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Bangladesh’s banking sector must undergo a sweeping digital transformation to survive in an increasingly tech-driven global financial system, warned world-renowned futurist and bestselling author Brett King.

Speaking at the “Bankers’ Meet 2025” on Thursday night, hosted by UAE-based fintech firm Filps Limited in association with City Bank, Prime Bank, and AB Bank, King stressed that banks must evolve into technology companies rather than merely trying to become “better banks.”

“By 2040, all major financial infrastructure will be powered by technology. Traditional banks will only survive if they are fully transformed. Those who fail to digitise will face consolidation or closure,” King said, pointing to the United States, where the number of banks has already halved from 16,000 to 8,000.

Digital Future for Bangladesh

With discussions around mergers of struggling banks already underway in Bangladesh, King said fintech partnerships and even acquisitions by technology firms are reshaping the global financial industry. “By the 2050s, what we call a bank will bear no resemblance to the banks of the 1990s or 2000s,” he predicted.

King urged Bangladeshi banks to either transform their entire operations into tech-driven models or establish spinoff digital banks. Citing DBS Singapore’s success, he emphasised that digital transformation requires full commitment from boards, CEOs, and executives, along with extensive staff retraining.

He also called for digital inclusion to reduce Bangladesh’s reliance on cash and expand access to the unbanked, referencing India’s UPI, Kenya’s M-Pesa, and China’s near-cashless economy. “You’re never going to bank the unbanked with cash,” he said.

Security & AI Opportunities

King cautioned that outdated authentication methods—passwords, PINs, and signatures—remain weak points, and he urged the adoption of stronger digital identity systems, including biometrics, as seen in the UAE. He also highlighted artificial intelligence (AI) as a key opportunity for Bangladesh, saying:

“Banking today is not just banking—it is a technology-driven industry.”

Fintech Collaboration Expands

During the event, Filps Limited showcased new digital lending and customer onboarding solutions, highlighting how fintech can accelerate industry-wide transformation.

• City Bank announced that its collaboration with Filps will revamp its flagship City Touch platform, enhancing customer experience.
• AB Bank will focus on digital nano loans in partnership with Filps.

Filps CEO Biswas Dhakal affirmed the company’s long-term commitment to Bangladesh, pledging to combine proven technology with local expertise.

Mashrur Arefin, Chairman of the Association of Bankers Bangladesh (ABB), said collective advancement in digitalisation was crucial for the industry. He noted that City Touch processed Tk 1.2 trillion in transactions last year—79% of City Bank’s total—while its joint Citi-bKash digital nano loan scheme disbursed Tk 31 billion to 6.7 million customers with an NPL rate of just 1.5%.

Tushar Hasan, Country Manager of Filps Bangladesh, added: “Our focus is to build deep relationships with financial institutions, aligning our solutions with their strategic ambitions.”