Pakistan holds unique position in Asia for maximum digital banking consumers
Staff Reporter
LAHORE: Banks may play a pivotal role in poverty alleviation by maintaining the growing trends of digital banking and access to banking for the deprived masses. These views were expressed by financial experts belonging to the banking and technology sector during a discussion on “Visionary Banking in Pakistan”. The discussion was hosted at lunch at the Schatzalp Hotel, Davos by Pathfinder Group of Companies in collaboration with Martin Dow Group during the World Economic Forum.
Participants included United Bank President Shazad Dada, Bank of Punjab President Zafar Masud, U Bank President Kabir Naqvi, CEO i3 Pathfinder Group Syed Tassawur Hussain, and CEO iPath Ali Shah Asani, while CEO VRG Salman Ali moderated the session.
Pathfinder Group Chairman Ikram Sehgal welcomed the participants and the audience and introduced the distinguished guests. He said that Pakistan’s banking sector was growing rapidly due to tech advancements. Highlighting the importance of digital banking and mobile wallets, Ikram Sehgal called them the credit cards of deprived people.
Initiating a discussion on the role of banking industry in Pakistan and its future, UBL President Shazad Dada said that the banking sector was going through a revolutionary period and digital banking was becoming increasingly popular not only in this sector but also in the national economy playing the most important role.
Shazad Dada shared important figures with the audience through his presentation on “Visionary Banking in Pakistan”. He said that in this age of technology, modern banking was taking full advantage of innovative inventions like Artificial Intelligence (AI) and Internet of Things (IoT).
Zafar Masud, President of The Bank of Punjab, said that harmonization with traditions and culture was very important for successful banking. On this occasion, a special documentary on Pakistan was also shown. He said that in this age of technology, the banking sector was facing many challenges and it was only by tackling them that we could achieve the target of visionary banking. Zafar Masood informed the audience that future banking would depend upon five pillars, namely consumer & community, strategy & branding, staff & environment, governance & compliance, and operations & technology.