A Bahraini Islamic bank has adopted a new mobile banking service platform allowing its customers a seamless paperless banking experience.
Launched by fintech solutions provider WAQFE, the Digital Deposit Mobilization Solution integrates several features that have yet to be implemented in the GCC including electronic Know-Your-Customer procedures, forensic document analysis, cross-selling and upselling, and digital identity management.
“The platform is geared to assist our partner banks mobilize one million customers and US$10 billion in retail deposits over the next five years,” said Shaikh Khalid Mohammad Al Khalifa, the chairman of WAQFE.
The venture is backed by Islamic fintech venture builder Finocracy.
“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 seven 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,” explained WAQFE CEO Ashar Nazim, who is also the managing director of Finocracy.
With on Islamic financial institution in Bahrain on board the new platform, WAQFE has also received interests from other institutions in the Kingdom as well as Oman, the UAE and Saudi Arabia.