Ideal time for Pakistan's banking and financial services for a technology revolution.

Interview with Mr Raheel Iqbal - Managing Partner, Codebase Technologies

The Pakistani banking and financial services markets are poised for a technology transformation, with banks embarking on innovation projects and emerging fintechs aiming at making their mark on the financial landscape. Market stressors like the COVID-19 pandemic have driven financial entities into development mode, while national initiatives like Roshan Digital seek to imbue Pakistan with foreign investment. These factors coincide to drastically reshape what financial services and banking means to legacy players and customers alike.

Raheel Iqbal, Managing Partner at Codebase Technologies, discusses the Pakistani digital banking industry, how the global pandemic has changed the landscape, and how fintechs should approach Pakistan as market entrants. Codebase Technologies recently launched Digibanc(tm) Roshan Digital Solution, a secure and unified platform that allows banks to manage seamless, consistent and engaging customer journeys across customer touchpoints.

PAGE: Could you give us your perspective on the Pakistani digital banking industry?

RAHEEL IQBAL: I think that there's a lot of work to be done. Pakistan has certainly kept up with the international financial space in terms of understanding what can be done at a macro level. While there is a lot of opportunity in the market, and many fintechs entering the space with good intentions, the execution side of things leaves much to be desired. Banks and financial institutions in Pakistan need highly scalable, intelligent system architectures that serve to reduce costs and enhance the customer experience no matter where the customer is.

PAGE: What are the opportunities in Pakistan when it comes to digital banking?

RAHEEL IQBAL: One of the biggest indicators of opportunity lies in the degree of smartphone penetration within the country. Over half of the country's are considered youth, and the other half are also highly connected, with at least one smartphone per person. Existing systems like Easypaisa and digital payments aren't new, and are widely adopted as well. The opportunity lies in how this widely available channel is used, and how that channel can then feed back into informing banks and financial institutions with real-time, accurate insights. Once these insights are applied to a grander digitization approach, banks and institutions are able to enhance how customers transact on a connected payments ecosystem...