KUALA LUMPUR (Nov 10): A customer survey conducted by Alliance Bank Malaysia Bhd during the movement control order (MCO) period revealed that 60% of the banking group’s customers were less inclined to visit branches to perform banking transactions due to the ongoing Covid-19 pandemic.
The survey also showed that two-thirds of the banking group’s customers preferred using online channels to open accounts.
Following the change in consumer behaviour, Alliance Bank launched a fully digital banking solution today, which allows customers to instantly open a savings account and apply for a credit card or personal loan from anywhere via the allianceonline mobile app.
The solution is powered by the use of eletronic Know Your Customer (e-KYC) identity verification technology in partnership with CTOS Data Systems Sdn Bhd.
The fast and simple digitised service is designed to meet changing needs of customers who prefer to perform their banking transactions online as they are now less inclined to visit branches given the current Covid-19 pandemic situation, Alliance Bank said in a statement today.
Joel Kornreich, the group chief executive officer (CEO) of Alliance Bank, said: “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. We fully empathise with this, and the instant digital account opening service and application for credit facilities such as a credit card or personal loan are examples of quickly responding to our customers’ needs. These services provide customers with options, flexibility and convenience. We leverage digitisation to bring about improved customer experience, one that is faster and more responsive.”
Alliance Bank noted that while it is adapting to the change in consumer behaviour, the banking group also understands that not all customers may be comfortable with completing digital applications on their own.
As such, it is providing customers with the option to request for remote assistance via the click of a button during the digital account opening process or credit application.
“We have been upskilling our service staff to enable them to help our customers who might need help when opening an account, or applying for a credit card or personal loan, on their mobile phones. Essentially, you can now save, spend or borrow using the bank in your pocket,” said Kornreich.
Dennis Martin, the group CEO of CTOS Digital, said: “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. CTOS’ e-KYC solution is the gold standard in digital identity verification, and will enable customers to access Alliance Bank’s suite of digital products remotely, quickly and safely anytime, anywhere.”
At the time of writing this morning, Alliance Bank shares were up 3.95% at RM2.37. At the current price, the stock was trading at 0.61 times price-to-book value, with a dividend yield of 2.32%. Its market capitalisation stood at RM3.53 billion.