NdcTech truly understands the importance of digital banking and to transform globally
Interview with Ammara Masood — CEO, NdcTech
PAGE: How do you see the changing landscape of Pakistan’s banking and financial sector and the increasing importance of the adoption of new technology in operations and service delivery?
Ammara Masood: The banking and financial sector in Pakistan is undergoing rapid transformation with the increasing adoption of new technology in operations and service delivery. The emergence of new banking services and the migration of banks to cloud-based platforms are just a few examples of how technology is changing the landscape of banking in Pakistan.
Moreover, the pandemic has also accelerated the adoption of digital banking services in Pakistan. With people increasingly avoiding physical transactions, the demand for digital banking services has increased significantly. Additionally, the State Bank of Pakistan (SBP) has taken several initiatives to promote the digitization of banking services. These initiatives include the launch of RAAST, Pakistan’s first instant payment system, the issuance of customer digital onboarding frameworks for opening bank accounts digitally, and the issuance of licenses to five digital banks.
The increasing adoption of technology in the banking sector in Pakistan is not limited to digital banking services alone. Banks are also using advanced data analytics and artificial intelligence (AI) technologies to analyze customer data and provide personalized products and services. This not only improves customer experience but also helps banks to make better-informed decisions.
PAGE: Technology is considered the backbone of businesses now, especially in banking and financial sectors for the needed efficiency of operations. Is efficiency the only objective?
Ammara Masood: I think scalability, launching innovative products, efficiency, having a competitive edge, and providing excellent customer experience are all major objectives of banks while investing in technology. The role of technology is significant to stay ahead of the market and ensuring coverage of all customer touch points by making services available anywhere, anytime. With the different banking models emerging, it is imperative to compose banking services using a solid platform. This means that major investment will now be targeted to technology platforms to cater to the constantly varying needs of the customers.
PAGE: Do you agree that investment in design relates directly to the user experience, which plays a pivotal role while launching a digital banking app?
Ammara Masood: Investment in design directly impacts the user experience and plays a critical role in launching a digital banking app successfully. In today’s digital age, banking services have become more accessible than ever, with customers able to access their accounts and complete transactions with just a few clicks on their devices. As a result, user experience has become a key differentiator in the banking industry, and design plays a pivotal role in creating an outstanding experience.
The younger generation, especially Gen Z, who have grown up in the digital age, are accustomed to seamless and intuitive experiences. They expect the same from their banking apps, with features such as easy navigation, fast-loading pages, and visually appealing interfaces. A well-designed app can provide a seamless user experience, making it easier for customers to complete transactions and access information, resulting in increased usage and loyalty.
At NdcTech, we understand the importance of design in digital banking and have invested significantly in providing the right user experience to our clients’ customers. Our design team works closely with our clients to understand their customers’ needs, preferences, and behaviors and to create intuitive and visually appealing interfaces. We also focus on providing relevant trainings and certifications to our resources for design thinking, app development, etc.
PAGE: What are the emerging issues and challenges faced by Pakistan’s banking industry, and how important is it to address cybersecurity?
Ammara Masood: Pakistan’s banking industry is facing a range of challenges, and one of the most pressing concerns is cybersecurity. Despite the rapid growth of digital banking services, there is a lack of a robust policy framework for cybersecurity in Pakistan, making the industry vulnerable to cyber-attacks. In recent years, several cases of cybersecurity attacks on various banks have been reported, including credit card hacking and thefts through the internet. These incidents highlight the importance of addressing cybersecurity concerns in the banking industry. It is imperative to implement strong security measures to protect customer data, prevent fraudulent activities, and ensure smooth functioning of banking services.
Furthermore, it is essential to raise awareness among customers about the importance of cybersecurity and how they can protect their personal and financial information. This can be achieved through educational campaigns and training programs that teach customers about safe online practices, such as creating strong passwords, avoiding phishing scams, and regularly monitoring their bank accounts for unauthorized transactions.
PAGE: Each bank has their own needs and objectives. How does NdcTech cater to the diversity of requirements, especially with emerging technological systems and solutions?
Ammara Masood: At NdcTech, we ensure business analysis at all stages of our projects. Our approach is highly collaborative, and we work closely with our clients to understand their unique needs and requirements, to develop services that are specifically tailored to meet those needs.
We provide end-to-end IT services to banks and financial institutions, have a deep expertise in transforming banks of all scales and sizes, and our teams are highly efficient and maintain a strong connection with our clients for as long as support is needed.
We also understand that emerging technological systems and solutions play a critical role in the banking industry. To stay ahead of the curve, we invest heavily in research and development, and provide regular trainings and certifications to our employees to handle complex banking transformations. This allows us to maintain a deep understanding of the latest technological advancements and ensures that we can provide innovative and cutting-edge services to our clients.
With over 22 years of experience in the industry, we have rapidly grown and expanded our operations across several continents. Our commitment to providing tailored and efficient services to our clients has helped us to build strong, long-lasting relationships with them.
PAGE: Your comment on the global standing of NdcTech?
Ammara Masood: NdcTech has established itself as a prominent player in the global banking industry. We have a strong presence in the Middle East, Africa, and Asia Pacific region, and have worked with 125+ clients across several regions. Most banks in Pakistan, around 75 percent, have already benefited from our services, and we are committed to further expanding our reach globally.
Our goal is to be a trusted partner for financial institutions worldwide and provide them with innovative, high-quality services that help them stay ahead of the curve in a rapidly changing industry. We are continuously investing in R&D and developing services to complement existing banking technology, that meet the evolving needs of the industry.
We firmly believe in driving exports for the country and expanding banking technologies into new regions, creating new opportunities for our clients and employees alike. With our recent integration with Systems Limited, we have strengthened our global presence in the banking sector, giving us the opportunity to expand our operations and services to new regions. Our ambition is to be the global market leader in transforming banks for the future, and we are committed to achieving this goal by continuing to deliver high-quality services that exceed our clients’ expectations.
PAGE: Any comment on future growth plans of NdcTech after its acquisition by Systems Ltd.?
Ammara Masood: The primary objective of NdcTech is to transform the banking sector globally, reach out to larger markets as well as enhancing our engineering capabilities constantly. Our integration with Systems Limited is part of this strategy. Systems is a leading IT company with an international presence in key regions. As one of the chief integrations, it is indeed a great milestone in the IT industry of Pakistan.
This will be a steppingstone to garner new developments and breakthroughs to enhance IT exports and allows both companies to take advantage of the required scale to push the growth circumference. It will also enable us to enhance our portfolio and provide comprehensive offerings for the banking sector by focusing on holistic system integration services, managed services, data and cloud services.
PAGE: How do you see the contribution of female professionals in the field of finance and technology and what are your efforts to encourage them?
Ammara Masood: Women have made significant contributions to the finance and technology fields, and we strongly believe that having a diverse workforce is crucial to drive innovation and achieve success in any industry. At NdcTech, we are committed to promoting diversity and inclusivity, and our efforts to encourage female professionals in these fields are a testament to this commitment.
We recognize the challenges that women face in the workplace, especially in male-dominated industries like IT. To address these challenges, we have taken several initiatives to support and encourage women in these fields. We have launched a returnship program that helps women who have taken a career break to restart their careers. We also have flexible working hours and a work-from-home policy, which allows our female employees to balance their personal and professional lives.
We strongly believe that skills and talent are the primary factors that determine one’s success in any industry, and gender should not be a barrier. We actively encourage and support women who are passionate about technology to excel in their careers by offering them training and development programs, mentorship opportunities, and career growth paths so that women can reach their full potential in the industry.