"Banks can make customers' journey to digital banking easier by considerably reducing the time it takes to provide services to customers," he said and added that banks should adopt digital banking to address the pain points of customers in tandem with modernising bank services and automation. "We cannot undermine importance of digital banking innovation change as by 2020 our 70 percent population will be born in the age of internet," he said.
Nadeem Hussain, a pioneer of digital banking in Pakistan, said that creating frictionless customers' journey is the most important aspect if the banks in Pakistan want to tap the potential. 90 percent population will have 3G and 4G technology and Small fintechs will have a larger customer base than banks. Other speakers at the seminar said that digital technologies such as Banking Devices, Payment Solution, Thin Client, Cloud Computing and Smart Terminal are improving the use of traditional technologies to change internal processes, customer relations and value propositions.
They said that the change from paper and manual processes to automatic processes combined with the ability to collect data to better understand customers, cost drivers and risks is a business enabler for the years to come. The benefits of digitisation in banking are enormous and a definite requirement to keep a place in a highly competitive and evolving market, they added. Steven Zou Operation Director Centerm China said the transformation of mobile payment sets up a basis for multi-scene financial service of bank and the banks in China have transformed not only technologically but physically as well.
Many consumers prefer to pay through their mobile phones instead of carrying a wallet, he added.
Earlier, presenting opening remarks, K. Sami Askari CEO, NC Inc said that the purpose of this seminar is to start a dialogue in Pakistan on latest trends in Digital Banking and discuss how the top four banks in the world, all from China, are leveraging technology to improve their products and services.
He said that Centerm devices and payment solutions have already gained popularity in Pakistan as not only the organizations of all sizes but the home users as well are using these for all their computing needs with much less operating expense than conventional computers. David Tay, Asia Marketing Manager, Retail Solutions, IOTG, Intel Corporation talked about how Intel could bring Future Banking Experience to Pakistan as well. He said that the retail banking environment is changing with revolution in online and traditional banking experiences and security, privacy and compliance have become more important with fragmentation of vertical markets.