Pakistan’s banks moving towards technological advancement

Pakistan’s banks moving towards technological advancement

KARACHI: Pakistan banking industry has been moving rightly towards technological advancement at par with global emerging fashion bringing changes in the lives of masses through providing them convenience with value-added services and innovative features, Mahmood Kapurwala, CEO Avanza Solution said.
In an interview to Daily Times, he said the banking industry of Pakistan is far ahead of the countries of similar economies mainly as the banks adopt technology in their systems to facilitate customers and their businesses.
Banks are advancing towards new projects with their system to get an edge over the competition while providing various facilities to their customers free of cost. 
These will bring cardless transaction system in the country which will be further pave the way towards POS and electronic money transactions for customers in the urban areas.
There will be establishment of kiosk and deposit machines with the passage of time from various multination and private banking companies operating in the land. 
Pakistan is already famous of expanding its branchless banking rapidly in the world having growth in users and utility of the service in each passing month.
There is a rising trend of internet banking in Pakistan whereas mobile banking is also flourishing in Pakistan slowly.
Cellular phone companies and banks are working to promote mobile banking services in Pakistan which will soon be come on faster track in the near future as the technology gets credibility and acceptability in the masses.
Every technology takes time to be acceptable in the masses as they learn the use of technology however the increasing demand and popularity of any technology make its way gradually as if branchless banking in Pakistan.
These services benefit to customers through quick and safe transactions as well as to banks to save their operating cost in the highly competitive environment.
The issue of literacy and unbanked population is major hurdle towards development of advance services in the country having dense population however banks are penetrating in the urban and literate people at quite good pace to provide them all available services.
But scope of growth of banks is immense and they will continue to grow in the country through various banking services and innovative technological features.
Law and order and country’s perception problems are chronic and impediments for Pakistan’s IT companies working in overseas.
Pakistan IT and software companies are capable for delivering high-quality services to financial institutions and banks outside the Pakistan but different prevailing issues cause problems of expanding business in real pace.
Local companies are working aggressively in Afghanistan and East African companies and promoting country’s name and image through competitive and standard services.

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