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One of the key challenges faced by Islamic financial institutions in the modern era is maintaining sustainability while keeping steady profitability. Over the years, Islamic institutions have competed against conventional institutions in brand awareness, revenue, customers, and customer experience.
Given that technology plays an extremely critical role, Islamic financial institutions have now started to catch up, and are on the verge of breakthroughs that will level the overall playing field. So, how can technology support the notion that Islamic Institutions can achieve sustainable banking?
The answer is quite simple: technological breakthroughs and process innovations blur the lines of what you can and cannot do when it comes to finance and banking. With new offerings that are agnostic to both Islamic and conventional, customers now have access to the same perks and benefits that upcoming disruptive startups are offering.
Solutions such as remote customer onboarding such as Digibanc™ Customer Onboarding and Digibanc™ Identity have enabled any financial institution to not only reduce costs by up to 40%, but lower branch footfall and application processing times significantly.
Customers now have the convenience of applying and joining the system from their own couch in under 7 minutes. The process is not only efficient, but also aligns with regulations and is adaptable to any infrastructure across the globe. The institution can utilize the saved resources to invest in research and development, enhancing overall operations and organizational growth.
“Customers can now apply and become a part of the banking system in less than 7 minutes, from the comfort of their couch.”
Photo by https://unsplash.com/photos/m3bbjj36CTM
Another solution is mobile QR payments by Digibanc™ QR. It connects directly to your bank account, holding both e-money and digital cash. With this wallet, you can make quick payments and transfers in any situation, avoiding delays and enjoying competitive rates.
The technology behind this solution is automated and self-sufficient, freeing up valuable manpower for other tasks at the institution. Customers can store multiple currencies in the wallet and carry out transactions seamlessly, adapting to different currencies, situations, and preferences. This system empowers users to have greater control over their finances and enhances their overall experience.
Imagine this: You’re in Kuwait, and the merchant you want to pay only accepts Kuwaiti dinars, but you have US dollars. This can be solved through a methodology that not only enhances revenue generation for the bank but also reduces operating expenditure. By combining these components, a complete bank branch can effectively fit within the customer’s pocket.
Technology innovations always foster and empower organizations to achieve the ultimate goal of sustainable growth. As technology evolves it is inevitable that the process will follow suit.
Sustainable banking is a healthy mix of how the corporate strategy aligns with the technology available at their disposal. Islamic financial institutions are now adopting technology from maverick fintechs and disruptive technology think tanks to explore opportunities on how they can maximize their expectations with minimal resistance. Just as every great initiative requires open-mindedness and patience, the pursuit of sustainable growth is no different.
Tagged:
- codebase technologies, digibanc, sustainable banking
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Omar Mansur
Tech enthusiast and disruptive strategy expert with a strong passion for exploring innovation and making a difference.
