Digital banks are making banking more convenient and accessible to people in Pakistan.
“In terms of technology, digital banks will have significant milestones in the digital transformation of the banking services,” said Rabia Azfar Nizami.
Digital banks in Europe don’t need paper or branch visits to bank. Using AI, the automated services are capable of completing any given task.
The lack of trust in the digital banking system has impacted financial literacy to date, Rabia said. She has been with Jaffer Consulting for over two decades and is currently serving as the Country Head.
The Planning Commission for Pakistani Financial Institutions is planning to introduce 5 digital banks in the first stage to increase banking penetration.
Cyberattacks in Pakistan are on the rise, meaning that without the right laws and legislation, they will only get worse.
The Ministry of Finance, and Federal Board of Revenue (FBR) also suffered from security breaches.
The State Bank of Pakistan has a strict IT policy that all banks have to follow. If they don’t, the SBP will penalize them.
There is a huge demand for security specialists in Pakistan as cyberattacks are increasing.