Banking is one of the essential services that has transformed corporate sector and consumers across the globe. It has evolved so well over the decades, and we now see a new version of banking everywhere except Pakistan. It is understandable that our literacy and infra-structure overlays a tough way on road to automation in any sector, but banking is as easy as ABC. It is more about practice and SOPs than anything else.
Honestly speaking it is not a rocket science and most of the tricks of trade are a simple copy paste of digital economies but the willingness comes with risks and costs. Both these are too much to ask from commercial banks as well as their regulator i.e. State Bank of Pakistan. A satirist once said, “Even our pocket wallets are of the analog era”. He was 100% correct. We have never been able to extract the best for our good and yearn for cars of previous generations paying more money than the rest in the world.
Forget these financial institutions, even the government has not done much to help the cause and how could it when most of the time is spent pleasing the Financial Action Task Force (FATF). The blind compliance of points in excess to the actually needed measures is appalling. This is from where the old mindset never comes out. The import of human resource to improve the overall sector’s condition cannot help anyway.
We need to structure the process so well that there is constant improvement not reliant on one or two individuals. The same was an agenda...
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