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Digital Islamic Banking

The banking evolution has historically been driven by what banks are able to provide customers. Consumer culture was dependent on the bank’s ability to analyze customer trends and shape product offerings in kind. In modern banking, customers define what banks must do to ensure customer loyalty. Banking’s shift toward customer-centrism can be seen in markets across the world, and institutions in the Islamic finance space are taking note.

Technology affords banks and financial institutions across the industry the ability to rapidly respond to dynamic customers while ensuring product robustness, streamlined operations, and sustainable scalability.

The Islamic banking space can leverage these technological enhancements to accelerate strategic business development efforts, tapping into a younger, more digital-first audience, one that has adapted to the speed and ease of using mobile applications for their daily lives and expects their banking and financial needs to be met in the same manner.

Islamic banks can immediately take impactful steps towards digitalization with a digital onboarding process. Digital onboarding enables customers to quickly begin banking while simplifying complex documentary requirements into an easy, intuitive, digital interaction.

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Traditional products are already being enhanced to better serve customers. Personal financing, for example, can be completely automated, enabling users to receive their banks decision within minutes rather than days.

On a digital platform, product development, optimization, and deployment become seamless, ensuring Islamic institutions can quickly adapt to dynamic customer demands and always meet the customer where they are. Digital platforms can also be effortlessly scaled to meet strategic business objectives without incurring additional infrastructure costs.

A key differentiator that digital banks have over traditional ones is their flexibility and adaptiveness.

The COVID-19 pandemic was felt across industries and economies around the world, and the Pakistani banking ecosystem was no exception. When the State Bank of Pakistan announced its Roshan Digital initiative, few banks were equipped to quickly deploy a solution that engaged customers while facilitating easier overseas investments.

Dubai Islamic Bank Pakistan chose Codebase Technologies as its transformation partner for the initiative and delivered the only digital-first proposition in the market. Powered by the Digibanc™ suite, DIBP’s Roshan Digital Account offers users a completely digital, seamless, intuitive onboarding experience that quickly facilitates investment into Pakistan.

With conversion rates exceeding 80%, DIBP quickly became the most advanced, effective Roshan Digital offering available, and has set the benchmark for digital onboarding, customer experience, and rapid processing.

Codebase Technologies brings its global technology and banking expertise to the banking and financial services space in Pakistan and around the world, ensuring both traditional and Islamic institutions can accelerate their digital transformation journeys, and redefine the experience for their customers.

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