Technology and innovation in banking is a way to meet new and existing requirements via the application of digital solutions in an existing or articulated market. Nowadays, innovative technology is considered as one of the most important tools that can affect the economic and banking sector. It is only a matter of time that digital progress eventually destroys old ideals that are still used to develop and deliver services and will be replaced by new and operations-centric practices. Thus, in the highly competitive banking environment, specifically, internal banking operation, the adoption of new tech and innovation has never<\/p>\r\n\r\n\r\n\r\n
In 75 years, banking in Pakistan has come a long way. It has battled nationalization to privatization and everything in between. However, so far, we have been far behind in\u00a0updating core banking<\/a>\u00a0operations and systems. The reason for this is that the technology used in the banking sector is the result of years of innovation to ONLY meet the customer\u2019s immediate needs that too needs some work. On the other hand, this has resulted in silo-ed operations being used for various banking services; like, transactions, loan accounts, internet banking etc. These silo-ed systems are not ideal for the digital age where technology-based Fin-Tech startups are giving competition to not just banking but to the internal operations of the banks as well. Our systems unfortunately are not forward on core operations of a bank\u2019s substantial workforce.<\/p>\r\n\r\n\r\n\r\n The biggest external impact on businesses in the 21st century has been none other than Covid-19. The pandemic has had huge ramifications on the banking sector across the world \u2013 Pakistan is no exception. It has exposed digital shortcomings and lack of innovation across the industry for example:<\/p>\r\n\r\n\r\n\r\n Well, apart from the fact that it\u2019s high time we \u201cget with the times\u201d, banks can roll out effortless digital passages by automating their workflows and removing any manual intervention. Moreover, as a large chunk of a bank\u2019s annual budget is consumed by operations, a digital makeover would provide a much-needed respite. Operational innovation offers other advantages as well:<\/p>\r\n\r\n\r\n\r\n The State Bank of Pakistan has introduced a framework for banks to set up complete digital accounts that will provide all banking services from opening a new account to mobile banking to deposit and lending. Initiatives like these will not only force our banks to adopt a sturdy technological infrastructure for its core operations but will also drive them to enforce effective workflow strategies and data management.<\/p>\r\n\r\n\r\n\r\n Technological innovation and automation Initiatives like these will prove pivotal in aiding banks to seamlessly implement end-to-end digital journeys but the right tools will help employees to readily assist customers on the best financial products and will provide a more tailored and appealing platform through which business can operate. A tool by\u00a0Salesflo<\/a>\u00a0called, \u201cSalesflo Engage<\/a>\u201d can help executives do just that and then some. This tool is designed to create better workflows and optimise operations and it was created keeping digitising salesforce in mind. All in all, managers must make use of such tools to accommodate their customers and deliver operational innovation.<\/p>\r\n\r\n\r\n\r\n <\/p>\r\n","protected":false},"excerpt":{"rendered":" Technology and innovation in banking is a way to meet new and existing requirements via the application of digital solutions in an existing or articulated market. Nowadays, innovative technology is considered as one of the most important tools that can affect the economic and banking sector. It is only a matter of time that digital […]<\/p>\n","protected":false},"author":1,"featured_media":11932,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/posts\/2325"}],"collection":[{"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/comments?post=2325"}],"version-history":[{"count":6,"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/posts\/2325\/revisions"}],"predecessor-version":[{"id":11189,"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/posts\/2325\/revisions\/11189"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/media\/11932"}],"wp:attachment":[{"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/media?parent=2325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/categories?post=2325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/salesflo.com\/wp-json\/wp\/v2\/tags?post=2325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}External Factors<\/h3>\r\n\r\n\r\n\r\n
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Why Operation Innovation?<\/h3>\r\n\r\n\r\n\r\n
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How to Rise to the Challenge<\/h3>\r\n\r\n\r\n\r\n
Listen Up!<\/h3>\r\n\r\n\r\n\r\n