Alliance Bank’s Branch-In-A-Tablet digital solution has helped the bank clinch the Best Digital Bank In Malaysia award at the IDC Financial Insights Innovation Awards 2020. This is attributed to the way the solution is designed to offer a quick and simple paperless customer experience for selected services at its branches.
The Branch-In-A-Tablet solution allows individuals to open their savings accounts or activate their debit cards and online banking accounts on a tablet in-branch, allowing them to complete the entire procedure within 15 minutes. Enterprise clients, too, can open their business accounts digitally in one visit to the bank, as opposed to the previous process where they need to make multiple visits to complete their account opening application. Additionally, the solution enables the bank’s personnel to attend to customers at any location of their choice outside the branch.
“We designed the Branch-In-A-Tablet solution with the customer in mind. Our project team worked closely with our employees at the branch, studied the processes, and empathised with users and customers’ real-life experiences to understand the gaps and customer needs to bring this solution to life,” said the group chief executive officer of Alliance Bank, Joel Komreich. It was noted that up to 90% of the bank’s current and savings accounts for individuals were now opened using the solution.
The Branch-In-A-Tablet project, developed in collaboration with open source giants Red Hat, saw significantly positive outcomes: account opening times were slashed by 70%, while increasing staff availability to customers by 75%.
In recognising Alliance Bank’s win, the financial insights innovations award programme head at IDC Financial Insights Asia/Pacific, Darshiniy Selvaratnam, said that Alliance Bank’s “phydigital” banking has demonstrated the optimal convergence of traditional branch-based banking and digital solutions for account onboarding processes.
“The combination of human and digital elements in the staff-assisted solution is exemplary of an inclusive and customer-first model by Alliance Bank. The Branch-In-A-Tablet has shown the best use case of technology in meeting heightened customer demand for instantaneous delivery in financial services without scaling back on branch networks,” said Darshiniy.
Prior to this recent win, Alliance Bank was also named as one of the 20 Best Banks 2020 in Asia/Pacific by IDC Financial Insights. The bank was one of the two Malaysian financial institutions to have made it into the list this year.
Separately, Alliance Bank’s Branch-In-A-Bank solution also earned the bank the Silver award for Branch Innovation of the Year in Asia at the Asian Banking & Finance Retail Banking Awards 2020. This award aims to honour banks that have introduced ground-breaking products and services, and have successfully adapted with the rapidly evolving technology.