Faysal Bank adopting modern technologies to improve banking
Faysal Bank, a leading Islamic bank in Pakistan, has joined
forces with DataCheck to establish an industry-first collaboration for the
"Hosted Decision Engine," licensed by Qarar. This strategic
partnership, announced on January 11, 2024, marks a milestone in the financial
sector as it introduces advanced credit-scoring techniques to enhance process
efficiency in the consumer digital lending space. The initiative aims to facilitate
instant decision-making, revolutionizing the traditional lending model.
The signing ceremony, held at Faysal Bank's Head Office,
featured key figures such as Mr. Yousaf Hussain, President & CEO of Faysal
Bank, Mr. Raheel Ijaz, Chief Operating Officer of Faysal Bank, Mr. Tariq Jan,
CEO of DataCheck, and Mr. Zaid Kamhawi, CEO of Qarar. Senior management
representatives from Faysal Bank, DataCheck, and Qarar also attended the event.
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Mr. Yousaf Hussain expressed his privilege in collaborating
with DataCheck and Qarar, emphasizing the collective strength of industry peers
to deliver superior customer experiences. The initiative focuses on leveraging
the latest advancements in 'Automated Credit Decisioning' technology to offer
an inclusive and dynamic banking experience. Mr. Hussain is optimistic that
this collaboration will play a pivotal role in expanding the digital lending
ecosystem in Pakistan.
Tariq Jan, CEO of DataCheck, highlighted the significance of
data-driven decision-making and the value it brings to lenders. He expressed
delight in partnering with Qarar to provide a much-needed credit decisioning
solution for the industry, with Faysal Bank leading the way. The end-to-end
solution, managed by DataCheck and Qarar's teams, enables automated decisions
for Faysal Bank's customers.
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Zaid Kamhawi, CEO of Qarar, commended Faysal Bank for
becoming the first hosted-decisioning customer in Pakistan. He expressed
excitement about leveraging Qarar's proven expertise and the deployment of
DecisionSmart in other markets to streamline the credit lifecycle. Kamhawi
looks forward to creating a success story with Faysal Bank as an esteemed
partner.
Faysal Bank remains dedicated to fostering a digitally
empowered and accessible financial environment. The introduction of 'Automated
Credit Decisioning,' powered by sophisticated algorithms and data analysis, is
poised to redefine the speed and accuracy of traditional lending models. This
innovation promises to expedite the approval process for customers while
maintaining stringent risk management protocols.
Source: Pro Pakistani