Ali Naseer, chief corporate and regulatory affairs officer at Pakistani operator Jazz, believes the wave of innovation in financial services has “serious potential” to unsettle the current system, with traditional players increasingly under pressure to adopt new technologies.
Speaking to Mobile World Daily ahead of his appearance today at Leaders Stage: Better Future for Commerce & Finance, Naseer said all industries, especially services, are facing “unprecedented pressures from technologically advanced customers and aggressive new market entrants”.
And the changes in financial services, which he described as “the most traditional and central industry in our economy”, puts longstanding banks, insurance companies and wealth management firms all under threat.
Taking a longer-term view, Naseer believes technology advancements and the evolution of customer expectations are providing “big opportunities for innovation”.
“From crypto-currencies to big data, fintech innovations have captured the attention of all,” he said, adding that technology such as blockchain and mobile payments would be the “catalyst” for ushering in changes to the traditional way the financial services industry has operated.
In Pakistan, where Jazz operates as one of the largest mobile wallet providers, Naseer said that illiteracy is one of the biggest challenges to fueling digital and mobile payment adoption.