Money in the digital age: Standard Chartered Bank's role in shaping cashless future and public sentiment in Bangladesh

Abstract

Bangladesh is quickly moving towards using digital money instead of physical cash. This change is happening because of new technology and innovations emerging in the fin-tech industry, the way people now perform financial transactions and efforts by the government. Standard Chartered Bank is one of the financial institutions that is playing a big role to introduce a change in the market. Unique and robust technological methods are used to facilitate banking experiences better for the users. This report shows how Standard Chartered Bank is facilitating the change towards cashless economy and how people in the country are responding to that change and their perspective towards it. People nowadays use smartphones and online platforms way more than they used to and that affects the nation's financial habits. According to the report, a significant amount of consumers prefer adapting online methods since they believe it to be quicker, easier, and more convenient than using cash. People are hesitant to be more inclined toward cashless mode regarding the security of digital transactions. Factors like internet security, retailers' lack of acceptance of cashless modes, and a lack of knowledge about online financial transaction ways are the significant concerning factors of the mass people. The interest of users to adopt cashless modes is also influenced by demographic parameters such as age and income. User friendly mobile applications and better understanding of financial literacy are crucial to increase trust in the use of digital currency. Bangladesh is at the beginning of a big change towards using less physical money, and even though there are challenges like worries about safety, there are chances for banks and the government to make digital money more trusted and understood. Working on factors which acts as barrier for customers will be very important in making this change smooth and widely accepted. Bangladesh is at the beginning of a big change towards using less physical money, and even though there are challenges like worries about safety, there are chances for banks and the government to make digital money more trusted and understood. Paying attention to what people think and want will be very important in making this change smooth and widely accepted, bringing in a time of easier and more efficient money transactions in Bangladesh.