KARACHI: Meezan Bank, leading Islamic bank, has announced its partnership with IBM (International Business Machines Corporation) Pakistan, to accelerate its digital transformation.
The new solution shall enable real-time analysis of data and help the Bank uncover customer behavioral insights. With a network of over 676 branches in more than 180 cities in Pakistan, Meezan Bank will utilize IBM’s data analytics to improve and personalize customer experience, provide new efficiencies to the Bank’s operations and mitigate financial risks.
Meezan Bank serves more than two million customers currently. The new partnership will enable the Bank to develop insights to improve customer acquisition, servicing as well as overall productivity.
“Meezan Bank is acutely aware of the increasing importance of leveraging technology to deliver solutions for both customers and the Bank’s own processes. We continue to invest heavily in technology and I am confident that this Data Analytics project will be a game changer,” said Ariful Islam – Deputy CEO of Meezan Bank.
“Technologies are disrupting our lives at an accelerated pace, and it is our endeavor to deliver as per the expectations of our customers using the tools that new technologies will give us. The future of banking depends on the speed with which we can adapt these new realities.”
The implementation of this Data Analytics project will give Meezan Bank the ability to ingest and analyze data in real time from various sources, including social media and mobile, and in turn, uncover customer behavioral insights, such as past purchasing behaviors, and make more informed data-driven decisions.
“Data has become the biggest differentiating factor in the constantly evolving and competitive financial services industry,” said Ghazanfar Ali – Country General Manager of IBM Pakistan.
“Through IBM’s analytics and cognitive solutions, Meezan Bank will be able to benefit from a data driven approach to create personalized customer experiences, expand the business and drive efficiencies that will extend its leadership in the banking marketplace.”