| Lyna Mohamad |
“BANK Islam Brunei Darussalam’s (BIBD) commitment towards creating a sustainable financial ecosystem, in line with AMBD’s Financial Sector Blueprint (2016-2025) is reinforced by the introduction of the BIBD NEXGEN platform and its supporting ecosystems and alliances,” said Minister of Finance II and BIBD Chairman Dato Seri Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah.
The minister quoted this on the launching of the BIBD NEXGEN, which he officiated recently at the bank’s The Mall, Gadong branch.
A pioneer for digital change in Brunei Darussalam BIBD unveiled its new digital banking concept BIBD NEXGEN that will revolutionise the future of banking to enable ‘Infinity of Possibilities’.
Harnessing the latest innovations in artificial intelligence, virtual reality, machine learning, data analytics and customer insights, the digital banking concept symbolises BIBD’s position as a pioneer in the digital space to bring more convenience and connectivity to its customers.
The new digital banking concept will not only support national priorities to make Bruneians highly skilled in the digital space, but at the same time benefit the entire ecosystem with higher digital adoption among the society for better interconnectivity to progress the economy towards a documented, secured, and digitised nation and a signal that both Brunei and BIBD are prepared for the digital revolution and transformation into a more advanced digital economy.
BIBD NEXGEN creates a futuristic banking concept that is mobile-led and customer-centric, whilst providing financial inclusion for the unbanked and underserved segments, making banking services more accessible to the public through the platforms ‘powered by BIBD NEXGEN’, which will de-cash the economy with emphasis on mobile-led digital transactions through enhanced interconnectivity and project multi-industry alliances.
Aligned with Brunei Vision 2035, BIBD NEXGEN showcases the bank’s intent to transform traditional banking to the fintech age, creating a branchless banking proposition as well as promotes key alliances among different industries, going beyond our shores with its local, regional and international partnerships to create synergies through inter-operability and open infrastructures.
BIBD Managing Director and CEO Mubashar Khokhar, meanwhile, noted that BIBD NEXGEN will bring forward the deployment of transformative innovations and is a result of the tremendous support from their customers and their dedication towards supporting their ambitions by providing better, faster and cheaper services.
In his speech, Khokhar noted that there are 7.6 billion people in the world, 5.1 billion people with access to bank account and 2.5 billion unbanked and out of this 2.5 billion it is estimated that more than half have access or carry smartphones with them adding that it is a USD1 trillion opportunity globally for banking from banks all over the world right now.
“We saw that 5.1 billon people in the world will actually grow up to 6.5 billion users of mobile by 2020 and that is how we started to capture the opportunity and as we moved on that kept us thinking how to get to higher to the new heights.”
In 2014, the bank had 400,000 dollars only worth of digital transactions and total number of transactions was only two million and this year, they expect three billion worth of transactions to 12 million numbers of transactions to only BIBD digital platforms
BIBD connects one of every four individuals in Brunei and has 100,000 customers out of the total 222,000 customers who will actively use digital devices BIBD has provided to them, he added.
Providing credence to BIBD’s belief in its NEXGEN platform is the growth it has experienced in the digital banking arena where the bank has seen an almost 400 per cent growth in transactions made on its digital banking platforms since 2014.
This galaxy of BIBD NEXGEN technology will complement its physical infrastructure such as its award-winning digital application, branches and contact-centre.
The launching of BIBD NEXGEN also saw the unveiling of its first truly digital branch at The Mall, Gadong, which is a first of its kind in Brunei Darussalam, showcasing cutting-edge technologies such as virtual reality, augmented and interactive screens and featuring first BIBD NEXGEN ambassador, Arif the robot.
While the NEXGEN branch provides superlative next-generation experiences to allow instant account openings and registration for BIBD NEXGEN Mobile, BIBD’s popular NEXGEN Mobile application has also received some welcome convenient updates.
The updates includes biometric and facial log in, instant remittance services to several countries across Asia and Europe, eCredit: purchase of gift cards from a variety of online international service providers that such as iTunes and Direct Push Messaging to replace SMS service for better interactivity.
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