Client Name

WPP Media (GroupM)

Faculty Advisor

Dr. Mohsin Sadaqat

SBS Thought Leadership Areas

Behavioural Studies

SBS Thought Leadership Area Justification

This ELP is contained in the domain of thought-leadership of Behavioral Studies. It deals with customer behavior, trust calibration, risk perception, and decision-making in digital financial systems. The research questions rather than examining the financial products or investment performance, how individuals process the institutional credibility, how to manage system disruption and how to strategically allocate confidence among banks, Fintechs, and cash. The results also show that the adoption of the digital is driven not only by usability or innovation but also by the presence of the inherent psychological and social factors that include fear of fraud, need to feel in control, and a sense of responsibility. These findings have short term implications on communication strategy, product design, regulatory messaging, and the media planning of the financial services industry.

Aligned SDGs

GOAL 9: Industry, Innovation and Infrastructure

Aligned SDGs Justification

This ELP can be intricately linked to Sustainable Development Goal 9 Industry, Innovation, and Infrastructure because it will examine how digital payment infrastructure and innovation can be developed and utilized to strengthen financial institutions. The research explains why the use of fintech platforms and local payment schemes can facilitate credit performance and lessen the reliance on foreign networks.

In addition, the study can be applied in Sustainable Development Goal 8 Decent Work and Economic Growth by showing how effective digital payments, efficient remittances, and increased bank access can spur economic engagement and productivity. By promoting formal financial participation between diverse demographic groups, the focus on financial inclusion, lower transaction costs, and fair access to digital services indirectly promotes Sustainable Development Goal 10 Reduced Inequalities.

NDA

No

Abstract

This ELP was done with WPP Media to understand the use and perception of Banks, Fintech apps, and local payment systems in Pakistan. The research was centered around understanding how users behave, why trust is formed and lost, and why people adopt or fail to adopt digital financial services. Rather than treating banks and Fintech as direct competition, the objective was to explore how people really move between both on a daily basis for their financial needs. The primary deliverable from this project was to produce actionable consumer insights to support WPP Media in their media planning, communication and wider ecosystem decisions.

The study used a combination of quantitative and qualitative data to get a complete picture. To gather quantitative data, an online survey was circulated and to gain a deeper knowledge of user behavior, one-on-one interviews and group discussions were conducted. This ensured that not only do we capture what users do, but also why do they do it, especially when it comes to factors such as perceived risk, convenience, and awareness. Most participants were from urban areas who are familiar with technology and use Banking and Fintech applications on a daily basis. This makes them appropriate for identifying new usage patterns and future adoption trends.

The results indicate that Pakistan’s financial system is transitioning not from banks to Fintech, but rather toward a blended model. Users are not fully replacing banks with Fintech apps. Rather they are constructing hybrid systems in which banks are utilized to keep savings and significant money while Fintech apps are used for quick, easygoing transactions.

Trust is the greatest impediment to broader Fintech acceptance. Suspicion of fraud, data privacy, customer support and accountability prevents users from keeping their primary money in Fintech wallets.

Another crucial observation is how soon people go back to cash when their digital systems do not work. This is an illustration of how critical reliability and seamless behavior are for long-term digital adoption.

There also was a serious knowledge gap around local payment systems. Despite data privacy and dependence on foreign systems being the primary concern of a majority of respondents, majority did not know about PayPak and did not understand Raast’s role and importance.

Strategically, the ELP demonstrates that at this point in time, Banks and Fintechs continue to complement rather than competitively challenge each other. Fintechs bring speed, innovation and better user experience. Banks bring regulation, stability and trust. Moreover, the largest obstacle of digital finance in Pakistan is not technology but trust, user perception, and the necessity to have a consistent story throughout the financial ecosystem.

Document Type

Restricted Access

Document Name for Citation

Experiential Learning Project

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