Covid-19, Roshan Digital Accounts and Future of Remittances
was a watershed moment for fintech. We know that by now.
the developed world accelerated its adoption of digital banking. In the
developing world too, users embraced digital banking with open arms. In
Pakistan for instance, digital fund transfers increased by 123% and bill
payments over digital channels by 51%
compared to pre-covid times. Digital remittances too witnessed an
unprecedented increase as testified by all major global remittance
and more people embrace digital financial services, what does it mean for the
future of fintech? It means that consumers will increase demand for
personalization and automation in the fintech space. According to a JP Morgan
Chase survey, 80% of respondents prefer to manage their finances digitally
rather than in-person now.
neo-banks and fintechs have the lead in this game over the traditional players
who have only recently warmed up to digital offerings. The likes of Revolut, Starling,
Monzo etc. in Europe already offer automated or tailored products such as
payrolls or loan disbursements. The US players aren’t far behind either. But
what about the players in the remittance space? It is a $540bn market but there
are no personalized or automated products. There is a big disconnect between players
in the banking space and those in the remittances space. All the remittance
players have is only 1 vanilla product; P2P payments. There are no automated
products or personalized services in the remittance space which can treat every
user as an individual. Until now that is. Bayfikr will change that.
Personalization & Automation
consumers, we are used to tech companies releasing new products and updates
every year. As users, it allows all of us to enhance and personalize our experience.
Bayfikr is bringing this experience to its users. We will come up with new and
fresh products frequently for the benefit of expats and immigrants.
With the help of artificial intelligence (AI), we will create a more customized
experience that will adapt to each customer's individual needs. So, if you only
want to send money to pay your family’s bill back home, we will give you the
ability to make direct and instant bill payments without the need to send money
to them. Or, if you only want to make a cash transfer, we will help you send
just the right amount based on our algorithms.
post-vaccine world, we will automate P2P remittances and bill payments for our
users so they can have control of the money they send their families. Bayfikr
is operating the "set it and forget it" model.
Roshan Digital Account
Digital Account has been a success story for Pakistan. According to the State
Bank of Pakistan, nearly 160,000 accounts have been opened and $1.25 bn has
been deposited in various interest-bearing securities such as Naya Pakistan
with different Pakistani banks, Bayfikr aims to make free, personalized and
automated payments to these accounts. Users will be able to make automatic
repeated payments, if they wish to, at zero cost.
up, our mission is very simple. We will make it easy and convenient for users to
manage their remittances digitally through personalization and automation using
artificial intelligence. We think that is the future every immigrant and
expatriate should have.