On March 15th 2017,Pakistan’s largest bank in private sector, UBL launched the first digital branch of Pakistan in Karachi. The first digital branch is established at the Institute of Business Administration (IBA-City Campus, in Karachi.
During the event Wajahat Husain, President & CEO UBL addressed, “Pakistan today is at the cusp of a Fintech revolution. This stems from a confluence of factors ranging from widespread adoption of digital technology to a regulator that is actively encouraging embracing of technology, with proper controls, in banking. By supporting disruptive technological developments in Pakistan, the Banking industry will accelerate the national objective of Financial Inclusion and serve its customers better through improved products and services. This first of its kind initiative, which is being led by UBL, will add stimulus to the already vibrant technology-based financial sector of Pakistan.”
Mr. Syed Irfan Ali, Executive Director, SBP stated “SBP sees Digital Banking as the future of banking and this initiative of UBL will help enhance financial inclusion. This unique facility at the IBA would help spread Fintech culture in Pakistan.”
Now customers will be facilitated through a complete automated branch, without need of any physical staff of bank. The branch supposed to perform all services that usually banking requires, it includes the services as account opening, further more all service elements including cash deposits and withdrawals, Instant debit card issuance and replacement card requests and also fulfills interbank fund Transfer facility services.
Being devoted and loyal to its customers, UBL has Progressive and Innovative brand attributes, It is the first commercial bank in Pakistan which is providing state-of-the-art facilities embraced with a cutting-edge modern design. The entity rating of the bank was also upgraded and reached up to AAA/A-1+. However in branchless banking it has achieved high success, by providing UBL Omni service which has an agent network of over 42,000 Shops (Dukaans) across Pakistan. Thus UBL is the leading banking and financial service provider in banking sector in Pakistan. UBL has crossed customer limit of over 4 million and it is expected to increase its number of customer by initiative taken of Digital Banking in Pakistan. Customers across the world have 24/7 access to the bank via the best UBL internet Banking already that results in satisfied customers.