KARACHI: United Bank Limited (UBL) has launched Pakistan’s first digital branch. This pilot branch is located at the Institute of Business Administration (IBA-City Campus), Karachi.
According to a statement, “the Digital Branch runs without the physical presence of any bank staff. Although a pilot branch in its current form, the Digital Branch is able to provide a host of services that include account opening, as well as service elements such as cash deposits and withdrawals, Inter Bank Fund Transfers, instant debit card issuance and replacement card requests.”
These features allow the Digital Branch to be accessible even after banking hours for all customers.
By initiating operations of this Digital Branch in pilot form, UBL says it intends to test and ensure a seamless experience for the customer, added the statement.
After the successful launch of the pilot branch, the Bank plans to expand these digital branches nationally. Customers are greeted and facilitated through their banking transactions using a combination of digital technologies and a remotely located teller accessed through video-link, it said.
The branch was inaugurated by Mr. Wajahat Husain, President & CEO UBL and Mr. Syed Irfan Ali, Executive Director, State Bank of Pakistan (SBP). Also present on the occasion were Dr. Izhar Hussain Director, Centre for Executive Education, IBA and officials from SBP, UBL and IBA Karachi. Speaking at the occasion Wajahat Husain, President & CEO UBL said, “Pakistan today is at the cusp of a Fintech revolution.
Mr. Syed Irfan Ali, Executive Director, SBP said “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.”