Karandaaz, Pakistan Fintech Network & Pakistan Fintech Association invite Experienced Design Enthusiasts to Participate in the first ever HACKADESIGN

Dec 16, 2021

Islamabad – 14 December, 2021: Karandaaz is partnering with Pakistan Fintech Network (PFN) and Pakistan Fintech Association (PFA) to co-host a first-of-it- kind design hackathon, HACKADESIGN. The organizers are currently calling problem solvers, ideators, UX designers, design thinkers, and financial institutions to register for participation in the two-day HACKADESIGN, a design hackathon, to be held in Karachi in January 2022. Winning ideas will be provided awards and prize money after careful evaluation by a panel of judges made up of experts from financial and technology sectors. While the digital onboarding framework by State Bank of Pakistan has opened up a plethora of possibilities to redefine and redesign an inclusive and user-friendly remote account opening and onboarding experience that requires minimum documentation and facilitates the previously underserved segments. The lack of attention to human centric design poses a challenge for the uptake of bank’s digital account opening channels and results in low uptake and stickiness amongst the users. The HACKADESIGN will be a great platform for problem solvers and design enthusiasts to ideate together, build scrappy prototypes and co-create. To apply for participation in the HACKADESIGN, visit karandaaz.com.pk/hackathon/ . The last date to apply is December 20, 2021.

Speaking about the HACKADESIGN, Rehan Akhtar, Chief Digital Officer Karandaaz said,

While the digital account opening and onboarding framework by the State Bank of Pakistan presents a great opportunity for the financial inclusion of the previously underserved segments, the uptake and adoption of financial services greatly depends on the experience is for the end-users that includes less digital savvy and non-English speakers. Karandaaz is happy to encourage young innovators and creative thinkers through this HACKADESIGN to create human-centered designs that can lower the complexity and help users make informed decisions leading to trust and wider uptake of digital channels for account opening.

Syed Nadeem Hussain, Chairman Pakistan Fintech Network said,

Design hackathon is yet another step ahead to the mission of having a fully digital financial ecosystem in Pakistan. Efforts jot down by development sector in Fintech are commendable as I believe every individual has to contribute a brick and joining brick by brick we will be able to build a fully digital financial ecosystem. I would highly encourage fintech experts, students, Design Thinkers to participate in the Digital Account Opening experience design competition and promote an inclusive experience for different market segments.

Haider Wahab, CEO National Institutional Facilitation Technologies (NIFT) and Chairman Pakistan Fintech Association said,

Financial Inclusion remains a challenge despite regulatory interventions and industry efforts such as Branchless Banking. In my opinion, adopting the Design Thinking process is key to improving the experience of remote account opening. Design Hackathon is a great initiative facilitating the industry to come up with fresh ideas leveraging the SBP initiative of “Customer Digital Onboarding Framework.

Ali Murtaza, Head of Design, IDEATE Innovation said,

Pakistan’s fintech ecosystem has progressed rapidly over the last few years, with financial service providers, policymakers, and technologists alike investing heavily in this space. However, unless fintech interventions are designed around the needs and capabilities of Pakistan’s predominantly low-tech users, they will fall short of their ambitious goals. This Design Hackathon gives us an opportunity to bring together stakeholders from financial services, policy, technology, and more to collaboratively build more user-centered solutions

The ideas presented at the HACKADESIGN will be judged on originality and innovation, an intuitive and user-friendly customer journey, relevance, and conformity with the onboarding framework defined by the State Bank of Pakistan.

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