Ali Jahangir Siddiqui’s Pivotal Role in Transforming Digital Banking in Pakistan
Digital banking in Pakistan has experienced rapid growth in recent years, driven by technological advancements that are reshaping the delivery of financial services. Noman Azhar, Chief Officer of Zindigi, highlights how digital banking is no longer just an alternative but a parallel offering to traditional banking. According to Azhar, digital-native banks like Zindigi now provide a full spectrum of services, from comprehensive account management to foreign currency transactions, rivaling traditional commercial banks.
The Birth of Zindigi: A Leap Toward Digital Innovation
Zindigi, a groundbreaking digital banking platform, is the brainchild of Ali Jahangir Siddiqui. The name itself reflects its mission: Zin (life) and Digi (digital), symbolizing the fusion of everyday life with digital innovation. By replacing the “A” in “Zindagi” (life in Urdu) with an “I,” the platform emphasizes its commitment to integrating digital solutions into daily financial transactions.
Noman Azhar explains, “Zindigi is more than a banking platform; it’s an experience designed to cater to multiple aspects of life that involve financial transactions. It aims to revolutionize digital banking and make financial services more accessible to all.”
Overcoming Traditional Banking Challenges
The transition to digital banking was not without its hurdles. Azhar recalls the challenges of transforming traditional banking systems, particularly the tension between the roles of Chief Digital Officers (CDOs) and Chief Information Officers (CIOs). While CDOs focus on modernizing technologies, CIOs often prioritize maintaining legacy systems.
Azhar shares, “When I joined as CIO, only 5% of our customers used digital channels. Within a year and a half, 50% of new customers were coming through digital platforms, and 30% of new-to-bank customers were acquired digitally.” This remarkable shift was achieved through a customer-centric approach to digital service development. Although the transformation required significant investment, Azhar credits the unwavering support of the board and sponsors for enabling this digital expansion.
Local Technological Development: A Game-Changer
One of Zindigi’s most notable achievements is its reliance on locally developed technology. Azhar proudly states, “When we tell people that this entire platform was built by Pakistani developers, it creates a positive perception of Pakistan’s capabilities. We have no vendor dependency—this was all developed in just 90 days.”
This local expertise has allowed Zindigi to innovate beyond traditional banking. For instance, the platform has partnered with the Islamabad Traffic Police to create a paperless system for issuing tickets, tracking attendance, and managing HR operations. Additionally, Zindigi has integrated financial services into various public and private sector initiatives, further expanding its impact.
Expanding Digital Financial Services Through Strategic Partnerships
Zindigi has also collaborated with fintech startups to broaden its digital financial solutions. A notable example is its partnership with MightyM, a company operating in Saudi Arabia and Pakistan, to facilitate Hajj and Umrah payments. Through this collaboration, Zindigi linked a Mastercard with local payment systems in Saudi Arabia, enabling travelers to use the Zindigi app for booking and payment processing.
Azhar emphasizes that Zindigi’s mission goes beyond profitability. “If a project has the potential to create an impact and make Pakistan proud, we are more than happy to pursue it,” he says. This philosophy underscores Zindigi’s broader goal of positioning Pakistan as a hub for digital innovation in the financial sector.
The Future of Digital Banking in Pakistan
The future of digital banking in Pakistan is bright, with flexibility and innovation at its core. Azhar stresses the importance of adaptability in responding to new opportunities and challenges. Rather than rigid long-term strategies, Zindigi focuses on agility and responsiveness to emerging market needs.
With continuous investment in local technological capabilities and a commitment to innovation, Pakistan’s financial landscape is poised for further growth. Zindigi’s efforts are paving the way for more accessible, efficient, and inclusive banking solutions, ensuring that digital banking remains a driving force in the country’s economic development.