Banking sector asked to embrace new technologies - Business Recorder

KARACHI: Governor State Bank of Pakistan (SBP) Jameel Ahmed has urged the banking sector to embrace advanced technologies such as analytics and artificial intelligence to improve threat visibility and deter fraud effectively.
Addressing the Institute of Bankers Pakistan’s (IBP) Annual Award Ceremony here on Friday, Governor SBP said that while technological disruptions will unleash new opportunities, they also entail certain new risks that would need to be identified and managed proactively.
He said that in particular, cyber security and consumer frauds have the potential to jeopardize the core asset of banking. “A loss of customers’ funds or data by even one institution tarnishes trust in the entire banking industry”, he added
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Therefore, there is an urgent need to embrace advanced technologies such as analytics and artificial intelligence to improve threat visibility and deter fraud effectively in the banking sector, he said.
Governor in his speech shared thoughts on three important areas including financial inclusion, digital transformation of financial services, and climate change. “These are the areas that we must focus on collectively, as among other factors, they will be vital in shaping the banking system going forward,” he added.
He also asked the banking industry to recognize the risks posed by climate change. Environmental degradation and climate change are evolving issues with real...

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