Digital banking gains momentum

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In Pakistan around 82 per cent of bank consumers visit their branches once every few months after opening accounts while 73 per cent customers are inclined towards using digital banking channels to meet their financial needs and obligations, a survey released recently said.

PwC, in partnership with A.F. Furguson & Co, in its survey tilted ‘Banking in the digital age: exploring Pakistan’s potential’, gathered perspective of 1,000 plus individuals with diverse age demographics, income brackets, employment/business backgrounds, across different geographies to analyse how they like to interact with their banks, use branches or alternate channels and how receptive they are to new age banking.

The survey found growing usage of alternate channels. 84pc respondents said they preferred to use ATMs, 67pc mobile banking, 55pc internet banking and just 17pc use phone banking.