Overview:

MBSB Bank, a full-fledged Islamic Bank is regulated and supervised by Bank Negara Malaysia under the Islamic Financial Services Act, 2013. The bank renders financial, banking, wealth management, cards, deposit and investment services for businesses and consumers.

i-exceed is a software development company that specializes in developing innovative technology solutions for a wide range of industries, including banking and finance, healthcare, education, and more. The company provides a comprehensive range of software development services, including custom software development, product engineering, cloud computing, and mobile application development.

The scope of the project was to design and build an Omni-Channel Online Customer account application, which was workflow based, self Initiated by the customer , with online regulatory and eKYC Checks, Workflow driven backoffice process across various bank departments.

Implementation Process:

The project was started around July 2019 and initial requirements, process and Wireframes were finalized for the two products in about 2 months. This was followed by a 3 month development phase and few months of testing with various regulatory systems and the core banking system of the bank. The bank team was lead by the CIO and a strong IT team with the stakeholders’ support whereas the i-exceed team comprised of an onsite PM, BA and Tech lead with the rest of the team being offshore technical developers and testing team.

The pilot product was rolled out in Jan 2020 just before the Pandemic. The timing was perfect as customers could apply, check status and finish their application remotely even during the pandemic. Workflow Driven Self Service account opening application, Online checks with regulatory systems, interfaced with Core for CIF and account creation. There was an efficient dashboard for RM, compliance and branch staff to check the status of the application. The Bank was able to automate the onboarding end to end, by removing excel sheet and paper based work. The bank was able to onboard customers faster inspite of the pandemic and it helped staff and customer access applications remotely. Most Importantly, the platform enforced a single well defined process covering regulatory checks, interface with Core banking and document  management systems.

Benefits Achieved:

The application replaced paper-based onboarding with a complete workflow-driven application with all interfaces in place, making it easier for customers to use and providing a quicker onboarding process.

The interfaces were capable of taking into account the regulatory systems, core and document management.

Products offered through this channel increased to 10+ Products in CASA with other products and areas like SME and industrial financing in pipeline.

Conclusion:

Through i-exceed’s Appzillon Online Account Opening System, MBSB Bank was able to automate the Onboarding end to end without any requirement for excel sheets and paper based work. The bank was also able to onboard Customers faster inspite of the pandemic which was a crucial stage of the digital transformation in the banking landscape. Moreover, the solution  helped staff and customers alike to access applications remotely which was of utmost priority due to the pandemic. Most importantly, the Appzillon system enabled the bank to follow  a single well defined process which covered regulatory checks, interfaces with the banking core and document management systems which made it a centralized source for backend management.

Key Facts:

• Bank Name: MBSB Bank
• Bank Founded In: 2005
• Bank HQ: Selangor, Malaysia
• Vendor Name: i-exceed Technology Solutions
• Solution Implemented: Appzillon Online Account Opening System
• Timeline: 6+ months