HugoBank is a joint venture primarily driven by The Getz Group and Muller & Phipps, in collaboration with Singapore’s Atlas Consolidated, the parent company of the rapidly growing Wealthcare and savings app Hugosave. The bank received its No-Objection Certificate from the State Bank of Pakistan in January 2023. Muhammad Faysal, who leads Partnerships, Growth & New Bets at HugoBank, shares more about its journey with Qorus’ Boris Plantier.
The demographics of neobank users are often surprising; it is not only young people who are signing up, but also older age brackets. What is the standard profile of your target customer? What has been key to your customer acquisition success?
At HugoBank, our target customer spans a broad demographic. While we initially focused on digitally savvy young professionals, we’ve seen significant interest from older demographics who appreciate the flexibility and seamless service digital banking offers. Our core customer profiles include young urban professionals, self-employed individuals, and increasingly, small business owners who are drawn to the convenience of our digital services for managing their financial needs efficiently.
Our success in customer acquisition lies in a combination of strategic partnerships and customer-centric innovation. By leveraging the expansive networks of our parent companies, Getz Pharma and M&P, we reach diverse customer groups who see the value in digital banking for everyday transactions and business needs. In addition, we prioritize user education and engagement, making it easy for new customers to experience the value of a digital-first approach to banking.
