- Technology adoption helps bolster confidence and steer businesses toward success
Interview with Ms. Natasha Haseeb — an analyst
PAGE: Tell me something about yourself, please:
Natasha Haseeb:Â I am an Anchor working at Pakistan Television News. I have done my MPhil in Political Science from the University of Karachi and about my professional life I am conducting a business show named “Baat Karobar Ki” which includes the different aspects of businesses, investments, economy, and stock market of the country and internationally, with different segments and making it interesting day-by-day because of the quality of content, participants we invite and the authenticity of news and information. About my personal life, I am very friendly by nature, talkative and jolly with friends. My enthusiasm and strengths are my research, the way I ask questions and the angles of my analytical approach. I have done a lot of interviews with different people in the business community, industrialists, dignitaries, economists and experts from different sectors who are very competitive. I have hosted and organised conferences as well. About my leisure time, I enjoy spending time with my family, friends, listening to music, watching films, and dramas, reading, traveling, playing games etc.
PAGE: It is presumed that in the steeply evolving digital landscape, technology has become pivotal for delivering gorgeous services to customers in the banking sector. Please elaborate with details:
Natasha Haseeb:Â Of course! The banking sector is providing services to its customers, and they are in this business for years and years. It is necessary to provide excellent service to compete and attract new customers. So that technology helps banks to improve their customer service by offering more and more efficient ways for clients to access their services. Besides that, technology can assist banks very smartly, to track complaints, which can be addressed instantly. The way technology is converting customers to banking and identifying their needs is improving the competitiveness of celluloid. Banks are investing in IT that helps customer service, banks will be capable of serving their customers, building better relationships and improving financial results. While banks are giving great customer service, they are actually making confidence and reputation. Furthermore good customer service generates faithful clients and makes the business successful. By giving magnificent customer service, banks will be able to make loyal customers who are faithful to the product.
PAGE: To stay competitive, banks must leverage the power of innovative technologies to enhance customer experiences, optimise operations, and drive growth. What is your standpoint on it?
Natasha Haseeb:Â To enhance customer services rather than creating each and everything from the grassroots, technology can generate and provide solutions to the financial industry and allow institutions to initiate their digital service transformations. Banking through technology can give solutions and improve banking customer services and make interaction with customers more convenient. Through online banking systems, banks are providing services to their customers in different ways and methods whereas the old retail methods definitely cannot. This is possible because of AI (artificial intelligence) to evaluate tasks more efficiently. Banks use software and technology to give their customers more attention and growing business is also the idea. The adoption of fintech startups and the advanced advantages of digital technologies, special rewards programme, cashback, discounts, and other incentives like access to events, concerts or matches etc are now common whereas traditional banks are also delivering the new strategic tools to be a part of the competition.
PAGE: It is widely believed that global banking IT spending is projected to reach $761 billion by 2025. How would you comment on it?
Natasha Haseeb:Â The dynamics of the current and future market of the industry can be evaluated by the size of the global growth in the coming years in terms of geographical expansion, offerings, customer segments, product/service, pricing strategies, growth opportunities and financial management. The adoption of leading players in the market, the key development and strategies and the competitive environment provide the market segmentations for the future.
The Retail Banking IT Spending market offers opportunities for strategic communication and product building. The Global Retail Banking IT Spending market, emphasises the pivotal role in PR ( public relations) and plays in positive perceptions, excellent relationships, and driving business towards success. In the near future, the global Retail Banking IT Spending Market is set to experience faster growth, technological advancements, growing environmental awareness and evolving market opportunities, industrial players are forecasting a concentrate on product innovation, strategic collaborations, and continuous combination of technology and geographical expansion.
PAGE: Is it true that integrating new technologies with existing systems is one of the top challenges in implementing digital transformation initiatives?
Natasha Haseeb: Well…Integration of new technologies has become a most important factor and strategic point for business growth. As institutions need to be friendly in this digital age, they likely face a lot of difficulties that must be navigated immediately. In this era, the digital transformation is not easy to integrate new technology into a business. It requires a paradigm shift in how a business runs, engages with customers, operates and delivers. This digital change affects all aspects of an organisation, from its business model to culture and significance. Digital transformation is very important for successful change. It involves creating supporting, and helping individuals and teams to do changes. It is a task that often makes resistance and misunderstanding. Digital changes are not only using new software, processes and technologies that are more powerful and efficient than traditional business practices and processes; it’s an extraordinarily new and innovative way of doing something that is core to your business. Therefore organisations must consider digital transformation initiatives as technology usage gives confidence to the organisations to take their business towards success.