MTB Neo placing everyday banking in the hands of every Bangladeshi

Over the past few years, I have witnessed many changes in the way Bangladeshis interact with their banks. The definition of "banking" has shifted so profoundly that it is almost unrecognisable from what it once was.

Not long ago, banking meant travelling to a branch, waiting in a queue, filling out forms, and hoping to finish the work within banking hours. That model has now been replaced by something far more intuitive and empowering: mobile apps.

The real acceleration happened during and after the pandemic. Many assume the pandemic created the demand for digital banking, but in my experience, it merely unlocked a need that was already waiting to grow. Customers were ready for digital services, and the situation simply pushed both banks and users to adopt them faster.

Transaction volumes went up, expectations rose even higher, and banks competed vigorously to deliver better, faster, and more seamless digital experiences.

Mobile apps brought banking to customers' fingertips, allowing them to access accounts, make payments, transfer funds, or apply for services anytime, anywhere. We at MTB were fortunate to be part of this digital revolution through our app, MTB Neo.

MTB Neo didn't just digitise banking; it changed how our customers think about banking altogether. Our philosophy has been simple: if a customer can do something at a branch, they should be able to do it from MTB Neo as well.

Whether it's paying utility bills, sending money to a friend, paying school fees, purchasing essentials, making business-related transfers, or even applying for loans—our goal is to place everything within the customer's reach.

Infograph: TBS

One of the most meaningful changes has been how customers now approach their personal finances. Through the Personal Finance Management tool in Neo, users can get a clear snapshot of their spending habits, savings patterns, and financial health in a way that was previously available only in specialised financial platforms.

With this, a small shop owner in Teknaf and a farmer in Tetulia now enjoy the same financial empowerment as an executive sitting in an office in Dhaka.

This democratisation of financial access has strengthened customer trust and loyalty in ways that traditional branch-led banking could never achieve. Our customers are no longer passive recipients of services; they are active, digitally confident financial partners.

Paving the way toward a cashless society

The shift toward a cashless society is no longer an abstract idea; it is something we see happening every day. Apps like MTB Neo are at the centre of this shift. With just a smartphone, users can now send or receive money instantly, removing the need to carry cash or physically visit a bank.

The adoption of Bangla QR has made digital payments even more convenient. Today, people can scan a QR code at a grocery store, pharmacy, roadside shop, or even a micro-merchant's stall in a rural market. This single innovation is gently nudging people away from cash and toward digital alternatives.

Equally important is the way digital banking has expanded access to finance in rural and remote areas. Many people who were previously excluded from the formal banking system can now participate fully with just a mobile phone.

Digital payments also add a layer of safety—eliminating the risks of theft, counterfeit notes, or unrecorded transactions. As younger, tech-savvy customers continue to embrace this lifestyle, the cultural shift toward digital-first behaviour becomes stronger every day.

Lowering costs and increasing efficiency

From a banking perspective, mobile apps fundamentally change how we manage costs. Every over-the-counter transaction carries expenses related to infrastructure, utilities, staffing, and maintenance. When customers move to digital channels, banks can redirect those savings toward improving digital service quality, enhancing security, and building innovative features.

We continuously invest in customer education, awareness campaigns, and clear communication so that users can protect themselves. Collaboration with telecom operators and regulators is also essential to build industry-wide standards that safeguard all customers

For customers, the cost savings are just as significant. People no longer need to take time off work, travel long distances, or wait in queues to get basic services. They save time, money, and energy—all while getting access to preferential rates and faster transactions. This positive cycle, where digital adoption leads to better economics for both banks and customers, ultimately fuels more innovation across the entire ecosystem.

Security challenges

With rapid digital adoption, cybersecurity remains our highest priority. The risks today are far more sophisticated than before, especially with the rise of phishing attacks and social engineering attempts. At MTB, our belief is clear: the strongest security system is only as secure as the customer who uses it. Many fraud cases still arise due to lack of awareness, such as engaging with suspicious apps or sharing sensitive information with fraudulent callers.

To counter these challenges, we have implemented multi-layered security measures including biometric authentication, AI-driven threat monitoring, and real-time fraud detection. But technology alone is not enough. We continuously invest in customer education, awareness campaigns, and clear communication so that users can protect themselves. Collaboration with telecom operators and regulators is also essential to build industry-wide standards that safeguard all customers.

Bangladesh Bank's evolving role has been instrumental in promoting digital banking. Today, regulators act not just as overseers but as collaborators who actively encourage innovation. To scale mobile app transactions further, certain measures could accelerate progress—such as encouraging minimum deposit thresholds for cash transactions at branches to naturally shift customers toward digital alternatives, or recognising banks with strong digital transaction growth to foster healthy competition.

But the biggest game-changer will be full interoperability across the financial sector and the expansion of initiatives like Bangla QR to every micro-merchant in the country. As the government continues developing digital public infrastructure—allowing taxes, utilities, and government fees to be paid directly through apps—we will witness exponential growth. When customers can manage nearly every aspect of their financial life from a single platform, mobile apps will become not just convenient tools but essential daily companions.