BLINK
Contrary to assumptions , ‘ unbanked ’ doesn ’ t necessarily refer to lower income , blue collar workers deemed as ‘ not bankable ’ by financial institutions . Rather , it encompasses the bankable population that are either not digitally native or who are simply intimidated by , or do not trust , banking services . These groups may be under-served in the sense that their current banking solution fails to meet their needs .
The idea for Blink was first conceived when Capital Bank ’ s Group CEO , Dawod Al Ghoul , called Malhas and stated his desire to launch a neobank – although Malhas initially had reservations : “ I was reluctant at first . Retail banking seemed to be a red ocean in that it ’ s very competitive , and Capital Bank had long embarked on a digital transformation journey that positioned it as a leading digital solutions provider . We were already onboarding customers via WhatsApp , we had invested in a new mobile banking app , and we were investing in digitisation at all levels .”
However , the conversation highlighted the alternative audience that a neobank could tap into to meet the needs of those who are often overlooked . “ Those who would like to bank with Capital Bank are not the same as those who would like to bank with Blink ,” she says . But why is this the case ? “ You can add lifestyle elements , you can add a whole different experience and you can address customer needs in a completely different way . Simply put , you can break free from the boundaries of traditional banking , and with that target a whole new segment .”
Another key reason for the decision was how the sheer volume of time and learning required to transform CBJ ’ s digital solutions would enable it to ‘ leapfrog ’ into the neobank space : “ When Dawod spoke about agility and time-to-market , I was convinced instantly , so immediately after that we
208 May 2022