BOFF 2023: Transforming Pakistan’s Banking Sector Through Digital Innovation
The 12th edition of the Bank of Future Forum (BOFF) 2023, a prominent banking and financial conference in Pakistan, convened top executives and key representatives from banks, financial institutions, regulatory bodies, fintech companies, investors, and analysts.
Muhammad Aurangzeb, CEO and President of Habib Bank Limited (HBL), underscored the significance of digitalization within the banking sector, emphasizing that digital inclusion results in faster, cost-effective, and enhanced services. He noted that while the adoption of digitalization in Pakistan has been relatively slow, the time has come for the industry to embrace technological advancements more swiftly.
Aurangzeb commended the State Bank of Pakistan’s (SBP) RAAST initiative as a significant step toward achieving financial inclusion through digitalization. He also mentioned HBL’s efforts to facilitate its customers and its role as a connecting agent for the government in the Benazir Income Support Program (BISP).
BOFF 2023: Transforming Pakistan’s Banking Sector Through Digital Innovation
Arif Ul Islam, Deputy CEO and Executive Director of Meezan Bank Limited discussed strategies for delivering an exceptional customer experience in the banking industry and stressed the importance of innovation and technology.
Asif Peer, CEO and Managing Director of Systems Limited shared insights into Pakistan’s IT exports, projecting them to reach $3 billion in the current year. He highlighted Saudi Arabia and the UAE as substantial markets for Pakistan’s IT products. He also emphasized the evolution of artificial intelligence beyond traditional security measures. Peer emphasized the global emergence of industry cloud platforms and urged businesses and financial institutions in Pakistan to embrace digital transformation, harnessing the power of artificial intelligence and innovative technology.
see also: State Bank of Pakistan Approves 5 New Players in Pakistan’s Digital Retail Banking
Asif Akram, COO of Systems Limited, recognized the vast growth potential in Pakistan’s banking, telecom, and retail sectors. He emphasized the need to tap into the country’s pool of talented individuals through proper guidance and training, calling for policy revisions that promote mass training and inclusion. Akram also highlighted the transformative role of mobile technology in the banking industry. The banking apps offer services like bill payments, account opening, loan applications, and credit card requests, reducing the necessity for physical visits to bank branches and promoting digitalization and financial inclusion. He noted that while only 25 to 30 per cent of the population currently uses banking services, the potential for growth is substantial.
William Moroney, Managing Director of Temenos MEA, discussed the evolving landscape of technology and its impact on banks, emphasizing the benefits of engagement and growth in a cloud-based environment.
Ammara Masood, General Manager of Global BFS at Systems Limited, explored the opportunities and challenges faced by Pakistan’s banking industry.
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