KARACHI - President National Bank of Pakistan Syed Ali Raza has said that the banking and financial industry in Pakistan is passing through a technological transformation therefore, NBP will continue to invest on product innovation and technological upgradation with a view to improve its financial services to the customers and also to standardise banking operations across the country.
He expressed these views while talking to newsmen at the project launching ceremony titled Online Connectivity Services for Network Expansion organised by NBP in collaboration with PTCL at a local hotel here on Saturday.
Speaking on the occasion, he said the use of electronic and alternate delivery channels in financial transaction is getting much attention by the customers for their retail payments because of the said systems smooth functioning and privacy.
He further said the entering of telecom companies in the banking industry shows the changing dynamics of both the sectors in current financial system.
Banks and other financial institutions are much relying on paperless and branchless banking, and at the same time, telecom companies are seeking for mobile commerce to enhance their customer base and to increase market share in the telecom sector.
IT and Telecom companies are providing infrastructural support to the electronic banking system, said Ali Raza President National Bank of Pakistan.
The bank is a market leader in the financial industry but I hope by applying such solutions it would soon become the technology leader in the field of retail and commercial banking, he said and added that the Bank is in the process of implementing one of the most advanced state-of-the-art core banking IT systems in the world.
In addition, we are working on the 24 other projects related to e-banking with the consultation of our partners as subsequent of core banking IT system.
NBP President also said: We have initiated this project in collaboration with Pakistan Telecommunication Limited.
It will be implemented within six to eight months through out the NBPs nationwide branches.
It will also integrate NBPs banking services with the overseas branches, operating in 24 different countries across the different regions.
Talking about the main features of the project, NBP President said through this online connectivity service, the customers will be able to access their accounts, do inter/intra bank funds transfer, cash deposits and payment of utility bills via ATMs.
President PTCL Walid Irshaid during the ceremony said: PTCL will provide an end to end solution with enterprise-wide network connectivity architecture, all necessary hardware, software & management of the network, on the basis of managed services.
The establishment of this State-of-the-art Wide Area Network will ensure enhanced reach, operational efficiency, customer retention and systematic growth and development for NBP.
The WAN will be used for various banking applications, emails, internet and ATMs across NBPs 1300 branch network and other offices over Pakistan and AJK.
National Bank of Pakistan, being a largest financial network in Pakistan, is a valuable addition to PTCLs portfolio of its customers.
This project is another milestone in PTCLs perpetual pursuit for providing its customers with the best solutions based on the latest available technology in the market with unmatched services.
It is also an opportunity for PTCL to deliver innovative, secure and reliable solutions for Pakistans largest banking institute, he added.
Earlier, speaking on the occasion, Deputy Governor State Bank Yaseen Anwar said that electronic payments continuously growing in Pakistan as the volume and value of E-Payments transactions in the country during the second quarter of FY10 reached Rs46.
4 million and Rs 4.
1 trillion respectively showing an increase of 0.
2 percent in number and 6.
1 percent increase in value as compared to 4.
0 percent increase in number and 0.
3 percent increase in value in the previous quarter.