KARACHI: As the year 2024 begins, JS Bank, one of the fastest-growing banks in Pakistan, reflects on its journey of progress and growth to provide the best-in-class services to its customers.
In a year full of memorable highlights, the acquisition of BankIslami was a major milestone for JS Bank, reiterating its commitment to growth and evolution. Together, both banks will continue to operate independently in their respective domains and remain steadfast in their mission to provide best-in-class financial services to their customers.
JS Bank also remained committed to expanding its footprint across the country by inaugurating new state-of-the-art branches, aiming to improve customer outreach. Under JSBL’s Annual Bank Expansion Plan (ABEP), several branches in the rural and urban areas were inaugurated, including Hala, Chawharmal, and Gambat branches in Sindh, Samundri branch in Faisalabad, Gujar Khan branch in Rawalpindi, and several others.
With a focus on future-proofing the Bank, JSBL went beyond the brick-and-mortar branches and made strides in its digital ends to meet the customers’ evolving needs, driving digital adoption and financial inclusion. In 2023,JS Bank’s mobile application usage grew by 72 percent, resulting in a 176 percent increase in the transaction volume compared to the previous year. The Bank also witnessed 148% growth in the utilization of JS BOT, a personal WhatsApp banking assistant, with over 2.6 million hits for key digital services.
Zindigi, JS Bank’s fintech offering, witnessed100% YOY growth in its user base in 2023, accumulating 4.8 million customers, with a consistent 200% increase in transactions and a 50 percent increase in the value of transactions. The growth resulted from continuous innovative product offerings, including digital payments, loans, stocks, mutual funds, and a premium debit card proposition. Zindigi also became a leading Banking as a Service (BaaS) and Open Banking Solution Provider.
Keeping in view the market needs for credit and immediate funds, JS Bank revamped its offerings, including cashback and other incentives, marking a growth of 167% in customer acquisition and an 80% rise in user spending.
JS Bank also became a trusted partner to provide corporate and employee banking solutions to some of the leading businesses in the country, including Daraz, State Life Insurance, Attock Petroleum, Nestle, and Oil & Gas Development Company (OGDCL).
Copyright Business Recorder, 2024
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