‘Banks focus on customer experience through tech’

KARACHI: The State Bank of Pakistan (SBP) Governor, Jameel Ahmad, said on Thursday that the country's banking industry is actively investing in technological upgrades to enhance customer satisfaction and improve overall banking experiences. Ahmad made the statement during the launch ceremony of Bank Alfalah's digital lifestyle branch, an innovative hub that caters to customers' financial and lifestyle needs. "The banking industry in Pakistan is undergoing a major transformation, with banks increasingly investing in technology to improve the customer experience," Ahmad said. "This is a positive development, as it will help to make banking more convenient and efficient for customers." As digitalisation continues to reshape the global banking landscape, Ahmad highlighted that Pakistan is no exception to the trend, witnessing a reduction in the traditional brick-and-mortar footprint.

The governor expressed confidence that the successful implementation of the model would pave the way for new entrants in the country's banking industry. "The digital lifestyle branch is a unique and innovative concept that has the potential to revolutionize the banking industry in Pakistan," Ahmad said. "I am confident that this model will be successful, and I encourage other banks to follow suit." Governor Ahmad concluded his address by emphasising the importance of a proactive approach by banks in tailoring products and services to meet customers' evolving preferences and behavior.

He also underscored the paramount significance of ensuring fair treatment and protection for customers, reiterating that this must remain a top priority for banks. Speaking at the event, Atif Bajwa, President, and CEO of Bank Alfalah, expressed gratitude to the SBP for their approval, enabling the bank to redefine banking for the people. Bajwa added,

"We take pride in offering an unparalleled fusion of digital banking, personalized financial solutions, and lifestyle preferences to cater to the evolving needs of our customers. This transformative path we embark upon brings together convenience, innovation, and a delightful banking experience."