SBP Governor Highlights the Future of Banking in Pakistan Focused on Innovation and Customer Satisfaction

At the 9th Pakistan Banking Awards ceremony held on November 29, 2024, in Karachi, Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, addressed an audience of senior executives and distinguished professionals from Pakistan’s banking and finance sector. As the Chief Guest of the event, he provided key insights into the future of Pakistan’s banking sector, emphasizing the need for financial institutions to adopt innovation, transparency, and an unwavering commitment to customer satisfaction. He urged banks to strive for excellence and collaborate to create a more inclusive, dynamic, and future-ready financial ecosystem.

Mr. Ahmad’s address revolved around the significant role that banks play in the economic development of the country, especially during challenging times. He acknowledged that Pakistan’s banking industry had made remarkable strides, continuing to provide essential financial services that support the national economy. Despite these achievements, he pointed out that there remains considerable ground to be covered, particularly in areas such as financial deepening, inclusion, and extending services to underserved sectors like agriculture and small and medium enterprises (SMEs).

The Governor identified five core areas where banks should focus their efforts in the coming years. First, he advised banks to rethink their business models and enhance their role in financial intermediation. Second, he encouraged leveraging technology to improve access to financial services, boost service quality, and enhance the overall customer experience. Third, he stressed the importance of promoting financial literacy to empower individuals and businesses to make informed financial decisions. Fourth, he called for greater collaboration between banks and fintech companies to create innovative products that cater to the evolving needs of customers. Lastly, he urged banks to continuously work on enhancing customer service and user experience to maintain a competitive edge in the market.

In his welcome address, Mr. Riaz Nazarali Chunara, CEO of the National Institute of Banking and Finance (NIBAF), commended the organizing partners for their unwavering support, which made the event possible for the ninth consecutive year. He also recognized the contributions of the participating banks and financial institutions for their ongoing commitment to leadership and excellence within the industry.

The Pakistan Banking Awards, organized by NIBAF in collaboration with DAWN Media and A.F. Ferguson & Co. (a member firm of PwC Network), are considered the definitive benchmark for excellence in the banking industry. Launched in 2016, the awards recognize outstanding performance across various sectors, including microfinance, Islamic banking, and commercial banking. This year, a new category for Women Inclusion was introduced to acknowledge the growing importance of gender diversity within the financial sector.

The winners of the 2024 awards included Meezan Bank Limited, which received the Best Bank Award. The Best Bank for Women Inclusion and Best Bank for Agriculture awards were presented to the Bank of Punjab. Mobilink Microfinance Bank Limited was honored with the Best Microfinance Bank Award, while HBL received the Best Bank for SMEs award. Bank AlFalah Limited was recognized for its achievements in Digital Excellence and Customer Engagement.

The awards were selected by an esteemed panel of experts, including former SBP Governor Syed Salim Raza, former Deputy Governor SBP Ms. Sima Kamil, and other prominent figures from Pakistan’s banking and corporate sectors. The jury adopted a neutral, transparent, and impartial evaluation process to determine the top performers in each category, ensuring that the awards reflect the true excellence of the country’s banking institutions.

In conclusion, the 9th Pakistan Banking Awards highlighted the continued progress of Pakistan’s banking sector while reinforcing the need for innovation, transparency, and customer-centric services to meet the challenges of the future. With a focus on inclusivity and innovation, the sector is poised for a transformative journey that will play a crucial role in the country’s economic development.