BOFF 2023: Forum discusses role of digitalization to
modernize Pakistani banks
BOFF 2023 The 12th installment of the Bank of Future Forum
(BOFF) 2023, a prominent financial conference in Pakistan, gathered
high-ranking executives and key figures from banks, financial institutions,
regulatory bodies, fintech enterprises, investors, and analysts.
Muhammad Aurangzeb, CEO and President of Habib Bank Limited
(HBL), emphasized the pivotal role of digitalization in the banking sector,
stressing its potential to deliver swifter, cost-effective, and enriched
services. He noted that, while the adoption of digitalization in Pakistan had
been relatively slow, the time was ripe for the industry to embrace
technological advancements more expeditiously.
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Aurangzeb commended the State Bank of Pakistan's (SBP) RAAST
initiative as a significant stride toward achieving financial inclusion through
digitalization. He also highlighted HBL's efforts to facilitate its customers
and its involvement as a conduit for the government in the Benazir Income
Support Program (BISP).
BOFF 2023: Revolutionizing Pakistan's Banking Landscape
Through Digital Advancements Arif Ul Islam, Deputy CEO and Executive Director
of Meezan Bank Limited, delved into strategies for delivering an exceptional
customer experience in the banking sector, emphasizing the paramount role of
innovation and technology.
Asif Peer, CEO and Managing Director of Systems Limited,
offered insights into Pakistan's IT exports, projecting them to reach $3
billion in the current year. He spotlighted Saudi Arabia and the UAE as
significant markets for Pakistan's IT products. He also underscored the
evolution of artificial intelligence beyond conventional security measures.
Peer emphasized the global ascent of industry cloud platforms and urged
businesses and financial institutions in Pakistan to embrace digital
transformation, harnessing the potential of artificial intelligence and
innovative technology.
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Asif Akram, COO of Systems Limited, acknowledged the vast
growth potential in Pakistan's banking, telecom, and retail sectors. He
stressed the importance of tapping into the country's pool of talented
individuals through proper guidance and training, advocating for policy
revisions that promote widespread training and inclusion. Akram also highlighted
the transformative impact of mobile technology on the banking industry, with
banking apps offering services such as bill payments, account opening, loan
applications, and credit card requests, reducing the reliance on physical
visits to bank branches and promoting digitalization and financial inclusion.
He noted that, while only 25 to 30 percent of the population currently uses
banking services, the potential for growth is substantial.
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William Moroney, Managing Director of Temenos MEA, delved
into the evolving technological landscape and its influence on banks,
emphasizing the advantages of engagement and growth in a cloud-based
environment.
Ammara Masood, General Manager of Global BFS at Systems
Limited, explored the opportunities and challenges confronting Pakistan's
banking industry.
Source: https://www.phoneworld.com.pk/