Bank Islam partners Cognizant to drive digital Islamic banking

• Digitalisation will help Bank Islam accelerate SME banking
• Enable the bank to tap the rural, underbanked segments and boost financial inclusion

BANK Islam Malaysia Bhd announced a strategic collaboration with Cognizant, a business and technology consulting firm, to lay the foundation of digital banking platform across the bank’s entire network.

The agreement was signed by Bank Islam chief executive officer Khairul Kamarudin and Cognizant Malaysia Business leader Effendi Azmi Hashim in Kuala Lumpur.

Speaking at the signing, Khairul said: “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.”

Bank Islam has always strived to design innovative solutions to transform our customers’ experience of banking. By partnering with Cognizant to build a digital bank, the Bank is taking a big leap into the future to deliver cutting edge innovative solutions to SMEs 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 start-ups with its solid balance sheet, trust, customer service and banking expertise. 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 in a statement, 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 on 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.”

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