by HARIZAH KAMEL/ pic by BLOOMBERG
BANK Islam Malaysia Bhd has introduced a newly enhanced virtual service platform, Virtual Account Opening (VAO), which enables customers to open selected bank accounts online at their convenience.
Bank Islam CEO Mohd Muazzam Mohamed said the VAO initiative aimed to bring greater convenience and value to customers, at the same time, shaping the future of banking.
“Since the launch of the VAO in February 2018, we have received an average of nearly 2,000 account openings through the platform every month, thus significantly reducing queue and over-the-counter account openings.
“Encouraged by the support received from the market, the bank is developing a seamless account opening via our ‘GO by Bank Islam’ mobile app soon. Stay tuned with our upcoming digital innovation, promising simplicity on the go,” he said in a statement yesterday.
Comprised of Bank Islam’s basic saving account, Qard saving account and Al-Awfar investment account, the solution is a part of the bank’s digital transformation initiative that aims to widen banking access, save customer’s time through a simplified application process, and promote cost-saving and environment-conscious moves by going paperless.
VAO has revolutionised the traditional time-consuming account opening procedure with customers only needing to fill in an e-form on VAO’s website https://vao.bankislam. com.my/.
Once the completed form is submitted, customers need to visit the preferred Bank Islam branch and skip the queue to complete the verification process.
Moving forward, the bank will be introducing a non-face-to-face feature for account opening process in VAO to bring added value to its existing, as well as attract new customers.
Its introduction, expected to go live as early as the third quarter of 2020, will streamline current procedures by removing redundancy in the verification process.
Mohd Muazzam said the new feature targets to garner a quantum leap increase in customer sign-up via online.
“Through VAO, Bank Islam is keeping abreast with the demands of our customers and today’s digital trend. Hence, we are constantly innovating to revitalise customer centricity initiatives, making banking services for our customers simpler, smarter and more flexible. It is important as the world is adapting to the impact of Covid-19,” he added.