Silkbank – Best Innovation in Retail Banking Pakistan 2020

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Silkbank has won the award for best innovation in ‘Retail Banking Pakistan 2020’ at the International Bankers Awards. This award is a befitting recognition of the progress the bank has made in the financial industry by offering pioneering services and products which best fits the needs of the customer.

Driven by our motto “Yes We Can!!” the bank maintains a strong foothold in numerous locations around the country with 123 branches in 39 cities – a presence which is greatly enhanced by our determination to incorporate every aspect of digital innovation.

Silkbank’s retail-banking performance in 2019 was remarkable, with branch banking, in particular turning in a strong performance as deposits grew by approximately Rs10 billion.

One of the cornerstones of our product development strategy is incorporation of continuous innovation and digitization. Silkbank takes pride in being a leader in innovation in the new era of digitalisation in Pakistan. The bank also launched its tablet-based banking solution in 2019, which provides its staff and customers the convenience of instant account opening, debit-card activation and instant biometric verification. This innovative solution helped the bank in expanding its reach and capitalize on new market segments.The ability of tab- based banking to instantly open an account is unique in making Silkbank stand out in the industry.

In the midst of the pandemic, Silkbank introduced multiple digital initiatives to assist customers in adapting to the new landscape. . These initiatives included enhanced IBFT (Inter Bank Fund Transfer) limits and credit card &debit-card activation through Silkmobile and at Silkbank ATMs (automated teller machines), ultimately improving the digital transactions from 20 percent in December 2020 to 32 percent in June 2020. Silkbank has adopted an aggressive digital strategy to cater to the needs of customers while ensuring precautionary measures have been taken at the branch’s end.Furthermore, the bank experienced 81-percent positive growth in June in the number of transactions conducted through Silkmobile, along with an increase of 30 percent in Silkmobile enrollments. This shows the bank’s commitment and dedication towards this cause—as the future, it seems more than ever now, is purely digital.

In the end, a round of applause for the hardworking & committed team at Silkbank which is well on its way to fulfilling the bank’s vision to be the “benchmark of excellence in premier banking”.

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