Bank-led digital banking is an important service in today’s economy countrywise where Bangladesh is no exception. But this development faces severe drawbacks, being its insecurity where psychological risk factors in multi-faucets dominate a customer’s or a probable customer’s decision not to use it. It has resulted in slow growth trends of bank-led digital services in economy. Focusing on the issues underpinning Akim’s Model, Voluntary Insurance (VI), can be introduced as a low-cost or fixed-price new product. It can enhance consumer surplus, bank profits, and overall transaction volume. When VIproduct is on market, it will spread from bankers to banking-customers. The growth-trend (S-curve) of VI-products will capture revenue-growth against time. In return, it will ensure higher transaction numbers of e-banking. With the prospect, this study brings the VI new product to Bangladesh policymakers’ attentions for its efforts. The SWOT Analysis clearly shows that VI can mitigate perceived risks (hacking, fraud, errors) for users, thereby increasing trust, accelerating adoption of cashless services. It will function as a risk-transfer mechanism for on-the-go or bank-led digital banking transactions, which is crucial for digital-forward economies. It can ensure cashless society soon.
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