Manama: Aion Digital, the GCC’s first digital banking platform for lifestyle banking, announced the launch of its Borderless Banking solution through Kuwait Finance House – Bahrain’s Digital arm, “KFH Jazeel Banking”. Now customers in GCC can open banking accounts in any country in the GCC from a laptop, tablet or mobile phone without ever visiting a branch. The first such account in the history of GCC was opened using Aion Digital’s platform by a bank’s president in Kuwait who used it to open a bank account in Bahrain.
“Borderless banking opens a vista of possibilities for Banks in the GCC,” Ashar Nazim CEO Aion Digital, said.
“A bank operating in Bahrain with a population of 1.4 million people can now address a region with over 50 million people. In addition, the technologies used in digital onboarding which powers Borderless Banking, improve business metrics. Acquisition costs go dramatically down and cross sell increases as customers enjoy banking as part of a digital lifestyle.”
Borderless banking uses using MRZ scanning, digital id management, forensic suite, compliance management and video call to do a remote onboarding process for a customer. It is extremely secure, reliable and fast. The entire process takes minutes. Borderless Banking is part of the powerful Aion Digital platform that can build a customer centric digital bank that delivers accelerated growth in deposits, higher customer profitability and emotionally engaged customers for banks. All of this quickly and at a fast and measurable ROI. Banks in Bahrain and UAE are already using Aion Digital to go digital.
“The real stars of making borderless banking happen are regulators,” Ashar added. “The regulators are committed to making GCC leaders in FinTech and Digital Banking. They listened to us with an open mind, and their bold approach to digital is powering innovation in financial services across GCC.”
