Prime Bank turning everyday banking into a fully digital experience

Over the past few years, I have had the unique opportunity to witness how mobile applications have reshaped the digital banking landscape in Bangladesh. What began as a complementary service to traditional banking has now grown into the very backbone of financial inclusion.

The introduction of early mobile financial services (MFS) and wallets sparked a nationwide behavioural shift, especially among people who had never interacted with the formal banking system.

Infograph: TBS

With mobile penetration reaching every corner of the country, millions suddenly gained access to simple financial tools—P2P transfers, mobile top-ups, and utility bill payments—without needing a bank branch within reach.

This momentum created the foundation for the second phase of transformation: bank-led mobile apps. Initially, these apps were limited, offering basic features such as checking balance or viewing a mini statement.

But in just a few years, they evolved dramatically. Today, bank apps offer services that go far beyond what many branches can deliver—24/7 account opening through e-KYC, instant fund transfers through multiple rails, card services, loan applications, merchant payments, and more.

The combination of MFS platforms and bank apps has democratised finance in a way that was unthinkable even a decade ago. It has reduced dependence on branches, made financial processes more transparent, lowered operational costs for institutions, and pushed Bangladesh closer to a less cash-dependent future.

This broader transformation deeply influenced how we approached our own digital strategy at Prime Bank. When we launched the MyPrime mobile app in 2022, we wanted to build a platform that truly reflected our customers' needs and lifestyles.

Banking, for most people, is an essential activity—but it shouldn't be a time-consuming or complicated one. MyPrime was designed to remove friction from the banking experience.

Today, our customers can open accounts, transfer funds, manage cards, pay utility bills, and make merchant payments—all without stepping outside their homes.

One of the aspects I am particularly proud of is how inclusive MyPrime has become. We introduced a Shariah-compliant Islamic version to serve customers who prefer Islamic banking principles, ensuring that financial convenience does not come at the cost of personal values. We also made day-to-day financial tasks effortless by integrating essential services into the app.

The growth reflects this trust: more than 310,000 customers actively use MyPrime, and many consider it their primary channel for handling all financial matters. This behaviour shift—from branch-first to mobile-first—is one of the strongest indicators that digital banking has truly taken hold.

Mobile banking is also a central force behind Bangladesh's move toward a cashless society. A mobile phone today functions almost like a digital bank branch or wallet, and this has helped formalise countless transactions that were once invisible in the informal cash economy.

From small shopkeepers accepting QR payments to families sending money instantly through P2P, the impact is visible everywhere.

Digital transactions create a traceable and reliable financial footprint, improving national transparency, reducing illicit cash movement, and enabling individuals and small businesses to gradually build credit histories.

The added benefits—cashbacks, consolidated bill payments, tax payments, ticketing, and merchant checkout—make digital transactions more convenient than physical cash, which naturally accelerates adoption.

Beyond convenience, mobile apps significantly reduce costs for both banks and customers. For banks, shifting high-volume services—such as fund transfers, bill payments, and account opening—from the branch to the app reduces operational pressure and lowers the cost of service delivery.

Automation and paperless processes allow us to redirect resources toward more strategic priorities. For customers, savings come in many forms: no travel time, no queues, no paperwork, and the ability to make timely financial decisions.

They can monitor transactions in real time, avoid unnecessary charges, and instantly enrol in interest-bearing products like FDs and DPS, helping them optimise their savings.

However, this large-scale adoption brings real security challenges. Mobile malware, banking Trojans, screen overlays, and credential-stealing attacks remain persistent threats. Yet, the most common vulnerabilities arise from user behaviour—falling for phishing links, responding to fraudulent SMS messages, using outdated devices, or connecting to insecure networks.

As mobile banking grows, so does the target pool for social engineering attacks. The weakest link often becomes the user's device, and tackling this requires continuous awareness-building alongside stronger technological safeguards.

To truly scale digital adoption and transaction volume, regulatory support is essential—particularly in the areas of interoperability and pricing. Although recent regulations have enabled basic interoperability, we still lack full merchant interoperability across all platforms. Banks should be allowed to make payments across the established MFS merchant ecosystem, unlocking the full potential of digital transactions.

At the same time, pricing structures for interoperable transfers must be made more customer-friendly. If transferring money digitally becomes more expensive than using cash, users will naturally revert to familiar habits. To build a genuinely cashless society, essential digital transfers—especially merchant and P2P payments—must be either free or minimally charged.

Bangladesh stands at a promising point in its digital journey. With the right mix of innovation, collaboration, and regulatory alignment, mobile banking can become the foundation of a more inclusive, efficient, and transparent financial system—one where every citizen can participate fully in the digital economy.