TRANSFORMATION EFFORTS OF THE BANKING INDUSTRY OF BANGLADESH IN THE NEW NORMAL

The impact of the Covid-19 crisis created foundation for the transformation and restructuring of the banking industry. Historically, economic and financial crises challenged traditional business models which appear to be even more relevant during new normal.

- Prof. Shah Md Ahsan Habib

The evolving and changing business and economic environment necessitate adjusting and transforming business and operating models of the banking and financial institutions. Covid-19 responses and sustainability are crucial in a fast-moving developing country like Bangladesh where the economic activities and the businesses have notable dependence on the banking industry for almost all types of financing.

Considering the range of activities pursued by the banking industry of Bangladesh, it might be labeled as a very good example of a 'universal banking approach' and thus the associated level of expectations from the industry have made strategic and operational adjustment even more complex in this critical situation. As in most global economies, the circumstances demand transformation and restructuring in the banking industry of Bangladesh where reviewing existing approaches, technology adoption, capacity development, newer risks, and supportive policy and regulatory environment seem to have a remarkable role. The feature is about understanding the emergence and capturing information on the transformation and restructuring efforts in the banking industry of Bangladesh for coping with Covid19 changes and ensuring sustainable operation in the new normal.