Banks advised to adopt latest tech

KARACHI: Banks should adopt new technologies to address the pain points of customers in tandem with modernising financial services and automation, a senior industry official said on Wednesday.

“Banks can make customers’ journey to digital banking easier by considerably reducing the time it takes to provide services to customers,” said Nadeem Hussain, chairman of Planet N Group, at a seminar titled “1st Centerm Dialogue on Digital Banking”.

“We cannot undermine the importance of digital banking - innovation change - as by 2020, our 70 percent population will be born in the age of internet,” he added.

Hussain said, “Creating frictionless customers’ journey is the most important aspect if the banks in Pakistan want to tap the potential. Ninety percent population will have 3G/4G technology and small fintechs will have a larger customer base than banks.” Meanwhile, experts said digital technologies such as banking devices, payment solution, thin client, cloud computing, and smart terminals are improving the use of traditional technologies to change internal processes, customer relations and value propositions.