AI set to transform Bangladesh’s financial sector, say industry leaders

Staff Correspondent: Bangladesh’s economic services industry is entering a decisive phase of technological transformation and the strategic adoption of artificial intelligence is expected to shape the sector’s competitiveness in the years to come. This vision was voiced at a daylong seminar titled ‘The Future of Professional Excellence and Artificial Intelligence (AI)’, organised by the Bangladesh Institute for Professional Development at the BIAM Auditorium in the capital on Monday.

The event drew the country’s leading bankers, insurance executives, technologists and academics, making a platform for exploring how AI is influencing the global financial system and how Bangladesh may position itself to leverage these innovations with effectiveness.

Presiding over the seminar, BIPD Chairman and North South University Professor Dr Mohammad Sahadet Hossain underlined that AI is no longer a distant concept but a practical tool already shaping financial operation. He highlighted the need to enhance human capability in parallel with technological integration, saying that the readiness of professionals will determine whether institutions may apply AI ethically, responsibly and efficiently.

In his inaugural address, Bangladesh Insurance Association (BIA) President and Global Insurance PLC Chairman Sayeed Ahmed said that true transformation lies in combining human judgment with AI-driven analytical power. He emphasised the role of technology in fostering transparency, accuracy and quicker decision-making, adding that the insurance industry could significantly raise its service standards by adopting technology-driven claim processing systems. Such advancement, he said, would strengthen customers’ confidence and set fresh standards for service excellence.

BIPD Director General Kazi Md Mortuza Ali drew attention to the evolving definition of professional capability in the global landscape. He observed that professional excellence now needs the ability to adapt to fast-changing technologies. AI, in his view, is not a threat to the expertise of skilled professionals but a tool that strengthens their capacity to innovate and perform. Without a strong foundation in research and practical application, he warned, professionals may struggle to compete in a rapidly changing economic ecosystem.

Offering a rigorous analysis of the insurance sector’s current state, Dr Md Shahidul Islam Zahid, Chairman of the Department of Banking and Insurance at the University of Dhaka, said that Bangladesh still lags behind global standards in technological adoption. He identified vast potential in rural communities that remain underserved by formal financial services, saying that technology-enabled insurance delivery could reshape financial security for many. Yet, he cautioned that meaningful progress will need sustained investment in innovation, research and AI-powered risk analysis.

The seminar featured an in-depth presentation by S M Ziaul Haque, former Chief Executive of Chartered Life Insurance, who discussed the transformative impact of AI on the global insurance industry. He outlined how global performers are already benefiting from advanced risk modeling, data-driven underwriting, predictive claims analytics and intelligent customer service systems. Bangladesh, he observed, has the opportunity to leapfrog stages of development if it prioritises the right investment and aligns its policy framework with emerging technological trends.

Across the discussion, cyber-security emerged as one of the most urgent priorities. Speakers expressed concern that as economic services shift further into digital platforms, institutions will face rising threats related to fraud, data breaches and system vulnerabilities. They stressed that AI-driven security frameworks will be necessary for safeguarding digital banking channels, protecting customers’ information and ensuring the resilience of economic infrastructure. Participants also pointed out that data-driven decision-making and modern risk assessment capabilities will increasingly determine the strength and sustainability of economic institutions.

By the end of the seminar, a shared understanding emerged: Bangladesh’s economic sector must embrace an AI-integrated strategic roadmap to remain globally competitive. Strengthening data infrastructure, scaling professional skill development, fostering transparency and encouraging investment in research were identified as foundational elements for long-term success.

Professionals attending the seminar voiced strong optimism about the road ahead. Many expressed confidence that AI will not only raise operational efficiency but also accelerate Bangladesh’s journey toward global standards of financial excellence. The event concluded with the expectation that strategic planning; targeted training and technology-driven coordination will enable the financial sector to reach a higher level of performance and resilience.

Insurance News BD and Insurance Jobs BD served as media partners for the seminar, helping to amplify the discussion that is likely to influence the financial industry’s direction in the coming years.