The booming mobile-banking industry has not only provided business platform to local and multinational banks and mobile phone operators in Pakistan but it also opened a window of opportunity to software application developers to play their part for financial transactions in the emerging industry.
Oracle seems to be planning its role in developing mobile-banking industry in Pakistan as it comes up with its cutting-edge technology to offer comprehensive financial solutions to banks and cellular operators.
Farhan Ibrahim Chaudhry, Country Director-Technology Business, expressed his views about mobile-banking in Pakistan and its future in coming years. Here is the excerpt of his interview.
Pakistan has tremendous potential in mobile-banking and mobile-commerce sectors to explore huge untapped population of customers in the urban and rural areas with their innovative, facilitative and secure services and products.
Banking and cellular operators have drawn huge market for their businesses through mobile-commerce and in a phase of designing different features for their services and products at present but they can be successful with speedy, secure and intelligence applications in their systems and networks.
The branchless banking is being developed to tap a large un-banked population in urban and rural areas and various solutions are in testing phase by mobile phone operators and banks to deploy uninterrupted and secure transactions.
The number of account holders and subscribers are increasing day by day through mobile-banking in Pakistan with lot of different channels for transactions supported by solid regulations of State Bank of Pakistan (SBP) and Pakistan Telecommunication Authority (PTA).
Mobile-banking sector demand high data storage and speedy transaction whether for utility payments or money transfers within country or international remittance.
There is a huge potential in Pakistan for adopting Oracle products, particularly to make the mobile-banking platforms the most reliable, secure, fast and efficient fast.
Oracle’s Exadata Database Machine have enabled companies and provided a highly efficient data warehouse with online transactions processing applications and intelligent system in one box, making it the ideal platform for consolidating onto grids or private clouds.
Banks and telecom operators will not be required to set up separate machines for their data warehousing and OLTP needs as we provide both solutions in one pre-configured machine, hence reducing the cost of operations and improve the efficiency of business.
Oracle Exadata is the only solution in the world with intelligent data storage, columnar compression and online transactions processing capabilities. The system provides hybrid columnar compression which decreases the cost of storage 10 times to 50 times.
The storage server is designed intelligently to store the frequently used data in in-built flash which makes the data-fetching process faster.
Oracle Exadata Database Machine uses InfiniBand technology for network communication which has enhanced the bandwidth to 40 GB per second which is more than 5 times faster than competing machines.
Oracle makes available the latest technologies in Pakistan at the time of their launch in other parts of the world and we have special arrangement for developing market to accommodate their needs of multiple solutions for multiple usages.
I see a potential for Exadata Database Machine in Pakistani market because we believe the country is a progressing economy and developing nation and the need for data storage and processing will only increase with the passage of time.