FinTech and Pakistan’s Banking Industry: An Exploratory Study


Aqueel Imtiaz Wahga
Safyan Majid
Nisar Ahmad
Irfa Aftab
Muhammad Awais


Technological development in the financial sector has influenced different segments of consumers differently. In the last decade, like other industries, driven by technological adaptation, the banking industry has also undergone regulatory changes and has, therefore, influenced how consumers interact with traditional financial services. FinTech has contributed to some of this transformation. Numerous new startups are already transforming the financial technology sector by creating cutting-edge financial services and products for consumers. This study provides a better understanding of the current position and FinTech implementation strategy in Pakistan's commercial banking sector. It also investigates the barriers to adopting Fintech and its impact on the banking sector. Twelve in-depth interviews were conducted with the assistant manager, operations manager, and bank branch manager as part of the qualitative study. These interviews provided insights into the current situation of the banking industry to Fintech. The factors reported in this study are Challenges and Barriers to the adoption of Fintech. Factors are Lack of Budget, Lack of Rules and Regulations, Cybercrimes, and Hacking. Requirements for the adoption of Fintech factors are E-commerce activities, SBP Role, Training, and Advanced ICT Infrastructure. The impact of Fintech on Pakistan's banking sector is efficiency, innovation, competitiveness, and customer service. The study contributes to the knowledge of practice-related stakeholders, offering valuable insights into Fintech and its effects on the banking industry in Pakistan. The study thus offers valuable insights for policy managers who are engaged with promoting Fintech in Pakistan's banking sector to offer better services to customers and upgrade industry practices.


How to Cite
Wahga, A.I. , Majid, S. , Ahmad, N. , Aftab, I. and Awais, M. 2023. FinTech and Pakistan’s Banking Industry: An Exploratory Study. Journal of Policy Research. 9, 4 (Dec. 2023), 19–28. DOI:


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