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Monday, January 30, 2023

What would a successful digital bank play look like in Pakistan? - SAMAA English

Last updated Thursday, January 19, 2023 11:05 ET , Source: TopWireNews

Ex-CEO of major fintech organizations explains
Fintech expert and former JazzCash CEO, Atyab Tahir, has shared his insights on what a successful digital banking strategy looks like in Pakistan.
Build your own risk engine and risk model instead of relying on black boxes that don’t give you any visibility into how they assess credit worthiness.
Know your customer’s needs and pinpoints for which they would like to borrow and utilize non-financial data to understand their ability to responsibly borrow and pay back. While we are at it, internalize most techs, if you can.
Lending & Deposits go hand in hand… You would need to quickly build trust with prospective depositors in the market by offering them quick, easy, and effective ways to keep their money with you.
In the digital context, that means creating relevance and understanding the context in which they spend save, and invest. Speaking of trust, don’t let cybersecurity and customer protection be afterthoughts.
Cash-in needs to be bigger than cash-out: Understand the role of cash in people’s lives and build use cases that augment their reliance on it.
This would include partnering with entities that could provide a network of cash-in touch points. I have been a proponent of building a financial service distribution company in this market that facilitates people topping up their accounts and wallets as easy as buying a bar of soap or a piece of fruit.
Business facilitation is a greater need for SMEs than borrowing is....



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