The ongoing Iran–Israel–US conflict has triggered widespread geopolitical tension across the globe. Instability in the Middle East has disrupted global oil supply chains and created volatility in energy markets—together driving an abnormal surge in international oil prices. The impact is most severe on import-dependent countries, among which Bangladesh is a notable example.
Due to the current conflict and the aggressive policies of dominant global powers, the energy crisis is increasingly likely to become a long-term global reality. As a result, low-income, import-dependent countries may face acute shortages of fuel. In this context, it is imperative to promote conscious and efficient energy use without delay.
As a developing country, Bangladesh’s electricity generation still relies heavily on imported fuel. Therefore, any increase in oil prices directly raises the cost of power generation and puts pressure on supply. In response, the government has taken measures such as reducing office hours, strengthening load management, and ensuring controlled energy use across sectors. Commercial banks, as part of this policy framework, have also limited their transaction and office hours.
However, this raises a fundamental question: Is banking service merely time-bound, or is it a technology-driven service capable of transcending time constraints? The current crisis has brought us face-to-face with this question.
In reality, the energy crisis is acting as a kind of “stress test” for the banking sector. It is revealing how sustainable the traditional branch-based banking model is and how suitable it remains for the future. At the same time, it presents a new opportunity—to restructure banking systems into more efficient, technology-driven, and sustainable models.
First, digital banking is no longer an alternative—it has become essential. Today, through mobile banking, internet banking, and app-based services, customers can complete most banking transactions from home. Fund transfers, bill payments, savings management, and loan repayments are all accessible at customers’ fingertips. This reduces the need to visit branches, saves time and travel costs for customers, and lowers electricity and operational expenses for banks.
However, digital transformation is not just about deploying technology. Usability, security, and customer trust are equally important. Banks must simultaneously strengthen cybersecurity, develop simple and user-friendly applications, and enhance customers’ digital literacy.
Second, to ensure maximum service within limited working hours, banks must adopt strategic planning. Through demand management, customer flow can be analyzed and services can be time-segmented—for example, allocating specific hours for cash transactions and others for loans or advisory services. Introducing appointment-based banking can also reduce crowding and improve service quality.
Third, strengthening alternative service channels is critical. ATMs, cash deposit machines, point-of-sale (POS) systems, and agent banking must be made more effective. In particular, agent banking plays a vital role in delivering financial services to rural and marginalized communities. This not only reduces pressure on branches but also promotes energy savings and financial inclusion.
Fourth, banks must improve energy efficiency in their own operations. Reducing unnecessary electricity use, adopting LED lighting, smart sensors, and modern climate control systems are practical steps that can be implemented quickly. Expanding the use of renewable energy, including solar power, can reduce long-term costs and have positive environmental impacts.
Fifth, flexibility in human resource management is now essential. Not all tasks require physical presence in the office. Many back-office functions, IT support, and analytical work can be performed remotely. Introducing hybrid or remote work models can reduce employee commuting, increase productivity, and save energy.
Sixth, changing customer behavior is crucial. Bangladesh still has a high reliance on cash transactions, which puts pressure on bank branches. To change this trend, banks must enhance awareness campaigns, promote financial inclusion, and improve digital literacy. Efforts must also be made to reduce the digital divide. The benefits of digital transactions—convenience, security, and cost savings—should be communicated in simple terms. Incentives or discounts may also be offered to encourage customers to adopt digital channels.
Seventh, moving toward paperless banking is necessary. Through e-statements, e-KYC, e-signatures, and digital archiving, paper usage can be significantly reduced. This not only cuts costs but also makes banking operations faster, more transparent, and environmentally friendly.
Eighth, policy alignment is essential for successful transformation. If the central bank and relevant authorities provide incentives for digital banking, green financing, and technology-driven investments, banks will be able to adapt more quickly. Clear guidelines will further help ensure efficiency and cost savings across the sector.
However, there are challenges to this transformation. Cybersecurity risks, limitations in technological infrastructure, lack of customer trust, and gaps in digital literacy must be addressed to achieve the desired outcomes. Therefore, alongside technological expansion, equal emphasis must be placed on security and capacity building.
In conclusion, the current energy crisis, while a warning signal, is also a significant opportunity. It shows that transforming the traditional banking structure into a more efficient, technology-driven, and sustainable system is now a necessity.
If commercial banks can seize this opportunity to restructure their operations, they will not only overcome the present crisis but also position themselves as stronger, more competitive, and more customer-centric institutions for the future.
Therefore, if energy efficiency is viewed not merely as a cost-saving measure but as the foundation of a new banking philosophy—where efficiency, technology, and responsibility work together—then building a modern, sustainable, and inclusive banking system will be truly achievable.
Khairul Hasan is a banker and financial sector analyst.