SBP asks banks to embrace new technologies - The Express Tribune

KARACHI:
The State Bank of Pakistan (SBP) Governor Jameel Ahmad has directed commercial banks to play their role in supporting economic activities, deploy artificial intelligence (AI) to detect cyber threats in a timely manner and liaise with tech firms to advance banking to the next level.
“Banks must remember that their foremost, and fundamental, responsibility is to deliver quality services to customers and support the economy,” Ahmad said while speaking at the seventh edition of the Pakistan Banking Awards on Friday.
Most of the commercial banks in Pakistan have been extending a large part of their customers’ deposits in financing to the government, while they have offered lesser liquidity to the private sectors, which is the engine of economic growth around the world, it was learnt.
“Banks must speed up efforts towards financial inclusion. More importantly, they must not be content with just raising the number of unique bank accounts, but aim to integrate the use of financial services by individuals, entrepreneurs, SMEs (small and medium enterprises) and large businesses in their day-to-day transactions,” said the governor.
“While technological disruptions will unleash new opportunities, they also entail certain risks that will need to be identified and managed proactively,” he said.
Talking about consumer trust, in particular consumer fraud which has the potential to jeopardise the core asset of banking, he said, “A loss of customer funds or data by even one...

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