HBL’s CTO Muhammad Faisal Anwar delivered critical guidance on core banking modernisation at the Temenos Community Forum, warning financial institutions against treating transformation as purely a technology challenge. Speaking to FinextraTV, Anwar highlighted that banks frequently fail when they skip creating proper problem statements before embarking on core system overhauls.
The CTO emphasised an empathy-driven approach, urging banks to view employees as business ambassadors whose satisfaction directly impacts transformation success. More significantly, Anwar advised shifting from product-centric thinking to lifestyle-focused banking, where transactions represent major life events like home purchases, vehicles, and vacations rather than mere services.
The timing comes as banks globally grapple with legacy system migrations and digital transformation pressures. Institutions rushing toward modernisation without strategic frameworks risk costly failures and employee disengagement.
FXnCO Insight
Banks planning core modernisation initiatives should prioritise developing clear problem statements and employee engagement strategies before technology deployment to avoid the common pitfalls of transformation projects.
Source: Finextra