Bank Is­lam eyes 2m cus­tomers for dig­i­tal bank­ing

New Straits Times - - Business -

KUALA LUMPUR: Bank Is­lam is tar­get­ing to get two mil­lion users, com­pris­ing of its ex­ist­ing and new cus­tomers, to use its first dig­i­tal bank­ing prod­uct, to be launched in the sec­ond quar­ter of next year.

This fol­lows its strate­gic col­lab­o­ra­tion with global business and tech­nol­ogy con­sult­ing firm Cog­nizant.

The col­lab­o­ra­tion is aimed at as­sess­ing the best dig­i­tal prod­uct to sim­plify and im­prove its cus­tomers’ bank­ing ex­pe­ri­ence and re­duce its op­er­a­tional costs.

Bank Is­lam chief ex­ec­u­tive of­fi­cer Khairul Ka­marudin said it would be the bank’s first step into us­ing fi­nan­cial tech­nol­ogy (fin­tech).

“As dig­i­tal tech­nol­ogy pro­gres­sively en­ters the fi­nan­cial mar­ket, we see grow­ing de­mand for fin­tech within Is­lamic bank­ing as well.

“For our first dig­i­tal prod­uct, we plan to in­crease the cus­tomer base from the cur­rent 900,000 to two mil­lion. This will in­clude new cus­tomers,” he said.

Khairul said the col­lab­o­ra­tion would also en­able the bank to cre­ate a prod­uct that would ex­pand its tar­get seg­ment to small and medium en­ter­prises and tap the ru­ral and un­der­banked seg­ments.

“By part­ner­ing with Cog­nizant to build a dig­i­tal bank, dig­i­tal­i­sa­tion will help the bank to ac­cel­er­ate SME bank­ing by pro­vis­ing business so­lu­tions for their op­er­a­tional and fi­nan­cial needs.

“It will also en­able the bank to rapidly tap the ru­ral, un­der­banked seg­ments and boost fi­nan­cial in­clu­sion by over­com­ing cost and phys­i­cal bar­ri­ers,” he added.

Bank Is­lam largely serves the mass mar­ket for sav­ings and check­ing ac­counts, mort­gages, per­sonal loans and debit/credit cards.

Khairul Ka­marudin

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