Waqfe launches next generation banking service platform for banks

Digital Deposit Mobilization Solution

MANAMA, Bahrain, April 17: Waqfe, the Bahrain based fintech solutions provider, has announced the launch of its revolutionary mobile banking service platform for banks, Digital Deposit Mobilization Solution. At the nexus of three innovative technologies including mobility, artificial intelligence and data, it will help banks acquire and retain customers, attract longer tenor deposits and generate higher customer lifetime value.

At the heart of the platform is the best customer experience in the region. Waqfe helps build a highly personalized relationship with a customer based on his/her digital footprint and cements that with the option of providing visibility to actual community impact that a customer’s banking activities enable. The platform is built around Application Program Interfaces (API), making it extremely simple and cost-effective for banks to embed within their offerings, thus augmenting their existing digital investments.

The venture, which has been lauded by a number of regulatory authorities in the GCC, is backed by Finocracy, a firm that invests in and builds fintech solutions alongside banks in the GCC.

Speaking on the launch, Sheikh Khalid bin Mohammad Al-Khalifa, Waqfe’s Chairman said: “It gives me great pleasure to announce the launch of a revolutionary, game changing solution in the GCC. While providing convenience to customers is one of the main aims of the platform, our ultimate objective is to reintroduce ‘purpose’ into a banking experience made even more unique and friendly by exponential technologies. The launch of the platform will

Sheikh Al-Khalifa

help our partner banks harness the potential of digital banking in the GCC, focusing on an audience that value technology and depend on it for convenience and simplicity.”

“The platform is geared to assist our partner banks mobilize 1 million customers and $10 billion in retail deposits over the next five years. That will shift the paradigm for the banking industry. We’re excited by the roll out of the product and we firmly believe that it will add significant value to the banking sector in the Kingdom and the GCC,” he added.

Further speaking on the launch, Ashar Nazim, the Chief Executive Officer of Waqfe said: “Our platform enables a comprehensive banking experience, yet one which is simple and flexible. The platform will help banks gain the acceptance of customers looking for speed and ease in managing their banking requirements. Customers will not be required to visit any physical branch since the opening of a bank account can also be done on the platform in just 7 minutes from anywhere in the GCC through a smartphone, tablet or laptop. This shifts the onboarding paradigm in the banking industry allowing for unparalleled customer centricity.”

The platform embeds several pioneering features for the GCC market, including electronic Know Your Customer (eKYC), forensic document analysis, cross-selling and upselling, and digital identity management.

Waqfe’s solution is being deployed by partner banks across the region. The platform is already up and running in the Kingdom of Bahrain with a leading Islamic financial institution already on board. A number of financial institutions from Bahrain, Oman, United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) have also shown keen interest in the solution and are in discussions to integrate Waqfe’s platform into their digital strategy.