Abacus Consulting, VentureTel to Implement Branchless Banking & MFS for Silk Bank

Silkbank has signed an MOU with AbacusConsulting and VentureTel for the implementation of Branchless Banking and Mobile Financial Services in Pakistan in a ceremony held in Lahore. AbacusConsulting, a leading consulting, technology and outsourcing company and VentureTel, e-commerce and mobile app specialists, will be the technology and implementation partners in this deal.

Silkbank has decided to implement SAP Mobile Platform for providing branchless banking services as it will allow Silkbank to introduce innovative products and channels for their existing and prospective customers.  The focus is on corporate, merchant, e-commerce, international remittance, government payments and collections in addition to the traditional and branchless banking offerings. Through this deal, Silkbank, AbacusConsulting and VentureTel will change the banking landscape in the country and help in creating unprecedented opportunities for bank customers.

On the occasion, Mr. Talha Saeed – Executive Director Silkbank said:

What we are aiming at is an ongoing, consistently changing and growing process that doesn’t only focus on the traditional banking transactions, or repeats what’s already being done in the market, but brings in new and innovative products in the market and reshapes the banking landscape.

This strategic initiative of Silkbank is followed by a significant investment from Gourmet Group. Recently, Gourmet acquired 12.05% stake in the shareholding of Silkbank. This has paved way for Silkbank and Gourmet Group to capitalize on their strengths by using Gourmet outlets and customer base.

Mr. Shoaib Khan, Vice President Financial Sector Solutions AbacusConsulting spoke on transforming the banking landscape. He said:

The prime objective that this initiative carries is to disrupt the disruption. We see players like Google, Apple and Facebook coming into the payments space after MNOs and Retailers, taking a major chunk of business away from the banks. Now is the time for banks to make their move, innovate and grow out of their conventional ways.

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