Faysal Bank launches digital lending

Faysal Bank announced on Wednesday a partnership with DataCheck and Qarar, a credit risk management company, to launch the industry’s first “Hosted Decision Engine” for consumer digital lending.

The Hosted Decision Engine, licensed by Qarar, will enable Faysal Bank to use advanced credit-scoring techniques and automated decision-making to enhance process efficiency and customer experience in the digital lending space, a statement said.

The partnership was formalized at a signing ceremony at Faysal Bank Head Office, attended by senior executives from Faysal Bank, DataCheck and Qarar. “We feel privileged to collaborate with DataCheck and Qarar for this pioneering initiative. By harnessing the collective strength of our industry peers, we aim to deliver superior customer experiences, leveraging the latest advancements in ‘Automated Credit Decisioning’ technology,” said Yousaf Hussain, President and CEO of Faysal Bank.

Tariq Jan, CEO of DataCheck, said the partnership will provide a much-needed credit decisioning solution for the industry, with Faysal Bank being the first to adopt it. “There is immense value in it for the lender since the end-to-end solution is managed by DataCheck and Qarar’s teams, hence enabling automated decision for Faysal Bank’s customer,” he said.

Zaid Kamhawi, CEO of Qarar, said he was excited to welcome and onboard Faysal Bank as the first hosted-decisioning customer in Pakistan. “Qarar’s proven expertise and deployment of DecisionSmart in other markets has created a robust platform whereby our hosted solutions can quickly and easily streamline the credit lifecycle and we look forward to creating a success story with Faysal Bank as our esteemed partner,” he said.