- Digital tools, and platforms making the industry more efficient and improve customer servicing at reduced efforts
Interview with Mr Rehan Ahmed Yousfi — Regional General Manager, Faysal Bank
PAGE: Tell me something about yourself.
Rehan Ahmed Yousfi: I have completed my master’s programmes in Islamic banking and finance from Karachi University and BSC honours in economics, mathematics and statistics from Karachi University.
Currently working in the capacity of Regional General Manager in Faysal Bank, which is the second largest Islamic bank in Pakistan. It has more than 18 years of diversified experience in the banking sector.
PAGE: Could you give your perspective on digital banks in Pakistan?
Rehan Ahmed Yousfi: The move towards digital banking driven by technology, data and analytics is transforming Pakistan’s banking industry into always-on, offering customers 24/7 services and convenience. With the rise of digital banking, the industry has become more efficient and above all improved customer servicing at reduced efforts.
PAGE: Has branchless banking altered the financial landscape of Pakistan?
Rehan Ahmed Yousfi: Indeed, it is in progress but not shaped entirely. There is a lot of scope and the market needs to be tapped.
PAGE: Could you give your views about technological advancement in the banking sector?
Rehan Ahmed Yousfi: The world is changing at a rapid pace because of the advancement of technology. The banking industry also changing itself according to it. There are many impacts of technologies in banking, some of them are good while some of them are not helpful.
Positive impact: better services, the introduction of mobile banking, core banking system increased the efficiency of the employee, the process has become faster and customer relationship management are being used to provide the required services to the concerned person.
Negative Impact: The biggest disadvantage of technology is the loss of jobs in the banking sector as the banking sector is increasing its dependency of work on technology, the need for manual tasks has decreased which will increase unemployment which affects the economy of the country in an adverse way.
PAGE: What is your standpoint about the technological progress of the financial services industry in Pakistan?
Rehan Ahmed Yousfi: It cannot be ignored that technology has indeed shaped this business, with the emergence of technology in this business, it has become easier for users to make real-time payments, track their payment through a management information system, quick loan disbursements, E-KYC, digital signatures and very important aspect which is biometric verification has become so much helpful to prevent many adverse effects to the diligence. Using debit/credit card, POS transactions are very helpful in terms of purchasing without having cash in your pocket.