Bank Islam Enhances Its Virtual Account Opening Service To Reduce Time Spent In Branches

Alex Cheong Pui Yin

27th July 2020 - 3 min read

(Image: The Malaysian Reserve)

Bank Islam has upgraded its Virtual Account Opening (VAO) service, which lets customers open selected bank accounts more conveniently by starting their application online before completing it speedily at a branch.

The VAO service lets customers skip the traditional account opening procedure by filling an e-form on Bank Islam’s website. Upon submitting the online application, you can then visit a preferred branch within 30 days, where you can swiftly complete the verification process by skipping the queue. The service is enabled for three accounts: the Al Awfar investment account, Qard savings account, and basic savings account.

“This virtual account opening initiative aims to bring greater convenience and value to customers, at the same time shaping the future of banking,” said the chief executive officer of Bank Islam, Mohd Muazzam Mohamed said. He added that the VAO service is part of the bank’s digital transformative initiative to widen banking access, save time and cost through a simplified application process, as well as promote environmental awareness by going paperless.

“Since the launch of the VAO in February 2018, we have received an average of nearly 2,000 account openings through the platform every month, thus significantly reducing queues and over-the-counter account openings,” said Mohd Muazzam.

(Image: The Malaysian Reserve)

Moving forward, Bank Islam has plans to introduce a non-face-to-face feature for the VAO service, intended to remove redundancy in the verification process and to streamline the existing procedure. Although the bank did not share specific information as to how the feature will work, it is expected to go live in the third quarter of 2020. Mohd Muazzam also expects the new feature to encourage a huge growth in online registrations.

“Through VAO, Bank Islam is keeping abreast with the demands of our customers and today’s digital trend. Hence, we are constantly innovating to revitalise customer centricity initiatives, making banking services for our customers simpler, smarter, and more flexible. It is important as the world is adapting to the impact of Covid-19,” said Mohd Muazzam.

(Image: The Malaysian Reserve)

In addition to the VAO service, the bank also plans to develop a seamless account opening service via its “GO by Bank Islam” mobile app. This new initiative promises to provide simplicity on the go, and was conceived after receiving support from the market.

You can find out more about Bank Islam’s VAO service on its website.

(Source: The Malaysian Reserve)

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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