? If yes can you share your
experience?
Although, there has been a great number of recorded incidents of online banking scam but
surprisingly none of my participants seem to be a victim of it. They all refused to it. However,
P2 added an additional statement with her response. It is extracted below:
Financial scams are everywhere; be it offline or online. There has been recorded scams even
before the inception of online banking. I understand the fact that people are concerned about
getting scammed online. But the thing is that the risk of online scams is less as there is a limit
to the number of transactions, we can make online but if we consider conventional banking,
there are incidents where hundreds of crore taka have been looted from the bank. Thus, if we
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are cautious enough, we can easily avoid scams and I personally feel that the fear of this
shouldn't hinder the growth of online banking.
5. Discussion
In this particular part of the research paper, the researcher hereby discusses the factors
that have been extracted from all the information and data collected. Considering all the factors
mentioned, it can be said that online banking might very soon replace traditional banking
methods due to the vast amount of benefits it provides to the users. The online internet banking
framework gives comfort to exchange cash 24 hours in 365 days. You don’t get to stick to
perform any transaction inside working hours as you'll be able to do as per your comfort in 24
hours. The clients can get to their overhauled passbook anytime to screen their transactions to
oversee their budgetary plans. In addition, you don’t get to stand in queue for paying bills
because it includes an option to pay any kind of charge including electricity, water supply,
phone, and other utilities. In recent years, we have seen that internet banking has moved
forward the quality of services by giving them the comfort to perform their transactions
anytime amid the day. Customers are able to apply for credits, protections, and any other
services without going by the banks physically which appears that the quality of e-banking is
quick and successful. All these add-on features have made us so much used to banking online
and occasionally perform offline banking.
However, we have also gathered data that shows online banking having so many
advantages, comes with a number of disadvantages too, which cannot go unnoticed. To begin
with and preeminent, the security of transactions may be a huge issue. Your account data might
get hacked by unauthorized individuals over the web. Your banking data may be spread out on
a few gadgets, making it more at the chance. In addition, if the bank's server is down, due to
the loss of network connectivity or a moderate connection, at that point it can be difficult to
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know if your exchange went through. Finally, is the constrain of transactions. because as of
now, no online bank in Bangladesh permits you to transfer more than 25,000 taka per day
which can be frustrating at times particularly if you have a large fund to transfer. But even after
all these, customers seem to prefer online banking more as per the responses we have gathered
from the survey and interview.
6. Conclusion and Recommendation
Online banking has evolved tremendously in a very short span of time in Bangladesh. The
modernization of ICT has set the stage for extraordinary improvement in banking procedures
throughout the world. The development of worldwide networks has considerably decreased the
cost and increased the volume of global and local funds transfer. (Fintech BD, 2017) After
carrying out a survey and collecting responses of 82 participants and interviewing 5
respondents physically, the researcher has come to a point of concluding "Whether online
banking is a threat to traditional banking".
Throughout the whole research process we have come along numerous benefits online banking
offers to its users which makes them more used to the services every day at a constant rate. But
at the same time, traditional banking also has its unique advantages that cannot be found in
banking online. For example, taking out home and car loans, transferring large funds, opening
LC to import goods from abroad. These are some services that can only be availed at your
physical bank rather than virtual bank.
Thus, to conclude we can say that online banking is not a threat to traditional banking, at least
not as of now, because online banking has a long way to go in order to provide all the facilities
offline banking offers. Also, the most relevant reason for internet banking not being a threat is
that this itself is an extended feature offered by the traditional banks. In this financial market,
they are not competing but rather working hand-in-hand. The largest online banking
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organization in Bangladesh- bKash is owned by BRAC Bank which is a conventional bank,
Rocket is owned by Dutch-Bangla Bank Ltd, City Touch is run by City Bank. So, for now we
can say that it is not a threat but an add-on benefit provided by conventional banks to its
customers.
After analyzing the responses of the surveyed population, the researcher recommends the
following to be taken into account by the online banking institution for it to be more user
friendly:
1. Increase the transaction limit for large funds transfer.
2. Decrease the transaction fees.
3. Option to cash-out from dedicated ATMs.
4. Increase security by enabling 2 factor authentication and biometrics.
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References
Ameme, B., & Wireko, J. (2016). Impact of technological innovations on customers in the
banking industry in developing countries. The Business and Management Review, 7(3),
388–397.
Hilal, M. (2015). Technological Transition of Banks for Development: New Information and
Communication Technology and Its Impact on the Banking Sector in Lebanon.
International Journal of Economics and Finance, 7(5).
Aladwani, A. M. (2001). Online banking: a field study of drivers, development challenges, and
expectations. International Journal of Information Management, 21(3), 213-225.
Samanta, Chandrima (2020, February 11). Digital Only Banks: A threat to traditional Banks.
Fintec Buzz. Retrieved from https://fintecbuzz.com/digital-only-banks-a-threat-totraditional-banks/
Alam, Mahbubur Rahman (2017, February 12). The Digital Banking Revolution in
Bangladesh. FinTech BD. Retrieved from http://www.fintechbd.com/the-digitalbanking-revolution-in-bangladesh/
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Appendices
Appendix A: Survey Questions
1. We can say that mobile banking will soon replace traditional banking methods.
2. Online mobile banking has made our daily lives so much easier and also made banking
much more accessible to everyone.
3. The regular offers given by bKash are very lucrative
4. If there were no daily limits to transactions, you would make payments over BDT
100,000 through bKash, Rocket, Nagad
5. During COVID 19 pandemic, the introduction of contactless payment using mobile
banking apps is very helpful and safe (in terms of hygiene)
6. The overall traditional banking system is more convenient for most of us
7. It is more convenient to pay using bKash, Rocket, Nagad than credit cards or debit
cards.
8. Cashing out money from a mobile banking agent is easier than a bank's ATM Booth
9. Mobile banking apps are too complex to use and less user friendly
10. It would be more helpful if we received the monthly salaries in our mobile bank
accounts than our regular bank accounts
11. We often pay our utility bills (Electricity, gas, internet, etc.) using bKash, Rocket,
Nagad
12. We end up overspending due to the convenience of instantly making payments through
online banking apps
13. We keep more money in our bKash, Rocket, Nagad account than our bank accounts.
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14. Traditional banking method (i.e., bank money transfers) is safer than sending money
through mobile banking apps
15. There are high chances to fall in the traps of mobile banking scams
16. Transaction fee charged by bKash, Rocket, Nagad is affordable
17. Transaction fee charged by banks is affordable
Appendix B: Interview Questions
1. What are your thoughts on the current online banking system in Bangladesh?
2. Do you think online banking will play a great role in achieving the goal of "Digital
Bangladesh?"
3. Being a user, what are the common problems and limitations you face in our traditional
banking system?
4. The current pace at which the online banking usage is growing, do you think we will
soon end up switching to online banking from traditional banking?
5. Have you ever been a victim of an online banking scam? If yes can you share your
experience?
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