Covid-19, Roshan Digital Accounts and Future of Remittances

Rascim Khattak.

Covid-19, Roshan Digital Accounts and Future of Remittances

Covid-19 was a watershed moment for fintech. We know that by now.

People in 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%[1] compared to pre-covid times. Digital remittances too witnessed an unprecedented increase as testified by all major global remittance companies.   

As more 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.[2]

The 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

As 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. 

In a 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

Roshan 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 Certificates.

Working 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. 

To sum 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.

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