Emptor Bank Account Biometric Re-Verification Starts From 30th November 2018 in Pakistan

Emptor Bank Account Biometric Re-Verification Update:

State Bank of Pakistan directs all commercial banks, including microfinance and Development Finance Institutions (DFIs), to verify banks accounts of customers.

Most Importantly, the verification of individuals, corporations and associations with biometric data and proper submission of documents starting from November 30, 2018.

Details of Emptor Bank Account Biometric Re-Verification

Therefore, according to State Bank of Pakistan, The objective behind the verification is to combat money laundering and terrorist financing.

This whole drive will start in phases according to different categories of customers and their accounts and it will end by 30th June 2019.

All over Pakistan, in all branches and sub-branches of the banks, all accounts will be verify. Emptor Bank Account Biometric Re-Verification.

Read Also: SBP Newfangled Deposit Protection Corporation DPC Scheme for Pakistani Bank Account Holders

Besides that, due to ever-growing incidences of fake bank accounts, the decision by State Bank has been taken to re-verify the accounts and find out about any suspicious transactions.

A schedule decide by the State Bank for different categories of bank accounts. Emptor Bank Account Biometric Re-Verification.

Here is the schedule:

All banks are ask by State Bank to make sure that they identify and verify each customer’s bank accounts.

It must be ensure that the transactions conduct in the bank accounts match the bank’s knowledge of the customer, business and fund sources.

The State Bank has made it clear that during the course of inspection will particularly assess the compliance of above requirements.

Besides that non-compliance will attract appropriate enforcement action in accordance with relevant laws. Emptor Bank Account Biometric Re-Verification.

About Biometric Verification System in Banks

Biometrics is the new way to securely identify and verify bank customers.

For a very long time, user name and password combination was thought of as the most secure authentication mechanism for user accounts and devices.

However, the rising instances of fraudulent transactions and identity theft prove otherwise. Emptor Bank Account Biometric Re-Verification.

Because, biometric single sign-on frees the users from remembering and entering their password every time they log on to their laptop or computers.

Therefore, instead of entering a password, users simply swipe their fingerprints to authenticate themselves and log on to their accounts.

Besides that, it streamlines the authentication process as it can positively verify the user’s identity using their unique fingerprint. Emptor Bank Account Biometric Re-Verification.

Main Sourc: Mehran Post

Sources: ProPakistani, Monthly Brand Magazine, Research Snipers

Image Sources: Tender Retailer, Geo TV, Bayometric 

UBL IBM First Pakistan Digital Lab Customer Experience Inaugurated

UBL IBM First Pakistan Digital Lab Customer Experience Update:

UBL inaugurated Pakistan’s first-ever UBL IBM First Pakistan Digital Lab Customer Experience at a ceremony held in Karachi recently. The UBL IBM First Pakistan Digital Lab Customer Experience which was built in collaboration with IBM, will provide an environment for UBL’s interdisciplinary teams as well as its network of start-ups, Fintech, ecosystem partners and academia to develop personalized and engaging digital ‘customer experiences’.

The UBL IBM First Pakistan Digital Lab Customer Experience was inaugurated by Sir Mohammed Anwar Pervez, OBE, HPk, Chairman UBL & Bestway Group UK. He was accompanied by members of the Board of Directors of UBL, Sima Kamil, President & CEO, UBL and senior executives from both UBL and IBM.

Read: SBP Women Entrepreneurs Refinance Credit Guarantee Scheme Officially Launched

UBL leads the banking and financial sector in Pakistan. With a base of over 4 million customers, the Bank boasts Pakistan’s widest network of over 45,000 customer touch-points and presence in four continents.

UBL’s decision to collaborate with IBM to build a UBL IBM First Pakistan Digital Lab Customer Experience stems from its decision to contribute to Pakistan’s digital landscape by transforming its customer experience and reinventing its existing capabilities.

Speaking on the occasion, Sir Mohammed Anwar Pervez, OBE, HPk, Chairman UBL and Bestway Group UK said:

"This first of its kind initiative, which is being led by UBL, will add stimulus to the vibrant technology-based financial sector of Pakistan. It is in line with our aspirations for UBL."

President & CEO, UBL, Sima Kamil said:

"We are confident that IBM Design Thinking is the right approach to help create personalized customer experiences."

Located in Karachi, the Digital Lab will be based on the IBM Thinking Framework, IBM’s approach to applying creative business solutions at the speed and scale modern enterprises require. It will also help customers to place end users at the center of their innovation when addressing issues and developing solutions.

United Bank Limited (UBL) is one of Pakistan’s largest banks in the private sector. The bank operates a network of over 45,000 customer touch-points which include 1,400 branches across Pakistan and 19 branches overseas.

It was declared Pakistan’s ‘Best Bank for Corporate Finance & Capital Market Development’ at the Pakistan Banking Awards 2017. The Bank’s entity ratings are AAA/A-1+.
According to IBM, the lab will enable UBL to accelerate the digitization of its offerings, products, services and processes and equip its team with the necessary skills to design customer centric digital solutions.

The lab will be home to UBL design and digital experts. Additionally, the space will host a team from IBM iX, a global business design partner and one of the world's largest digital agencies, that will work side-by-side with UBL to create innovative digital experiences for its customers.

Source: Mehran Post