Banking on Technology: A Conversation with CIO NBP, Shahid Saeed
As consumers, we have experienced a vast change in the way we shop, bank, travel and interact with others – all due to advances in technology. About 20 years ago, retail outlets in the the former USSR were using the abacus to calculate sales. And now, the National Bank of Pakistan has installed the world’s highest ATM at the Pak-China border, at the Khunjerab Pass. Just because you find yourself in the back of beyond doesn’t mean you’ll have to resort to the barter system.
Read: Tech Leaders @ 2018: Talking Big Data with National Foods GM IT
Technological strides in the banking world have meant convenience and ease for the customer. Banks have realized they they either jump on this tech bandwagon, or they risk getting left behind in the dust of this revolution, because customers are starting to demand tech-savvy banks.
We asked Shahid Saeed, the CIO at the National Bank of Pakistan, what was his organization’s biggest takeaway from 2017? And he aptly summed it up as: “Everything is going digital.”
We also asked Mr. Saeed about the key trends, challenges, and opportunities that may impact the National Bank of Pakistan and influence their strategy in 2018? Mr. Saeed tells us that NBP is playing catch-up with the digitalization that is sweeping Pakistan.
Read: Where has all the banking gone? Digital Literally Disrupted
Mr. Saeed tells us that a key challenge is to increase financial inclusion, hence working towards a stronger digital financial ecosystem is on NBP’s agenda for 2018. NBP’s goal of moving towards a cashless society and diversity their customer base has meant embracing technologies that the bank had not previously considered. Once such example is that of the recently launched a digital mobile app in order to attract a younger generation of customers.
The National Bank of Pakistan has traditionally been a bank for government entities, but they are now diversifying to include retail banking, according to Shahid Saeed. So this is another trend which the bank has factored into it’s 2018 strategy.
Read: Snowden’s App Haven to Protect Laptops from Prying Eyes
NBP has set Guinness World records but a behind-the-scene threat remains very real. Shahid Saeed opines that Cyber security will be the number one concern in 2018, and the NBP will be working diligently in ensuring that their data is kept secured and is not exposed.
Read more from our Tech Leaders @ 2018 series for insights and forecast from around the industry!
