Pakistan banking sector evolving in rapid transformation.

Byline: ALI HAIDER

NdcTech truly understands the importance of digital banking and to transform globally

Interview with Ammara Masood - CEO, NdcTech

PAGE: How do you see the changing landscape of Pakistan's banking and financial sector and the increasing importance of the adoption of new technology in operations and service delivery?

Ammara Masood: The banking and financial sector in Pakistan is undergoing rapid transformation with the increasing adoption of new technology in operations and service delivery. The emergence of new banking services and the migration of banks to cloud-based platforms are just a few examples of how technology is changing the landscape of banking in Pakistan.

Moreover, the pandemic has also accelerated the adoption of digital banking services in Pakistan. With people increasingly avoiding physical transactions, the demand for digital banking services has increased significantly. Additionally, the State Bank of Pakistan (SBP) has taken several initiatives to promote the digitization of banking services. These initiatives include the launch of RAAST, Pakistan's first instant payment system, the issuance of customer digital onboarding frameworks for opening bank accounts digitally, and the issuance of licenses to five digital banks.

The increasing adoption of technology in the banking sector in Pakistan is not limited to digital banking services alone. Banks are also using advanced data analytics and artificial intelligence (AI) technologies to analyze customer data and provide personalized products and services. This not only improves customer experience but also helps banks to make better-informed decisions.

PAGE: Technology is considered the backbone of businesses now, especially in banking and financial sectors for the needed efficiency of operations. Is efficiency the only objective?

Ammara Masood: I think scalability, launching innovative products, efficiency, having a competitive edge, and providing excellent customer experience are all major objectives of banks while investing in technology. The role of technology is significant to stay ahead of the market and ensuring coverage of all customer touch points by making services available anywhere, anytime. With the different banking models emerging, it is imperative to compose banking services using a solid platform. This means that major investment will now be targeted to technology platforms to cater to the constantly varying needs of the customers.

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