IDC Financial Insights has named Alliance Bank Malaysia Berhad as one of the 20 Best Banks 2020 in the Asia Pacific (excluding Japan).
20 Best Banks 2020 is an annual research initiative by IDC (International Financial Corporation) Financial Insights to identify financial services institutions in the Asia Pacific that have showcased the best use of technology in their businesses.
Some of the key areas covered are customer engagement, operational efficiency, and the creation of new business models.
According to IDC Financial Insights Asia Pacific’s senior market analyst Darshiniy Selvaratnam, Alliance Bank has greatly optimised its digital channels to drive in revenue and expand acquisition, especially through its Alliance ONE Account and Branch-in-a-Tablet project.
“For Alliance ONE Account, the use of data analytics in areas throughout the marketing journey (of digital audience targeting, creative messaging, and channel optimisation) is one to note. The Alliance ONE Account and its Branch-in-a-Tablet projects, which were submitted for IDC Financial Insights Innovation Awards 2020, are clear examples of digital transformative strategies to create truly omnichannel experiences that transcend the branch network,” she said.
A solution-provider for customers to open a bank account, activate their banking services and access their mobile banking services in just 15 minutes.
Meanwhile, business owners can open a business banking account in “1 day, 1 visit”.
Alliance Bank has also rolled out many other digital products in the last three years to spearhead digital transformation in the financial sector. Some of them are:
- Alliance Cash2Home
- Mobile foreign remittance app
- Digital Personal Loan which offers fast approval in as little as 10 minutes
- Digital SME Loan which offers business owners 24-hour approval-in-principle for loans of up to RM50,000
“The recognition is a testament that we are on the right track towards delivering fast and simple solutions for our customers,” said Alliance Bank’s group chief executive officer Joel Kornreich.