KARACHI: State Bank of Pakistan Governor Jameel Ahmad told the bigwigs of the country`s banking industry on Friday they must `speed up` their efforts for financial inclusion, especially of women.

Addressing the Pakistan Banking Awards (PBA) 2022 ceremony, Mr Ahmad said the total number of bank accounts in Pakistan, especially of women, is still`quitelow`asopposed to the economies of comparable size.

`For every three men with a banl( account, only one woman has a bank account,` he said, noting that the state of other financial services like access to loans is `even more challenging`.

Referring to financial inclusion, climate change and digital transformation of financial services, the governor said these three areas will shape the banking system going forward.

Given that a number of factors enabling the proliferation of a tech-based financial ecosystem are `already in place,` Mr Ahmad said the onus is on the banking sector to offer customercentric financial products.

He said technology hasaltered the banking and payment system landscape. `Digitalisation is likely to increasingly shift the balance of power from banks to tech-savvy entities such as fin-techs. To keep pace with this fastevolving landscape, our banks will have to revisit their traditional approach to service delivery and adapt quickly,` he said.

Banks must reimagine the concept of know-yourcustomer and expand its scope from a mere due diligence requirement to developingdeeperinsights into customers` habits, preferences and spending choices, he said.

`Data will be the new currency... leveraging artificial intelligence and bigdata for analysis to effectively anticipate customer needs will be more lil(ely to deliver a superior customer journey and ensure customer loyalty,` he said.

Winners HabibBankLtdreceivedthe PBA award for the best bank.

The country`s largest commercial lender also received the prize for the best bank for agriculture.

The award for the best microfinance bank went to its subsidiary, HBL Microfinance Bank Ltd.

Banl( Alfalah Ltd grabbed the award for best digital banking.

It also bagged the best bank in housing finance award.

The prize for the best consumer bank went to Meezan Bank Ltd. The winner of the best bank for small and medium enterprises was the Bank of Punjab.

Kashf Foundation received the award in the category of the best innovative business.

The Institute of Bankers Pakistan holds the annual award ceremony in partnership with the Dawn Media Group and in collaboration with A.F.

Ferguson and Company.