Alliance Bank has introduced its new digital instant banking solution, allowing customers to remotely open a savings account or apply for a credit card or loan through its mobile banking app. With this digital banking service, customers no longer need to visit a branch to carry out these banking transactions.
“Due to the current situation, we have seen a rapid adoption of digital channels by consumers who prefer to minimise physical exposure for safety reasons,” said Joel Kornreich, group CEO of Alliance Bank Malaysia Berhad. A survey conducted by the bank found that 60% of customers were less inclined to visit the branch due to the Covid-19 pandemic. Two-thirds of customers preferred using online channels for account opening.
“We fully empathise with this, and the instant digital account opening service and application for credit facility such as credit card and personal loan are examples of quickly responding to our customers’ needs,” continued Kornreich. “These services provide customers with options, flexibility, and convenience. We leverage on digitisation to bring about improved customer experience, one that is faster and more responsive.”
However, Alliance Bank also recognises that not all customers are comfortable completing digital applications on their own. Therefore, customers can request for remote assistance within the app during the digital account opening or application process. According to Kornreich, Alliance Bank has been upskilling its service staff to enable them to help customers who need the additional assistance.
The solution by Alliance Bank is powered by Know Your Customer (e-KYC) technology in partnership with CTOS Data Systems. “Alliance Bank has been a very strategic customer of CTOS over many years and we are very pleased to play a part in their digital transformation by providing our digital offerings,” said Dennis Martin, group CEO of CTOS Digital. He added that CTOS’ e-KYC solution is the gold standard in digital identity verification.
The first 200 customers to sign up to experience Alliance Bank’s new digital application journey will be offered special interest rates and cashback on their savings account, credit card, or personal loan. Otherwise, the allianceonline mobile app is available for download on the App Store or Google Play.