A bank’s official on Thursday informed that Standard Chartered Bank is extending its digital banking presence in Pakistan as its client predilections are going towards internet payment channels.
Standard Chartered Bank Extends its Digital Banking Presence
The official said the bank’s customers make transactions through online mobile phone networks and the internet. The bank is greatly financing in the digital space as compared to brick and sealant setup.
“Given the digital revolution that is happening globally, a lot of big investments are in the pipeline, which you will see in the coming months as we expand our network with high-end digital branches across Pakistan.”
Said Shehzad Arif, head of retail clients at Standard Chartered Bank in an interview.
The bank introduced the country’s first digitally capable branch in April 2015, which is an innovative notion in Pakistan. The bank has one of the most progressive online banking platforms, particularly Breeze its flagship mobile app. Standard Chartered seems to be right while capitalizing on growing branchless banking openings.
“The bank is in the final stages of launching an integrated end-to-end digital on-boarding platform, which will allow the clients to open accounts with us digitally in real time.”
Today, Pakistan is one of the leading branchless banking markets in the world and placed among the top three along Brazil and Kenya. There are almost 12,000 bank branches in Pakistan and 95 % of them are online.
“To harness the full potential of digital banking, a collaborative model is required among mobile operators, financial and payment companies and governmental agencies.”
Said Azfar Jamal, head of payment services and e-banking at NBP.
Jamal said mobile operators are greatly investing in mobile financial services in Pakistan.
“With the introduction of 3G/4G, connectivity has become less of an issue; the challenge now lies in building the right model and promoting digital payments in order to realise the full potential of digital banking in Pakistan.”
Standard Chartered retail head said,
“There is no destination model at present; we may increase the network in areas where we are not present. Like all businesses, we continue to analyse areas in order to improve efficiency and redeploy costs in areas, which give us greater leverage and higher returns on investment.”