Branchless banking fast developing

Branchless banking is quickly developing in Pakistan, as a lot of people have transformed towards internet banking and it was really heartening to observe that the figure is increasing day-by-day.

Karachi Chamber of Commerce and Industry President Junaid Esmail Makda said this, while talking as chief guest at the 4th Annual Mobile Commerce and Digital Banking Summit and Exhibition 2019 on Wednesday.

“However, this segment was still in its nascent stage where branchless bankers should develop value-added services for the existing account holders to speed up growth in the sector and continue their efforts to bring in unbanked people into the system,” Makda added.

Focusing on the significance of digital banking and payments, The KCCI president stated the concept of mobile commerce and digital banking was fairly new in Pakistan, but it was developing gradually.

After victorious application of mobile commerce as a substitute channel for delivery of payment services in the developed countries, the concept was now also having roots in developing countries, he said.

The presence of digital technologies such as mobile, Cloud and the internet were developing new and valuable avenues and the ways to do the cost -effective business, Makda said, adding that as the level of awareness was improving, the expectations of customers towards banking services were modifying; therefore, the digital consumers are asking for more choices, instant availability and direct access to ready-to-use services.