Core Banking System Should Be Developed On International Standards In Pakistan

Friday, January 6, 2012 at 11:22 pm

Chairman Standing Committee on Communication (FPCCI) Former Minister IT Muhammad Noman Saigal said it’s high time to develop the core banking system in Pakistan. We observe many flaws in the present banking system even after involving billions in the banking sector of Pakistan.

There are so many private and government banks functioning in Pakistan and various banks are launched since last decade but many flaws have been observed due to the unprofessional banking system adopted by the principles.

Usually during the whole process in establishing a bank in Pakistan investors are planning to search for Lucrative locations, Advanced consultancy regarding the designing and exteriors of the branches but most important factor the Core Banking System is never been properly consulted and proper consultants were never been appointed.

We usually experience various issues with ATM cash inflow and outflow, discrepancies in credit card transaction, negative impact of online banking in various private and government banks which are the major factors suffered by the public sector due to the poor banking system adopted in the banking sector in Pakistan.

The comfort level has gone down due to the in effective banking system. Banks effect the economy of any country, and the imports and exports which even create jobs in social sectors vary due to the action of various banks. Core Banking System is essential and needed with the superior technical assistants in the bank.

The bank should hire consultant of international caliber who should be technically sound develop the system after getting through the most professional excise which is adopted internationally. There are many companies who are working manually and individually who are keenly interested to create the most modern Core Banking System in the market.

Business community shall support the efforts made in enhancing the banking system in Pakistan through technology and professionalism.