GVS: Why is digital banking essential for Pakistan?
Noman Azhar: Offering the ability to access, use and move money via mobile devices, digital banking apps lets you as a user make financial decisions and transactions on the go. There’s no need to sit in front of a computer to make online payments or come into a branch. Digital banking is the answer to many problems that we face today as a customer as well as state. While digital banking ensures easy access of financial needs to customers it also helps in digitizing the economy which ultimately is beneficial for the state.
GVS: What makes a digital bank different to traditional bank? Can anyone offer these services?
Noman Azhar: So, the first and foremost difference is the fact that traditional banks work on a brick & mortar model whereby they are dependent on a branch infrastructure to offer services to their customers. On the other hand, in digital or neobanks, the journey starts with the offering of full-scope innovative digital banking services at the doorstep to the customers and without a need of visiting any physical location. Many players are offering partial digital banking services in the market under either branchless banking license or EMI license. What sets Zindigi apart is that it aspires to be the first full-service digital bank of Pakistan. Advancing to a more technologically sophisticated way of doing things, it goes without saying that the benefits make life easier for the customer.
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