KARACHI:
As a professional belonging to the banking sector and an avid follower of banking trends in Pakistan, I have particularly been intrigued with the way the industry has grown over the past decade, particularly regarding the consumer banking sector. In the past, banks that focused on consumer banking emerged and seemed to have faded away trying to achieve excellence. I think what is different now is the fact that the digital penetration amongst the public has played a significant role in pivoting the likelihood of success in favour of the banks.
That being said, the banking sector nowadays is yet again striving to collectively pool its resources for the greater good of the industry at large. Coupled with the Digital Pakistan initiative, the banking sector has made huge strides in shifting a significant portion of its consumer banking to a digital platform. Take for instance the recent news of major Pakistani banks vying to get a hold of Silk Bank’s portfolio.
Banks like Silk Bank have not only been able to sustain themselves during these trying times of Covid-19, but have, in some cases, flourished. Converting 30% of the total payments of its credit cards through digital channels is without a doubt no small feat. Lastly, the measure of success of a bank, dare I say, can be measured when the top banks of the country start showing interest in buying out your entire portfolio. The uncontested fact is that Pakistan’s banking professionals are indeed second to none domestically as well as globally.
Shahzad Lodhi
London
Published in The Express Tribune, June 2nd, 2021.
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