EuCham hosted the conference ‘Bank Branches of the Future’ with Mr Shahzad Ishaq, the head of Consumer Finance in Alfalah Bank, the sixth largest bank in Pakistan with revenue more than USD 55 billion. Throughout the explanation of the future trends that will shape the bank branches during the next decade Mr Ishaq pointed out the importance of technological revolution for the future development of various bank sectors.
Mr Shahzad Ishaq indicated the partnership opportunities between technology companies and banks. Banking sector already faced such fast changing periods, so as the market is now consolidate and mature and will be able to use technology to improve banking processes.
The challenge is to adapt to the Millennials generation, that is highly dependant on technologies and internet. The advent of the technologic partnership might be relatively new for the banking industry, but banking has seen many such revolutions before. The revolutions were equally as big when telephone lines became commercial or when internet became a household service.
The conference was followed by a discussion session, where the mutual agreement was a belief that a successful bank will be the one that grows with the customers. Finally, regarding the future of the bank branches, although the number is expected to decrease eventually, the ones that stay will have a much wider role to play for their future customers.
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