Here Are The Winners of 7th edition of Pakistan Banking Awards

The seventh edition of the Pakistan Banking Awards (PBA) 2022 was held in Karachi, Governor of State Bank of Pakistan Jameel Ahmad was the chief guest at the event. Speaking on the occasion, he said that the technology-driven financial innovation is a game changer for Pakistan as both the international and our own experiences have shown that digital financial services can help expand outreach and bring un-served communities into the fold of financial services. “To keep pace with this fast-evolving landscape, our banks would have to revisit their traditional approach to service delivery and adapt quickly,” Governor SBP further said. While the evolving ecosystem, with new entrants such as fintech, indicates a more competitive outlook for the financial sector, it also presents opportunities for creating synergies and mutually beneficial partnerships. Banks and Fintechs can partner with each other to provide innovative products for customers that are otherwise not viable on a standalone basis. For banks, such partnerships can help with penetration in untapped segments like retail businesses and Micro and Small Medium Enterprises, yielding beneficial outcomes for all stakeholders. He further said that technological evolution also underpins the need for adaptation in terms of well-equipped human capital. To place themselves favorably in the future, banks should start the identification of essential talent and skillsets along with a strategy to develop well-equipped human resources. Here, partnerships with academia and global peers can help banks to be well-equipped for emerging trends and respond to evolving needs in an informed and effective manner. A loss of customers’ funds or data by even one institution tarnishes trust in the entire banking industry. There is an urgent need to embrace advanced technologies such as analytics and artificial intelligence to improve threat visibility and deter fraud effectively. The risks are best addressed through a concerted response by all stakeholders – a fact that the industry must acknowledge and act upon in a timely manner. Financial Inclusion The said financial inclusion is a vital enabler for poverty reduction, raising the standard of living, and improving financial savings, investment, and economic growth. Raising the public’s access to financial services has been and will remain an important strategic objective of SBP. Together with banks, we have made great strides toward improving unique and active bank accounts. Despite this, bank accounts in Pakistan, especially for females, are still quite low compared to our peer countries. For every three men with a bank account, only one woman has a bank account. Further, when we look at access to other financial services, including credit provision, the situation is even more challenging. We must speed up our efforts toward financial inclusion. More importantly, we must not be content with just raising the number of unique bank accounts, but aim to integrate the use of financial services by individuals, entrepreneurs, SMEs, and large businesses in their day-to-day transactions. He added that the banking industry should recognize the risks posed by climate change. Environmental degradation and climate change are evolving issues with real business and economic repercussions for Pakistan. There is an urgent need to transition to greener and more sustainable business practices, which cannot be delayed any longer. The banking sector can take a lead role and start by conducting a thorough assessment of the key climate-related risks and exposures impacting the sector in particular and the economy in general. Going forward, it would be vital for the banking sector to adopt standard industry-wide taxonomy and data definitions that enable macro-level financial stability and stress testing assessments. Secondly, a transition to a low-carbon greener economy requires a shift in production and consumption patterns, which require sizable investment by the private sector for adopting green practices. Significant funding is also required from the public sector for infrastructure and rehabilitation efforts. Here is the list of the winners Habib Bank Ltd received the Pakistan Banks’ Association award for the best bank. Habib Bank Ltd also received the prize for the best bank for agriculture. HBL Microfinance Bank Ltd received the award for the best microfinance bank. Bank Alfalah Ltd grabbed the award for best digital banking. Bank Alfalah also bagged the best bank in housing finance award. Meezan Bank received the award for the best consumer bank. Bank of Punjab was awarded for being the best bank for small and medium enterprises. Kashf Foundation received the award in the category of the best innovative business.