Wednesday, 2 August 2017

Bank Islam partners with Cognizant for digital Islamic banking

Bank Islam Malaysia today announced a strategic collaboration with Cognizant, a global business and technology consulting firm, to lay the foundation of digital banking across the Bank’s entire network. 

The agreement was signed by Khairul Kamarudin, CEO, Bank Islam, and Effendi Azmi Hashim, Malaysia Business Leader, Cognizant, in Kuala Lumpur, Malaysia. "Bank Islam will continue applying digital technology to our products and services, bringing greater accessibility to our customers, as well as simplifying and improving their banking experience with us,” said Khairul.

By capitalising on digital technologies, Bank Islam will be able to transform Islamic banking as envisioned by Bank Negara Malaysia. Cognizant’s Head of Asia-Pacific, Jayajyoti Sengupta said: “For banks of the new digital economy, leadership is about delivering hyper-personalised products, services, and experiences to customers across channels by continually turning digital data into actionable insights. We are proud to be a part of Bank Islam’s vision to transform itself into a digitally-led bank of the future.

“By leveraging our extensive consulting and digital banking capabilities, we look forward to creating a business, operating and technology roadmap for Bank Islam to realise the full promise of digital in driving greater customer satisfaction and differentiated growth. The opportunity to partner with a leading financial services institution such as Bank Islam marks an important milestone in our growth journey in Malaysia.”
Bank Islam has always strived to design innovative solutions to transform customer experience. By partnering with Cognizant to build a digital bank, the bank is taking a big leap into the future to deliver innovative solutions to small and medium sized enterprises and customers across country, and integrate them seamlessly into the developing digital economy in Malaysia. 

Digitalisation will help Bank Islam accelerate SME banking by providing business solutions for their operational as well as expansion needs. It will enable the bank to rapidly tap the rural, underbanked segments and boost financial inclusion by overcoming cost and physical barriers. Bank Islam will be able to combine its energy, continuous innovation and imagination of fintech startups with its solid balance sheet, trust, customer service and banking expertise. 

Bank Islam Malaysia was established in 1983 as the nation’s first Islamic bank. To date, the bank has a network of 147 branches and more than 1,200 self-service terminals nationwide. To meet the diversity of the public’s financial needs, Bank Islam offers more than 70 shari'ah-based banking products and services.