CxO Interview with WAQAS ANIS, CHIEF DIGITAL OFFICER JS BANK
CxO: What is Disruption for you?
I have witnessed a lot of startups using this term and it has become the ‘new cool’ for a lot of young businesses. While that’s a very good thing that every startup is trying to disrupt one industry or the other, I feel this word carries a lot more weight.
Disruption could be a transformation of an industry with new or highly efficient products and services, I see it as doing the right things first and focusing on the fundamentals. Ensuring that we do the basics first, build a solid foundation, and then turn toward innovation.
For example, a few years ago, if someone had told us that we will not be required to visit the bank to open an account, we would not have believed it. While that’s a good example of disruption, however, the key to note is the work that has gone behind the entire process to make the process not only convenient for the customers but also secure.
Question: What is the future of E-Commerce you see in Pakistan?
I see e-commerce growing in Pakistan. However, the pace of this growth will always be proportional to and contingent on a few factors: It will grow if the number of online businesses grows; if more and more digital payment options are evolved for traditionally overlooked segments such as B2B and Government payments. Also, e-commerce is a function of the amount of trust the masses have in not only the payment rails but also the services offered by online merchants simply. These have to build their credibility. The market desperately needs an Escrow service for goods offered and services rendered. Finally, e-commerce will grow along with a proportionate growth in financial inclusion in Pakistan, which is a struggle.
I also envision AI to play a big role in the e-commerce landscape. From online shopping to grocery delivery, our trends have massively changed in the last few years and will continue to evolve as AI takes over and gets better with time. I also see traditional businesses turning to online platforms to keep up with the pace of modern tech and will soon be looking to completely transform their outdated practices.
CxO: How can we become a digital country?
We will become a digital country when we become a banked country! We need to increase our banking footprint from 20+% to 80+% very rapidly. To me, this primarily requires government mandates.
Secondly, to truly become a digital country, we really need to establish an infrastructure that supports digitization. While we have come a long way, there’s a lot more to do. For instance, widespread high-speed internet connectivity and broadband network should be the core focus. Once we have the systems in place, we need to make them accessible and affordable for all.
Next is digital literacy. Nothing can be achieved without a plan to prioritize the educational programs that help people understand the use of modern technology. Our government can play a crucial part in educating the masses and ensuring we have systems in place to achieve digital literacy.
Finally, the most crucial step is data privacy and protection. Establishing robust cybersecurity measures and regulations is the key to ensuring data protected. This will not only keep the systems intact but will also help win the user’s trust which is the key that holds everything together.
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