Social Islami Bank (SIBL) has become the first Shariah bank in Bangladesh to enable a fully digital onboarding experience, setting the foundation for other Islamic banks to follow.
The e-Account, powered by Chinho, an e-KYC [Know-Your-Customer] solution by Millennium Information Solution (MISL), allows customers to open a banking account without having to physically visit a branch.
IFN Fintech understands from Mahmud Hossain, the managing director of MISL, that the technology company is working with several other Islamic banks to roll out the digital onboarding platform.
“This new update allows SIBL NOW users to avail e-Account services, which also comply with the central bank’s guidelines, without having to physically visit a bank branch. It simplifies and accelerates customer onboarding, enhances customer experience, and launches banking befitting the modern lifestyle of the clients, all from the palm of their hands from anywhere, local or overseas, and at any time,” Mahmud explained.
The solution integrates artificial intelligence-powered optical character recognition to extract data from the national ID and features multi-layer authentication.