Pakistan’s Quiet Financial Revolution

In Pakistan, a quiet financialrevolution is taking shape. Ther/FIREPakistan communityon Reddit, comprising 31,000engaged members, youngprofessionals, and middle-classearners, is united in exploringFinancial Independence andEarly Retirement (FIRE).

Here, frustrated by the limitationsof traditional career paths andpaycheque-to-paycheque cycles,they discuss crypto strategies,aggressive saving, equityrecommendations, smart investing,and passive income – dreamingof a future where work is optional,not mandatory.

A newcomer posts a question:“Which influencers do youfollow for financial advice onYouTube, Instagram, etc.” Theresponses come quickly, “AbdulRehman Najam does reallygood fundamentals,” one userrecommends, while othershighlight Inveskaar, SarmaayaFinancials and Trade Flow Advisoras essential resources. Thenames of influential figures suchas Waqar Zaka, Shahid Anwar,Azad Chaiwala and Meiraj Haqrise to the forefront. “Thanks. Doyou know anyone on Instagram?”another poster chimes in.

This trend is not unique.Prominent media figures like JavedChaudhry (1.69 million subscriberson YouTube), are at the forefront,delivering impactful moneymanagement tips through videoslike If You Have One Crore Rupees.

Critical discussions aroundfinancial literacy are becomingmainstream, with Gen Z financialinfluencers such as Mashal Khanmaking their mark – her YouTubepodcast, Stock Talk, featuringcontent such as FundamentalAnalysis Made Easy, has garneredher 19.8K subscribers. Even shortYouTube reels such as What IsYour Personality Type for FinancialPlanning? or My Six Steps forPayday Routine, are contributingto the financial savviness of thisdigital population. For banksand financial institutions withtheir heavily regulated industry,burdened by legacy proceduresand processes, this new worldrepresents a significant challenge.

A New Customer, A NewReality: Banks continue to serveGen Z the same way they servedprevious generations, relying ontraditional metrics such as salarysize and ECIB credit history. Yet,unlike previous generations whofollowed predictable career paths,today’s Gen Z professionalsjuggle multiple income streams –freelancing, e-commerce, and evendigital trading and investments,such as cryptocurrency. Thiscreates a major challenge forbanks. How do you assess a loanapplicant with three freelance jobs,an eight-second attention span(officially lower than a goldfish),and a crypto wallet?

Serving Gen Z bankingcustomers in a way that resonateswith them is a game-changer forfinancial institutions. AlthoughGen Z’s financial habits mayappear similar to those of previousgenerations – they still open bankaccounts and surprisingly trustbanks more than other financialinstitutions – the way they engagewith digital technology – isfundamentally different.

An Exceptional DigitalExperience is Non-Negotiable:Although all financialinstitutions offer their servicesonline and via apps, merecompetence does not cutit for Gen Zers, who havegrown up with smartphonesin their cradles. To retain thisgeneration, traditional banksmust rethink their approach – astrong physical presence isreassuring, but an exceptionaldigital experience is nonnegotiable. Social media,influencers, YouTube Shorts,and even the User Experiences(UX) of neo-banks and appssuch as SadaPay and NayaPayare beginning to shape GenZ’s banking preferences inPakistan.

This may be stating theobvious, but investing incutting-edge digital platformsthat offer seamless, intuitiveand engaging experiences iswhat will change the game.Gamification, personalisedrecommendations and realtime insights can help captureGen Z’s attention and keepthem engaged. Customerexperience plays a critical rolein determining their favouritefinancial brand. They want toolsthat help them manage theirmoney, learn from peers, andprovide a sense of communityand fun. For Gen Z, traditionalcredit models with long approvaltimes, hidden fees and rigidrepayment structures areoutdated. Instead, financialinstitutions need to designflexible, digital-first creditsolutions tailored to their uniquefinancial behaviours.

A Perfect Gen Z Credit Card:A perfect Gen Z credit cardwould look like this: No annualfees, instant approval via CNICand bio-verification via the app.Level-based rewards (spendresponsibly, unlock better perks).In-app credit coaching andexpense tracking. Buy NowPay Later integration for largerpurchases such as zero percentinstalments on Faysal DigiMall.Exclusive discounts on streaming,gaming and e-commerce.

This perfect card could also gamifycredit and rewards, and becausegamification is key to Gen Z’sengagement, instead of standardcash back or points, this cardcould offer Streak-based rewards:Spend consistently and unlockbetter perks. Level-up credit limits:Good repayment history increasesspending power. Social credit perks:Referral-based bonuses or groupspending benefits.

This perfect Gen Z card wouldoffer seamless integration withdigital lifestyles. It would be linkedto a perfect Gen Z mobile appthat understands that usersprefer to pay via mobile wallets,contactless and digital banking.The mobile experience shouldwork seamlessly with e-commerceplatforms (exclusive deals on Daraz,FoodPanda, etc.). Offer travel-friendlyperks (zero forex fees, airport loungeaccess). The mobile experiencewould focus on financial literacyand control. Gen Z are financiallyaware and prefer tools that helpthem understand and manage theirmoney effectively, such as spendinginsights and budgeting tools forbetter financial planning. Educationon ECIB scores and responsiblecredit use. Auto-payment reminders and spending limits to preventoverspending. AI-personalisedrecommendations based onspending habits and financial goalswill set the banks apart once wehave the application part done right.

1. Do we have their attentionnow?: It’s not enough, however,to have a winning proposition.To capture Gen Z’s attention,banks must go where they arealready active – social media,digital communities and streamingplatforms. A strong, digital-firstmarketing strategy will be essential.

2. Influencer Partnerships:Banks can collaborate withtrusted financial content creatorson YouTube, Instagram andTikTok. They can also sponsoror create influencer-led financialchallenges (for example, SmartSpending with Faysal Bank NoorCard series). Banks can also hostX Spaces and Reddit AMAs withfinancial experts.

3. Gamified Social MediaEngagement: To effectivelycommunicate the concepts,banks should create engagingTikTok and Instagram reelsthat explain complex topics ina fun and digestible manner.Interactive Instagram storiesand polls to encourage userengagement and gather insightsinto smart money habits, aswell as referral-based rewardsprogrammes that offer incentivesfor app sign-ups and cardapplications through successfulreferrals will lead to moreengagement with the brand.

Umair Mohsin is a former traditionaland digital advertising professionalnow working as a banker.umair.mohsin@gmail.com