Financial Technology (Fintech) startups in Pakistan are making a big difference to the way in which the finance industry operates and so, it they are helping to solve a lot of problems. The area of focus in on payments, personal finance and aggregators (such as Mawazna.com), cryptocurrency, lending and microfinance etc.
Banks need to adapt to the digital revolution or fall behind and so, fintech startups are starting helping banks to grow and expand through partnering up with them. This provides banks with the speed and agility required to keep up with the changing digital landscape. JS Bank’s Open API platform is one of such example that is opening doors for Bank to work with Fintech players and utilizing additional channels to reach their customers.
Consumers are also making better well informed decision thanks to fintech startups because technology is enabling them to use algorithms that help to make the right decisions faster and more accurately. This makes it possible to collect data for machines to make the decisions without the need for humans to do so, this removes any risk of human error.
Finally, the instant loan application and acceptance process is being revolutionized and made faster as well as credit card processing, both of which were significant problems faced by banks. The digital revolution is on its way in Pakistan and Fintech players are going to play a big role in there. Keep watching the space…