Khurram Mumtaz, the Head of Mashreq NEO Pakistan, is leading the digital bank’s entry into the Pakistani financial sector. With over two decades of expertise in consumer banking and digital transformation, Khurram is set to redefine the banking landscape in Pakistan. His career spans critical areas such as operational risk management, data analytics, and digital banking, making him well-suited to guide Mashreq NEO’s strategic launch and growth in the country.
In a recent interview with BR Research, Khurram shed light on Mashreq’s plans to fill gaps in Pakistan’s banking ecosystem, leveraging digital-first solutions to enhance financial inclusion and disrupt traditional banking models.
Addressing Opportunities in Pakistan’s Banking Landscape
Khurram highlighted that despite progress, only 60% of Pakistan’s adults have formal bank accounts, with an even smaller proportion among women. He sees a significant opportunity to expand financial inclusion using Pakistan’s growing digital infrastructure, which boasts 111 million internet users and 78% mobile coverage as of early 2024.
Mashreq NEO is uniquely positioned as the first digital retail bank in Pakistan to receive a restricted license from the State Bank of Pakistan (SBP). By offering a seamless digital banking experience, the bank aims to empower customers to access financial services regardless of location.
Disrupting Traditional Banking
Mashreq NEO’s approach focuses on convenience, speed, and security. Khurram emphasized the use of advanced technologies like artificial intelligence, blockchain, and data analytics to deliver hyper-personalized banking services. Platforms like NEOBiz will cater to modern consumer needs, reducing operational costs and passing savings to customers through better rates and lower fees.
Khurram added, “Our goal is to create a digital-first experience that feels as personal as it is powerful, empowering every user to handle their finances effortlessly.”
Driving Financial Inclusion
A cornerstone of Mashreq NEO’s mission is addressing the needs of underserved populations, especially women, rural communities, and small and medium enterprises (SMEs). By introducing branchless banking solutions and user-friendly applications, the bank aims to bring financial empowerment directly to customers’ hands.
Mashreq also plans to launch initiatives to improve digital literacy and financial awareness, ensuring users can fully leverage its offerings. These efforts align with the bank’s vision of fostering financial inclusion and driving sustainable economic growth in Pakistan.
Ensuring Cybersecurity
As digital adoption grows, cybersecurity remains a priority for Mashreq NEO. The bank has developed a multi-layered security system incorporating advanced AI, real-time threat detection, end-to-end encryption, and fraud detection algorithms.
Khurram noted that customer education is crucial for secure banking, with Mashreq committed to guiding users on safe online practices. The bank’s staff also receives continuous training to stay ahead of evolving cybersecurity threats.
Localizing MENA Success for Pakistan
Drawing from its success in the MENA region, Mashreq plans to tailor its offerings to Pakistan’s unique needs. For instance, the bank will introduce Shariah-compliant financial products to cater to the country’s growing Islamic banking demand, which accounts for 35% of its financial assets.
By combining global expertise with localized insights, Mashreq aims to replicate its MENA success while addressing Pakistan’s distinct challenges.
Collaborating for Growth
Khurram underscored the importance of partnerships with local fintech startups and technology firms to foster innovation and growth. Such collaborations will help Mashreq NEO adapt its services to Pakistan’s financial landscape and enhance its customer experience.
Vision for the Future
Mashreq NEO envisions becoming a leader in digital banking in Pakistan, transforming how people interact with financial services. The bank aims to not only expand access but also introduce cutting-edge innovations that make banking more intuitive and responsive.
Khurram concluded, “Our success will be reflected in the lives we touch, bringing more people into the formal banking system and empowering small businesses to thrive. We are setting new standards for customer experience and financial empowerment in Pakistan.”
With its customer-centric approach and commitment to innovation, Mashreq NEO is poised to make a significant impact on Pakistan’s financial sector, driving digital transformation and fostering economic growth.