A New Approach
BankTotal is creating a new approach to financial service provision, which responds to three major trends in the global economy. These are as follows:
Muslims are amongst the fastest growing populations in the world. It is estimated that there will be 2.2 billion Muslims by 2030. This is a huge potential market, and a consumer category which will need increasing focus from brands of all types.
At present, although we have seen a considerable expansion in Shariah-compliant products, this segment of the financial sector has progressed relatively slowly. The penetration of these products, especially on financial technology platforms, remains fairly low.
The world’s population is expected to increase fastest in places such as Asia and Africa. However, these are regions where establishing traditional banking infrastructure is difficult. Travel can be difficult, and the scattered nature of the population makes physical bank branches less effective as a means of reaching the customer.
As well as having identified this opportunity, BankTotal is in strong position to exploit it because of three sets of capabilities:
Technology: we have access to well-established and proven Fintech, which we are seeking to expand into newer markets. We are also expert in digital transformation, biometric identification and Blockchain technology that can help the tech for developed countries work in less-sophisticated ones.
Market knowledge and relationships: Through our experiences and contacts we have deep and long-standing understanding, knowledge and relationships in our key potential markets in Africa and in Indonesia. Our management is a key adviser to the World Bank, Asian Development Bank and OECD and has links with correspondent banks throughout these territories.
Shariah: We have contacts in the shariah finance sector which is also looking to expand into markets which we know, and which is relatively-underdeveloped in its use of fintech.