Page 105 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT

7. CATALYSING DIGITALISATION M5 Digital Banking

Why is this Important? What Did We Do?
Digital banking is a fundamental aspect of modern financial DBD’s main initiative for FY2024 is to launch Bank
services, offering customers the convenience and security of Muamalat’s Digital Bank.
accessing their accounts anytime, anywhere. As technology
evolves, banks must invest in digital solutions to improve Updates:
the customer experience and remain competitive. Bank • Regulatory Approval: We obtained BNM’s approval
Muamalat understands the critical role of digital banking and on 27 February 2024 to proceed with the development
is dedicated to delivering cutting-edge, seamless digital of the new digital banking app. This app will include a
services that address the changing needs of our customers. new Digital Core Banking system and a new Digital
Prioritising ease of use, security, and intuitive design, Front End solution.
our digital banking initiatives are designed to offer a full
• Project Kickoff: The project commenced in
range of services to offer a full range of services through
March 2024, with the target of Alpha launch with
our new Digital Banking Application. By adopting digital
selected users in November 2024.
banking, we aim to improve customer satisfaction, optimise
our operations, and reach underserved market segments. • Initial Launch Focus: For the initial launch, we plan to
introduce two Minimum Viable Products (MVPs):
What is Our Approach?
o Savings Account with STP Onboarding: This will
Our approach involves a comprehensive development strategy facilitate a seamless, paperless account opening
that integrates advanced technology with user-centric design process.
principles. We are focused on building a robust Digital Core o Digital Gold Account with STP onboarding:
Banking system and an intuitive Digital Front End solution. This will provide security and potential growth to
This strategic integration ensures a seamless, efficient, and our customers, encouraging more deposits and
secure banking experience. We are also prioritising Straight savings
Through Processing (STP) for onboarding and instant
disbursement for personal financing to enhance service Future Goals:
efficiency.
In FY2024, we aim to onboard 2,500 new accounts
during the testing phase, with a public launch scheduled
for the end of Q1 2025.
By advancing these initiatives, Bank Muamalat is
positioning itself as a forward-thinking institution that
leverages technology to provide superior banking
solutions, enhancing customer satisfaction and
operational efficiency.

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