JS Bank has stepped into branchless banking with the commencement of operations in a pilot phase after recent award of the license from State Bank of Pakistan (SBP).
The bank’s branchless banking operations are being headed by Akbar Mughal, SVP who is an experienced banker having rich expertise in electronic and mobile banking solutions.
Branchless banking at JS Bank will work on bank-led model in collaboration with five cellular operators and technological partner, Invo8. It is because of the fact that JS Bank is developing its branchless banking in the same vein as UBL Omni while setting up its outlets at grocery shops and general stores, pharmacy and telecom service retailers shop.
Branchless banking at JS Bank will work on bank-led model in collaboration with five cellular operators and technological partner, Invo8
The management of JS Bank is presently working to set up its outlets throughout the country including training of the staff members. Besides, there is a consideration being underway for naming, branding and product development of the services.
JS’s branchless bank is a bit different since it will be based on Inov8′s next generation MFS platform hosted in a cloud environment, Inov8′s latest suite of Android, iOS and other mobile applications.
JS Bank is one of the advanced banks in terms of technology counted as one of the faster growing mid-tier banks in Pakistan,
It has introduced JS Mobile – Pakistan’s first Android Application for Mobile Banking in May 2014 with all telecom operators which enabled its customers to inquire about their account balances, generate mini-statement, pay utility bills and transfer funds to another JS Bank account or to any other bank through IBFT.
JS Bank is one of the most advanced banks in terms of technology and is counted as one of the faster growing mid-tier banks
If there is no Internet Connection, the application will work on SMS and if there is no credit available to use SMS, this application can use Wi-Fi Internet Connection to execute the transaction.
Earlier in 2011, the bank introduced internet banking to its customers at very beginning of its operations.
JS Bank is already operating its banking network with a large network of 238 branches across 122 cities of Pakistan which will also help its agent network to be expanded and controlled financially and regulatory.
Branchless Banking process is gaining momentum in the country.Together with 3G/4G expansion/ increase in 3G/4G users, increase in FDI, Branchless Banking, it is expected that GDP growth rate will cross 5% per annum in coming years.
Branchless Banking a bad experience from HBL Express.
We must not forget that due to policy failure of HBL Express, its branchless banking144 HUB Owners (business partners) lost their life time saving during the last more than three and half years. HBL is showing its profitability but not considering 1.5 billion rupee loss of its HUB Owners. JS bank must learn the lesson from the results of HBL Express.