DataCheck Ltd. signed an agreement with Faysal Bank on December 8, 2023, forming the industry’s first partnership for a hosted decision engine, DecisionSmart, licensed by Qarar.
DecisionSmart will empower Faysal Bank to instantly make decisions on loan applications by running them through application and bureau scores, as well as credit and regulatory checklists. The hosted solution allows the Bank to handle large volumes of transactions with speed, accuracy, and objectivity. It is a scalable “pay-as-you-go” solution that does not require capital investment from the Bank.
Mr. Raheel Ijaz (COO of Faysal Bank), Mr. Tariq Nasim Jan (CEO of DataCheck Ltd), and Mr. Zaid Kamhawi (CEO of Qarar) signed the agreement.
The signing ceremony was attended by Mr. Yousaf Hussain (CEO & President of Faysal Bank), Mr. Syed Amin-ur-Rahman (Chief Digital Officer at Faysal Bank), and Mr. Aneeq Malik (Group Head of Consumer Finance at Faysal Bank). Moreover, Ms. Mahwish Saad Khan (Commercial Head at DataCheck Ltd), Mr. Owais Patel (Sales Head at DataCheck Ltd), Mr. Junaid Khatri (Regional Sales Head at Qarar), as well as other senior officials from both organizations were also present.
DataCheck Limited is Pakistan’s leading credit bureau, established in the private sector in 2001. They collaborate with Pakistan’s major financial institutions to screen and monitor borrowers by providing credit information. The CEO of DataCheck Limited, Mr. Tariq Jan said, “We are delighted to partner with Qarar to host a much-needed credit decision solution for the industry, with Faysal being the first to go. There is immense value in it for the lender because DataCheck and Qarar’s teams manage the end-to-end solution and do not require the technical expertise of the bank.”
Furthermore, Mr. Yousaf Hussain, CEO & President of Faysal Bank, stated, “The collaboration will enable us to offer a more inclusive and dynamic Banking experience. It will play a key role in expanding the digital lending ecosystem in Pakistan.”
Moreover, Qarar is a leading decision analytics firm specialized in consultation, data analytics, and software technology. It aims to create customer management and automation solutions precisely tailored to the needs of each business. At this revolutionary moment, CEO Qarar, Mr. Zaid Kamhawi said, “We’re excited to welcome and onboard Faysal Bank as our first hosted-decisioning customer in Pakistan. Simultaneously, Qarar’s proven expertise and deployment of DecisionSmart in other markets have created a robust platform whereby our hosted solutions can quickly and easily streamline the credit lifecycle.”
Lastly, Mr. Junaid Khatri added, “Through DecisionSmart, Qarar is bringing a very cost-effective credit decisioning capability. This can lower lenders’ acquisition costs and enable them to pass on the benefits to end consumers.”
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