Customers in Pakistan are rapidly gravitating toward digital banks, regardless of their physical presence, as long as they meet their banking needs.
This was revealed in a research titled “Banking in the Digital Age: Exploring Pakistan’s Potential” by A. F. Ferguson & Co. (PricewaterhouseCoopers) on Pakistan’s digital banking.
The survey queried respondents about their desire to transact with digital banks as new entrants in the market, as well as their loyalty to their major banks, to gain a better understanding of their desire to do so.
They gathered insights from 1,000+ people from various age groups, income categories, and employment/business experiences across Pakistan as part of their ground-breaking effort.
According to the report, Pakistani clients prefer digital banks, with 73 percent likely to switch to another bank if it fits their banking needs better than their current one.
According to the report, 54 percent of individuals are comfortable transferring to a bank that does not have physical branches, while 25% of clients are hesitant to make the transfer.
Customer care (57 percent), service agility (35 percent), mobile banking propositions (38 percent), value-added product features (39 percent), international acceptance (44 percent), rewards (37 percent), and security are among the factors that respondents said would cause them to leave their current banks (35 percent). The above-mentioned services will be required of digital banks in order to draw customers from traditional banks, according to the report.
Customers may be hesitant to move from their current provider due to concerns about personal information security (69 percent), dispute resolution (57 percent), and fund security (75 percent), according to the survey.