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Muslim-centric neobanking is a ripe opportunity across Europe and in the UK as Muslims have the youngest age profile (48% below 24) of all religious groups in the country and are tech-savvy and hungry for digital banking.
The Challenge
The Muslim community in the UK has, for the longest time, had a very narrow choice of banking products. Digital transformation advocates have focused more on conventional neobanking solutions and sidelined Islamic offerings, even when they have the potential to change the status quo of Muslims in the region.
Young Muslims in the UK are tech-savvy and hungry for digital experiences that align to their faith and lifestyle, without sacrificing the benefits of industry-leading digital experience. Aware of the existing gap, MoneeMint wanted to create an ethical Islamic neobank that wouldn‘t compromise the interests, lifestyles, and beliefs of Muslims in the UK.
The disruptor selected Codebase Technologies to help co-create the new neobank and the UK’s first truly ethical neobank.
Fresh like the flavour of mint, MoneeMint wanted to create an experience that reimagines how the young Muslim thinks about banking, envisioning a bank built for smartphones and architected to match their customers’ lifestyles from one touchpoint to the next.
The Solution
MoneeMint and Codebase Technologies undertook the journey together from planning, through implementation, to deployment and launching a one-of-a-kind, fresh ethical neobank for UK customers. The teams were able to co-architect MoneeMint’s proposition of transparent and ethical digital Islamic banking for the UK market, leveraging the bank’s knowledge of Islamic banking in the region and Codebase Technologies’ software and technology acumen, augmented by the Islamic components available within the Digibanc fintech platform.
Applying a component-based approach possible with the Digibanc platform helped accelerate MoneeMint’s time to market and positioned the Neobank perfectly for continued innovation.
MoneeMint knew that the key to longevity was having the right technology in place and with Digibanc, the team found a solution that would serve them for years to come. Through Digibanc’s flexibility and open architecture, the MoneeMint team could create hyper-personalized experiences and products for customers, adapt to changes in the market, and integrate with a wide range of partners through APIs.
Impact
MoneeMint has ventured into the market with a Unique Selling Proposition (USP) targeting a fresh market – the UK Islamic community, which has a deep hunger for digital Islamic banking services. Equipped with the right technology, functionalities, and technical support, MoneeMint has managed to maintain an exponential growth curve, from launch.
The underserved Muslim community in the UK now has an ethical banking solution tailored specifically to align with their interests, lifestyle, and faith. They can track their expenses comfortably using a sleek, intuitive, innovative, and secure digital solution – a dream come true from MoneeMint.
“At MoneeMint we wanted to create an experience built around ethical banking, one that could resonate with both Muslims and non-Muslims alike. Codebase Technologies helped bring our vision to the market in a way that didn’t sacrifice quality and positioned us in a great place to keep innovating as we grow and expand.”
Hassan Waqar, Founder & CEO, Moneemint
